First Citizens BancShares (NASDAQ:FCNCA) Upgraded by TD Cowen to "Strong-Buy" Rating

Key Points

• TD Cowen upgraded First Citizens BancShares (NASDAQ:FCNCA) to a “strong-buy” rating in a note to investors.
• The bank reported a quarter that beat estimates — $51.27 EPS vs. $44.24 expected and $2.44B revenue vs. $2.24B expected — with a 15.21% net margin and 11.18% ROE.
• Analyst views are mixed (2 Strong Buy, 4 Buy, 8 Hold) but the consensus is a “Moderate Buy” with a consensus price target of $2,227.08.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) was upgraded by equities researchers at TD Cowen to a "strong-buy" rating in a note issued to investors on Monday,Zacks.com reports.

FCNCA has been the subject of several other research reports. The Goldman Sachs Group downgraded shares of First Citizens BancShares from a "buy" rating to a "hold" rating and set a $2,300.00 target price for the company. in a research report on Tuesday, January 6th. Keefe, Bruyette & Woods dropped their target price on shares of First Citizens BancShares from $2,375.00 to $2,300.00 and set an "outperform" rating for the company in a research report on Thursday, April 9th. Wall Street Zen raised shares of First Citizens BancShares from a "sell" rating to a "hold" rating in a research report on Saturday, February 28th. Deutsche Bank Aktiengesellschaft downgraded shares of First Citizens BancShares from a "buy" rating to a "hold" rating and set a $2,154.00 target price for the company. in a research report on Wednesday, April 8th. Finally, Citigroup reissued an "outperform" rating on shares of First Citizens BancShares in a research report on Thursday, April 9th. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $2,227.08.

First Citizens BancShares Stock Performance

First Citizens BancShares stock opened at $1,990.98 on Monday. First Citizens BancShares has a 12-month low of $1,623.76 and a 12-month high of $2,232.21. The company has a market capitalization of $23.77 billion, a price-to-earnings ratio of 12.01, a price-to-earnings-growth ratio of 1.49 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 firm's fifty day moving average price is $1,945.67 and its 200 day moving average price is $1,947.62.

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

Insider Activity at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. purchased 134 shares of the firm's stock in a transaction dated Friday, March 13th. The stock was acquired at an average cost of $1,550.00 per share, with a total value of $207,700.00. Following the acquisition, the chief executive officer owned 2,749 shares of the company's stock, valued at approximately $4,260,950. This represents a 5.12% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Over the last ninety days, insiders have bought 258 shares of company stock valued at $404,236. Insiders own 14.63% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of FCNCA. Goldman Sachs Group Inc. boosted its stake in First Citizens BancShares by 1.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 37,389 shares of the bank's stock valued at $69,324,000 after purchasing an additional 681 shares during the period. Empowered Funds LLC boosted its stake in First Citizens BancShares by 71.9% during the 1st quarter. Empowered Funds LLC now owns 392 shares of the bank's stock valued at $727,000 after purchasing an additional 164 shares during the period. Focus Partners Wealth boosted its stake in First Citizens BancShares by 5.2% during the 1st quarter. Focus Partners Wealth now owns 241 shares of the bank's stock valued at $447,000 after purchasing an additional 12 shares during the period. EverSource Wealth Advisors LLC boosted its stake in First Citizens BancShares by 31.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 88 shares of the bank's stock valued at $172,000 after purchasing an additional 21 shares during the period. Finally, Flow Traders U.S. LLC acquired a new position in First Citizens BancShares during the 2nd quarter valued at about $260,000. 78.01% of the stock is owned by institutional investors and hedge funds.

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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