First Citizens BancShares (NASDAQ:FCNCA) Price Target Raised to $2,376.00

Key Points

• Barclays raised its price target for First Citizens BancShares from $2,346 to $2,376 while maintaining an “equal weight” rating, implying approximately 10% upside from the prior close.
• Analyst sentiment remains cautious, with a consensus “Hold” rating and average price target of $2,261.15. Recent ratings ranged from “Strong Buy” to “Hold,” with most analysts recommending holding the stock.
• First Citizens reported quarterly EPS of $57.09, far above the $0.41 consensus estimate, and revenue of $2.24 billion versus expectations of $2.16 billion. The CEO also purchased roughly $10.3 million of company stock, while institutional investors own 78.01% of shares.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) had its price objective upped by analysts at Barclays from $2,346.00 to $2,376.00 in a research note issued on Monday,Benzinga reports. The firm presently has an "equal weight" rating on the bank's stock. Barclays's target price points to a potential upside of 9.97% from the stock's previous close.

Other analysts also recently issued reports about the stock. Jefferies Financial Group reissued a "hold" rating and set a $2,300.00 price target on shares of First Citizens BancShares in a report on Thursday. 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. TD Cowen cut their price target on First Citizens BancShares from $2,500.00 to $2,300.00 and set a "buy" rating for the company in a report on Monday, April 27th. Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $2,300.00 target price on shares of First Citizens BancShares in a report on Thursday, July 9th. Finally, Fundamental Research set a $2,350.00 price target on First Citizens BancShares in a research note on Wednesday, July 1st. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and eleven have given a Hold rating to the company's stock. According to MarketBeat, First Citizens BancShares currently has a consensus rating of "Hold" and a consensus price target of $2,261.15.

First Citizens BancShares Stock Performance

Shares of FCNCA stock opened at $2,160.65 on Monday. The stock has a market cap of $25.04 billion, a PE ratio of 11.55, a price-to-earnings-growth ratio of 1.63 and a beta of 0.62. The business has a 50-day simple moving average of $2,064.10 and a 200-day simple moving average of $2,017.20. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.67. First Citizens BancShares has a 52-week low of $1,623.76 and a 52-week high of $2,237.82.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its earnings results on Thursday, July 23rd. The bank reported $57.09 EPS for the quarter, topping the consensus estimate of $0.41 by $56.68. The firm had revenue of $2.24 billion for the quarter, compared to analyst estimates of $2.16 billion. First Citizens BancShares had a return on equity of 11.98% and a net margin of 16.28%. On average, equities analysts expect that First Citizens BancShares will post 177.18 EPS for the current year.

Insider Buying and Selling

In other news, CEO Frank B. Holding, Jr. bought 5,940 shares of First Citizens BancShares stock in a transaction that occurred on Tuesday, May 12th. The shares were purchased at an average price of $1,726.82 per share, for a total transaction of $10,257,310.80. Following the completion of the acquisition, the chief executive officer owned 38,111 shares of the company's stock, valued at $65,810,837.02. The trade was a 18.46% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have purchased a total of 7,190 shares of company stock worth $12,573,868 over the last ninety days. Corporate insiders own 14.63% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. grew its stake in First Citizens BancShares by 117,518.9% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 205,833 shares of the bank's stock valued at $441,755,000 after purchasing an additional 205,658 shares in the last quarter. Norges Bank purchased a new stake in shares of First Citizens BancShares during the 4th quarter worth about $116,565,000. River Road Asset Management LLC raised its stake in shares of First Citizens BancShares by 574.0% during the 4th quarter. River Road Asset Management LLC now owns 55,402 shares of the bank's stock worth $118,903,000 after purchasing an additional 47,182 shares in the last quarter. Orion Porfolio Solutions LLC lifted its holdings in shares of First Citizens BancShares by 2,057.4% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 47,506 shares of the bank's stock valued at $92,944,000 after buying an additional 45,304 shares during the last quarter. Finally, M&T Bank Corp lifted its holdings in shares of First Citizens BancShares by 13,512.7% during the 4th quarter. M&T Bank Corp now owns 38,524 shares of the bank's stock valued at $82,679,000 after buying an additional 38,241 shares during the last quarter. 78.01% of the stock is currently owned by hedge funds and other 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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