First Citizens BancShares (NASDAQ:FCNCA) Stock Price Expected to Rise, Truist Financial Analyst Says

Key Points

• Truist Financial raised its price target for First Citizens BancShares from $2,150 to $2,323 while maintaining a “hold” rating, implying 8.69% upside. The broader analyst consensus remains “Hold,” with an average target of $2,278.31.
• First Citizens reported quarterly revenue of $2.24 billion, above the $2.16 billion consensus estimate, and earnings of $57.09 per share. The stock opened at $2,137.36 and has traded between $1,623.76 and $2,237.81 over the past year.
• Insiders have been net buyers, including CEO Frank B. Holding Jr.’s purchase of 528 shares, while institutional investors own approximately 78.01% of the company.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) had its price target boosted by research analysts at Truist Financial from $2,150.00 to $2,323.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a "hold" rating on the bank's stock. Truist Financial's price objective would suggest a potential upside of 8.69% from the stock's current price.

FCNCA has been the topic of several other reports. The Goldman Sachs Group increased their price objective on shares of First Citizens BancShares from $2,100.00 to $2,340.00 and gave the company a "neutral" rating in a report on Tuesday, July 7th. Barclays boosted their target price on shares of First Citizens BancShares from $2,346.00 to $2,376.00 and gave the stock an "equal weight" rating in a research note on Monday. Weiss Ratings upgraded shares of First Citizens BancShares from a "hold (c)" rating to a "hold (c+)" rating in a research report on Wednesday, July 8th. Deutsche Bank Aktiengesellschaft cut First Citizens BancShares from a "buy" rating to a "hold" rating and set a $2,154.00 price objective on the stock. in a report on Wednesday, April 8th. Finally, Piper Sandler boosted their price objective on First Citizens BancShares from $2,050.00 to $2,100.00 and gave the stock a "neutral" rating in a research note on Monday. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and eleven have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $2,278.31.

First Citizens BancShares Trading Down 1.1%

FCNCA stock opened at $2,137.36 on Tuesday. First Citizens BancShares has a 52-week low of $1,623.76 and a 52-week high of $2,237.81. 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 firm has a market cap of $24.77 billion, a P/E ratio of 11.43, a PEG ratio of 1.63 and a beta of 0.62. The company's 50-day simple moving average is $2,068.00 and its 200-day simple moving average is $2,016.83.

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

Insider Activity

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

Institutional Trading of First Citizens BancShares

Large investors have recently bought and sold shares of the business. Hilton Head Capital Partners LLC purchased a new position in First Citizens BancShares in the 4th quarter worth approximately $26,000. Reflection Asset Management purchased a new stake in shares of First Citizens BancShares in the fourth quarter valued at approximately $45,000. Global Assets Advisory LLC acquired a new stake in shares of First Citizens BancShares in the first quarter valued at approximately $45,000. UMB Bank n.a. lifted its position in First Citizens BancShares by 50.0% during the fourth quarter. UMB Bank n.a. now owns 24 shares of the bank's stock worth $52,000 after buying an additional 8 shares in the last quarter. Finally, Jessup Wealth Management Inc purchased a new position in First Citizens BancShares during the fourth quarter worth approximately $56,000. Hedge funds and other institutional investors own 78.01% of the company's stock.

About First Citizens BancShares

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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