Jefferies Financial Group Begins Coverage on First Citizens BancShares (NASDAQ:FCNCA)

Stock analysts at Jefferies Financial Group began coverage on shares of First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) in a report issued on Wednesday, MarketBeat reports. The firm set a "hold" rating and a $2,050.00 price target on the bank's stock. Jefferies Financial Group's price objective suggests a potential upside of 12.50% from the company's previous close.

Other analysts also recently issued reports about the company. Cowen began coverage on First Citizens BancShares in a research note on Wednesday, May 14th. They set a "buy" rating for the company. Wall Street Zen lowered shares of First Citizens BancShares from a "hold" rating to a "sell" rating in a research note on Monday, April 28th. TD Cowen started coverage on First Citizens BancShares in a research report on Thursday, May 15th. They set a "buy" rating and a $2,400.00 target price on the stock. Barclays cut their price objective on First Citizens BancShares from $2,568.00 to $2,400.00 and set an "equal weight" rating for the company in a research report on Friday, April 25th. Finally, Truist Financial upped their price target on shares of First Citizens BancShares from $2,303.00 to $2,384.00 and gave the stock a "hold" rating in a research note on Wednesday, January 29th. One equities 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's stock. According to MarketBeat.com, First Citizens BancShares presently has an average rating of "Moderate Buy" and a consensus target price of $2,340.33.

First Citizens BancShares Stock Performance

FCNCA traded down $18.77 during trading on Wednesday, hitting $1,822.27. 45,012 shares of the stock were exchanged, compared to its average volume of 89,010. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.68. First Citizens BancShares has a 1-year low of $1,473.62 and a 1-year high of $2,412.93. The stock has a fifty day moving average price of $1,792.52 and a two-hundred day moving average price of $2,004.68. The firm has a market capitalization of $24.22 billion, a P/E ratio of 9.62, a PEG ratio of 0.94 and a beta of 0.64.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its earnings results on Thursday, April 24th. The bank reported $37.79 EPS for the quarter, beating analysts' consensus estimates of $37.72 by $0.07. First Citizens BancShares had a net margin of 18.55% and a return on equity of 13.22%. The business had revenue of $2.30 billion during the quarter, compared to analysts' expectations of $2.22 billion. As a group, sell-side analysts predict that First Citizens BancShares will post 167.59 earnings per share for the current year.

Insider Activity at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. bought 350 shares of the business's stock in a transaction that occurred on Friday, May 2nd. The shares were acquired at an average cost of $1,610.00 per share, with a total value of $563,500.00. Following the transaction, the chief executive officer now owns 2,758 shares of the company's stock, valued at $4,440,380. This represents a 14.53% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Craig L. Nix purchased 17 shares of the stock in a transaction on Friday, March 7th. The shares were purchased at an average cost of $1,881.13 per share, with a total value of $31,979.21. Following the transaction, the chief financial officer now owns 1,141 shares of the company's stock, valued at $2,146,369.33. This trade represents a 1.51% increase in their position. The disclosure for this purchase can be found here. Insiders own 13.40% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. JPMorgan Chase & Co. boosted its position in shares of First Citizens BancShares by 2.3% in the first quarter. JPMorgan Chase & Co. now owns 401,167 shares of the bank's stock worth $743,815,000 after buying an additional 9,070 shares during the period. FMR LLC lifted its position in First Citizens BancShares by 10.5% during the 4th quarter. FMR LLC now owns 357,629 shares of the bank's stock worth $755,677,000 after acquiring an additional 34,097 shares in the last quarter. Capital International Investors boosted its holdings in First Citizens BancShares by 78.2% in the 4th quarter. Capital International Investors now owns 172,723 shares of the bank's stock worth $364,967,000 after acquiring an additional 75,785 shares during the period. Norges Bank acquired a new stake in First Citizens BancShares in the fourth quarter valued at approximately $298,426,000. Finally, Egerton Capital UK LLP raised its stake in shares of First Citizens BancShares by 21.7% during the first quarter. Egerton Capital UK LLP now owns 124,773 shares of the bank's stock valued at $231,344,000 after purchasing an additional 22,257 shares during the period. Hedge funds and other institutional investors own 78.01% of the company's stock.

About First Citizens BancShares

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.