First Citizens BancShares (NASDAQ:FCNCA) Price Target Raised to $2,340.00

Key Points

• Goldman Sachs raised its price target on First Citizens BancShares to $2,340 from $2,100, while keeping a neutral rating. The new target implies about 10.5% upside from the stock’s current price.
• Other analysts have also adjusted their views, with JPMorgan lifting its target to $2,350 and several firms maintaining hold/neutral stances. Overall, MarketBeat shows a consensus rating of Hold with an average target price of $2,247.08.
• The stock was trading up 1.6% at $2,117.35, and the company recently reported quarterly EPS of $44.86, beating estimates. CEO Frank B. Holding, Jr. also bought shares in June, and insiders have been active buyers over the past 90 days.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) had its price target hoisted by research analysts at The Goldman Sachs Group from $2,100.00 to $2,340.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a "neutral" rating on the bank's stock. The Goldman Sachs Group's price objective would indicate a potential upside of 10.52% from the stock's current price.

A number of other analysts have also commented on the company. JPMorgan Chase & Co. lifted their target price on First Citizens BancShares from $2,150.00 to $2,350.00 and gave the stock a "neutral" rating in a report on Wednesday, July 1st. Wall Street Zen raised First Citizens BancShares from a "sell" rating to a "hold" rating in a research report on Saturday, June 27th. Piper Sandler set a $2,050.00 price objective on First Citizens BancShares in a report on Friday, April 24th. Weiss Ratings lowered First Citizens BancShares from a "hold (c+)" rating to a "hold (c)" rating in a research report on Friday, May 22nd. Finally, Deutsche Bank Aktiengesellschaft cut shares of First Citizens BancShares from a "buy" rating to a "hold" rating and set a $2,154.00 target price on the stock. in a research note on Wednesday, April 8th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $2,247.08.

First Citizens BancShares Trading Up 1.6%

NASDAQ:FCNCA opened at $2,117.35 on Tuesday. The stock has a market cap of $24.54 billion, a price-to-earnings ratio of 12.18, a PEG ratio of 1.59 and a beta of 0.62. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.67. The company's 50 day moving average price is $2,022.69 and its 200-day moving average price is $2,022.88. First Citizens BancShares has a 52 week low of $1,623.76 and a 52 week high of $2,232.21.

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, topping analysts' consensus estimates of $43.31 by $1.55. The company had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.20 billion. First Citizens BancShares had a net margin of 15.62% and a return on equity of 11.48%. During the same period in the previous year, the business earned $37.79 EPS. On average, equities research analysts forecast that First Citizens BancShares will post 175.42 earnings per share for the current fiscal year.

Insider Activity at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. acquired 528 shares of the stock in a transaction dated Friday, June 5th. The shares were purchased at an average price of $1,813.37 per share, for a total transaction of $957,459.36. Following the purchase, the chief executive officer directly owned 64,100 shares of the company's stock, valued at approximately $116,237,017. This trade represents a 0.83% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Over the last ninety days, insiders have bought 7,190 shares of company stock worth $12,573,868. 14.63% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in FCNCA. Goldman Sachs Group Inc. raised its holdings in First Citizens BancShares by 1.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 37,389 shares of the bank's stock worth $69,324,000 after purchasing an additional 681 shares during the period. Empowered Funds LLC increased its position in First Citizens BancShares by 71.9% in the first quarter. Empowered Funds LLC now owns 392 shares of the bank's stock worth $727,000 after buying an additional 164 shares in the last quarter. Focus Partners Wealth increased its position in First Citizens BancShares by 5.2% in the first quarter. Focus Partners Wealth now owns 241 shares of the bank's stock worth $447,000 after buying an additional 12 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in First Citizens BancShares by 31.3% in the second quarter. EverSource Wealth Advisors LLC now owns 88 shares of the bank's stock worth $172,000 after buying an additional 21 shares in the last quarter. Finally, Flow Traders U.S. LLC bought a new position in shares of First Citizens BancShares in the second quarter worth about $260,000. 78.01% of the stock is currently owned by institutional investors.

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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