First Citizens BancShares (NASDAQ:FCNCA) Price Target Raised to $2,250.00

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) had its price objective increased by equities research analysts at JPMorgan Chase & Co. from $2,100.00 to $2,250.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an "overweight" rating on the bank's stock. JPMorgan Chase & Co.'s price target suggests a potential upside of 10.12% from the company's previous close.

Several other equities research analysts also recently commented on the stock. Wall Street Zen downgraded shares of First Citizens BancShares from a "hold" rating to a "sell" rating in a research report on Monday, April 28th. The Goldman Sachs Group decreased their price objective on First Citizens BancShares from $2,535.00 to $2,200.00 and set a "buy" rating for the company in a report on Tuesday, March 18th. Jefferies Financial Group started coverage on First Citizens BancShares in a report on Wednesday, May 21st. They issued a "hold" rating and a $2,050.00 target price on the stock. Cowen assumed coverage on First Citizens BancShares in a research report on Wednesday, May 14th. They set a "buy" rating on the stock. Finally, Barclays lowered their price target 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. One research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $2,311.17.

First Citizens BancShares Stock Up 4.4%

NASDAQ FCNCA traded up $86.84 on Tuesday, hitting $2,043.31. 99,922 shares of the company were exchanged, compared to its average volume of 88,813. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.77. The company has a market cap of $27.16 billion, a PE ratio of 11.70, a PEG ratio of 0.91 and a beta of 0.64. The stock has a fifty day moving average of $1,857.94 and a 200-day moving average of $1,939.91. First Citizens BancShares has a 12 month low of $1,473.62 and a 12 month high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The bank reported $37.79 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analyst estimates of $2.22 billion. As a group, analysts forecast 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. purchased 350 shares of the company's stock in a transaction dated Friday, May 2nd. The shares were purchased at an average price of $1,610.00 per share, with a total value of $563,500.00. Following the transaction, the chief executive officer directly owned 2,758 shares of the company's stock, valued at approximately $4,440,380. This represents a 14.53% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 13.19% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Norges Bank bought a new position in shares of First Citizens BancShares in the fourth quarter valued at approximately $298,426,000. GAMMA Investing LLC lifted its stake in First Citizens BancShares by 169,861.1% in the 1st quarter. GAMMA Investing LLC now owns 122,372 shares of the bank's stock worth $226,892,000 after purchasing an additional 122,300 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in First Citizens BancShares by 35.7% in the 4th quarter. JPMorgan Chase & Co. now owns 392,097 shares of the bank's stock valued at $828,510,000 after purchasing an additional 103,137 shares during the period. Nuveen LLC bought a new position in First Citizens BancShares in the 1st quarter valued at $149,963,000. Finally, Capital International Investors increased its holdings in shares of First Citizens BancShares by 78.2% in the fourth quarter. Capital International Investors now owns 172,723 shares of the bank's stock worth $364,967,000 after purchasing an additional 75,785 shares during the period. 78.01% of the stock is currently owned by hedge funds and other institutional investors.

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.