First Citizens BancShares (NASDAQ:FCNCA) Price Target Lowered to $2,300.00 at Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods lowered its price target for First Citizens to $2,300 (from $2,375) but maintained an "outperform" rating, implying roughly a 15% upside from the current share price.
• First Citizens reported a strong quarter, with EPS $51.27 beating the $44.24 estimate and revenue of $2.44B versus $2.24B, reflecting solid profitability (ROE 11.18%, net margin 15.21%).
• The stock traded up to $1,998.49 (+2.1%) with a market cap near $23.86B and a P/E of 12.08, while CEO Frank B. Holding Jr. purchased 134 shares and insiders own about 13.4% of the company.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) had its price objective reduced by stock analysts at Keefe, Bruyette & Woods from $2,375.00 to $2,300.00 in a report issued on Thursday,Benzinga reports. The firm presently has an "outperform" rating on the bank's stock. Keefe, Bruyette & Woods' price target would indicate a potential upside of 15.09% from the company's current price.

A number of other analysts have also recently weighed in on the stock. Zacks Research raised shares of First Citizens BancShares from a "strong sell" rating to a "hold" rating in a research note on Monday, March 30th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of First Citizens BancShares in a report on Friday, March 27th. UBS Group set a $2,325.00 price target on First Citizens BancShares in a report on Wednesday, February 4th. Piper Sandler upped their price target on First Citizens BancShares from $2,000.00 to $2,100.00 and gave the company a "neutral" rating in a research note on Thursday, January 29th. Finally, JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $2,200.00 price target (down from $2,450.00) on shares of First Citizens BancShares in a research note on Wednesday, April 1st. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat.com, First Citizens BancShares currently has a consensus rating of "Moderate Buy" and an average target price of $2,227.08.

First Citizens BancShares Trading Up 2.1%

NASDAQ FCNCA traded up $41.86 on Thursday, hitting $1,998.49. 35,285 shares of the stock were exchanged, compared to its average volume of 104,825. The company has a market capitalization of $23.86 billion, a price-to-earnings ratio of 12.08, a P/E/G ratio of 1.42 and a beta of 0.65. The company has a debt-to-equity ratio of 1.72, a current ratio of 1.03 and a quick ratio of 1.03. The company's 50-day moving average price is $1,950.95 and its two-hundred day moving average price is $1,942.88. First Citizens BancShares has a 52-week low of $1,572.03 and a 52-week high of $2,232.21.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its earnings results on Friday, January 23rd. The bank reported $51.27 earnings per share for the quarter, topping the consensus estimate of $44.24 by $7.03. First Citizens BancShares had a return on equity of 11.18% and a net margin of 15.21%.The firm had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.24 billion. Research analysts predict that First Citizens BancShares will post 167.59 EPS for the current year.

Insider Transactions at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. bought 134 shares of the firm's stock in a transaction on Friday, March 13th. The stock was purchased at an average cost of $1,550.00 per share, with a total value of $207,700.00. Following the completion of the purchase, the chief executive officer owned 2,749 shares in the company, valued at approximately $4,260,950. The trade was a 5.12% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders bought 258 shares of company stock valued at $404,236 over the last ninety days. 13.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On First Citizens BancShares

A number of large investors have recently added to or reduced their stakes in the company. Rockefeller Capital Management L.P. increased its holdings in First Citizens BancShares by 28.1% during the 4th quarter. Rockefeller Capital Management L.P. now owns 374 shares of the bank's stock worth $804,000 after purchasing an additional 82 shares in the last quarter. World Investment Advisors bought a new position in First Citizens BancShares during the 4th quarter worth about $371,000. Corient Private Wealth LLC increased its holdings in First Citizens BancShares by 20.3% during the 4th quarter. Corient Private Wealth LLC now owns 1,462 shares of the bank's stock worth $3,138,000 after purchasing an additional 247 shares in the last quarter. AG Campbell Advisory LLC bought a new position in First Citizens BancShares during the 4th quarter worth about $2,168,000. Finally, Reflection Asset Management bought a new position in First Citizens BancShares during the 4th quarter worth about $45,000. Institutional investors 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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