Citigroup Forecasts Strong Price Appreciation for First Citizens BancShares (NASDAQ:FCNCA) Stock

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) had its price target boosted by equities research analysts at Citigroup from $1,900.00 to $2,050.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a "neutral" rating on the bank's stock. Citigroup's price objective points to a potential downside of 1.15% from the company's previous close.

A number of other equities analysts have also recently weighed in on the stock. Barclays lowered their price target on shares of First Citizens BancShares from $2,568.00 to $2,400.00 and set an "equal weight" rating on the stock in a research note on Friday, April 25th. Cowen initiated coverage on shares of First Citizens BancShares in a research report on Wednesday, May 14th. They set a "buy" rating on the stock. Jefferies Financial Group assumed coverage on shares of First Citizens BancShares in a research report on Wednesday, May 21st. They set a "hold" rating and a $2,050.00 price target for the company. JPMorgan Chase & Co. raised their price objective on First Citizens BancShares from $2,100.00 to $2,250.00 and gave the company an "overweight" rating in a research note on Tuesday. Finally, Wall Street Zen cut First Citizens BancShares from a "hold" rating to a "sell" rating in a report on Monday, April 28th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $2,291.08.

First Citizens BancShares Stock Performance

NASDAQ:FCNCA traded up $30.60 during mid-day trading on Wednesday, reaching $2,073.91. The stock had a trading volume of 71,518 shares, compared to its average volume of 88,705. First Citizens BancShares has a twelve month low of $1,473.62 and a twelve month high of $2,412.93. The business has a 50 day simple moving average of $1,863.97 and a 200 day simple moving average of $1,940.83. The firm has a market capitalization of $27.56 billion, a price-to-earnings ratio of 11.88, a PEG ratio of 0.95 and a beta of 0.64. The company has a debt-to-equity ratio of 1.77, a quick ratio of 1.04 and a current ratio of 1.04.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The bank reported $37.79 EPS for the quarter, beating the consensus estimate of $37.72 by $0.07. First Citizens BancShares had a return on equity of 11.98% and a net margin of 17.10%. The business had revenue of $2.30 billion during the quarter, compared to analysts' expectations of $2.22 billion. On average, analysts expect that First Citizens BancShares will post 167.59 earnings per share for the current fiscal year.

Insider Buying and Selling

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. bought 350 shares of the company's stock in a transaction that occurred on Friday, May 2nd. The stock was purchased at an average cost of $1,610.00 per share, for a total transaction of $563,500.00. Following the completion of the purchase, the chief executive officer owned 2,758 shares of the company's stock, valued at $4,440,380. This trade represents a 14.53% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 13.40% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. MassMutual Private Wealth & Trust FSB grew its position in First Citizens BancShares by 54.5% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 17 shares of the bank's stock valued at $32,000 after acquiring an additional 6 shares during the period. SVB Wealth LLC acquired a new position in shares of First Citizens BancShares in the 1st quarter valued at about $35,000. SBI Securities Co. Ltd. purchased a new stake in shares of First Citizens BancShares during the 4th quarter worth about $40,000. Community Bank N.A. acquired a new stake in First Citizens BancShares during the 1st quarter worth approximately $44,000. Finally, Wayfinding Financial LLC purchased a new position in First Citizens BancShares in the first quarter valued at approximately $64,000. 78.01% of the stock is currently owned by hedge funds and other institutional investors.

First Citizens BancShares Company Profile

First Citizens BancShares, Inc operates as the holding company for First-Citizens Bank & Trust Company that provides retail and commercial banking services to individuals, businesses, and professionals. The company's deposit products include checking, savings, money market, and time deposit accounts.