First Citizens BancShares (NASDAQ:FCNCA) Price Target Cut to $2,300.00 by Analysts at TD Cowen

Key Points

• TD Cowen cut its price target on First Citizens BancShares from $2,500 to $2,300 while maintaining a "buy" rating, implying roughly a 16.3% upside from the prior close.
• Analyst consensus is a "Hold" with an average price target of $2,202, and several firms (Goldman Sachs, JPMorgan, Barclays) have recently lowered targets or shifted toward neutral.
• On the fundamentals side, First Citizens beat quarterly EPS estimates ($44.86 vs. $43.31), the stock traded near $1,977, and CEO Frank B. Holding Jr. purchased additional shares, signaling insider buying despite mixed analyst views.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) had its price target dropped by analysts at TD Cowen from $2,500.00 to $2,300.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the bank's stock. TD Cowen's price objective indicates a potential upside of 16.32% from the company's previous close.

A number of other equities research analysts have also weighed in on the company. The Goldman Sachs Group lowered First Citizens BancShares from a "buy" rating to a "hold" rating and set a $2,300.00 price objective on the stock. in a report on Tuesday, January 6th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of First Citizens BancShares in a report on Friday, March 27th. JPMorgan Chase & Co. lowered their price objective on First Citizens BancShares from $2,200.00 to $2,150.00 and set a "neutral" rating on the stock in a report on Friday. Barclays decreased their price target on First Citizens BancShares from $2,456.00 to $2,346.00 and set an "equal weight" rating on the stock in a research note on Monday, January 26th. Finally, UBS Group set a $2,325.00 price target on First Citizens BancShares in a research note on Wednesday, February 4th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $2,202.08.

First Citizens BancShares Stock Performance

FCNCA traded up $45.34 during trading on Monday, reaching $1,977.28. The company's stock had a trading volume of 31,091 shares, compared to its average volume of 100,167. First Citizens BancShares has a 52-week low of $1,623.76 and a 52-week high of $2,232.21. The company's fifty day moving average price is $1,930.63 and its 200-day moving average price is $1,961.23. The company has a market capitalization of $23.61 billion, a price-to-earnings ratio of 11.37, a price-to-earnings-growth ratio of 1.44 and a beta of 0.65. The company has a debt-to-equity ratio of 1.72, a quick ratio of 1.03 and a current ratio of 1.03.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The bank reported $44.86 earnings per share for the quarter, beating analysts' consensus estimates of $43.31 by $1.55. First Citizens BancShares had a return on equity of 11.37% and a net margin of 15.62%.The company had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.20 billion. During the same quarter in the previous year, the company earned $37.79 EPS. On average, equities analysts forecast that First Citizens BancShares will post 178.89 earnings per share for the current fiscal year.

Insider Activity at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. purchased 92 shares of the company's stock in a transaction on Thursday, March 19th. The shares were bought at an average price of $1,550.00 per share, for a total transaction of $142,600.00. Following the completion of the purchase, the chief executive officer owned 2,841 shares of the company's stock, valued at $4,403,550. This trade represents a 3.35% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have purchased a total of 258 shares of company stock valued at $404,236 in the last quarter. 14.63% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On First Citizens BancShares

Several large investors have recently made changes to their positions in the company. Citigroup Inc. boosted its holdings in shares of First Citizens BancShares by 23.4% in the third quarter. Citigroup Inc. now owns 16,938 shares of the bank's stock valued at $30,305,000 after acquiring an additional 3,215 shares in the last quarter. Founders Financial Alliance LLC boosted its holdings in shares of First Citizens BancShares by 484.7% in the third quarter. Founders Financial Alliance LLC now owns 1,532 shares of the bank's stock valued at $2,742,000 after acquiring an additional 1,270 shares in the last quarter. AlphaQuest LLC boosted its holdings in shares of First Citizens BancShares by 577.7% in the third quarter. AlphaQuest LLC now owns 759 shares of the bank's stock valued at $1,358,000 after acquiring an additional 647 shares in the last quarter. Assenagon Asset Management S.A. boosted its holdings in First Citizens BancShares by 122.2% during the fourth quarter. Assenagon Asset Management S.A. now owns 2,440 shares of the bank's stock worth $5,237,000 after buying an additional 1,342 shares in the last quarter. Finally, AdvisorShares Investments LLC bought a new stake in First Citizens BancShares during the third quarter worth approximately $415,000. Institutional investors and hedge funds own 78.01% of the company's stock.

First Citizens BancShares Company Profile

First Citizens BancShares, Inc is the bank holding company for First Citizens Bank, a full‑service commercial bank headquartered in Raleigh, North Carolina. The company traces its roots to a community bank founded in 1898 and has grown into a diversified financial services organization that operates through its banking subsidiary to serve retail, commercial and institutional clients.

First Citizens offers a broad suite of banking products and services, including consumer and business deposit accounts, commercial and industrial lending, real estate and mortgage lending, treasury and cash management, and specialized lending solutions.

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