JPMorgan Chase & Co. Reaffirms Neutral Rating for First Citizens BancShares (NASDAQ:FCNCA)

Key Points

• JPMorgan Chase & Co. reaffirmed a neutral rating on First Citizens BancShares and cut its price target to $2,200 (from $2,450), implying about a 15.5% upside from the prior close.
• Analyst coverage is mixed—Goldman Sachs downgraded to hold while Citi and others retain buys—yet MarketBeat shows a consensus of Moderate Buy with a consensus price target of $2,211.
• First Citizens posted a quarterly beat (EPS $51.27 vs. $44.24 expected; revenue $2.44B vs. $2.24B expected), its shares traded around $1,904.69 (up 1.1%), and insiders, including CEO Frank B. Holding Jr., recently bought stock.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report)'s stock had its "neutral" rating reaffirmed by research analysts at JPMorgan Chase & Co. in a report released on Wednesday,Benzinga reports. They currently have a $2,200.00 price target on the bank's stock, down from their prior price target of $2,450.00. JPMorgan Chase & Co.'s price target suggests a potential upside of 15.50% from the company's previous close.

A number of other research analysts also recently issued reports on the stock. UBS Group set a $2,325.00 price target on First Citizens BancShares in a research report on Wednesday, February 4th. The Goldman Sachs Group downgraded First Citizens BancShares from a "buy" rating to a "hold" rating and set a $2,300.00 price objective for the company. in a research note on Tuesday, January 6th. Piper Sandler raised their target price on First Citizens BancShares from $2,000.00 to $2,100.00 and gave the company a "neutral" rating in a research note on Thursday, January 29th. Citigroup reissued a "buy" rating on shares of First Citizens BancShares in a report on Monday, January 26th. Finally, TD Cowen reduced their price target on shares of First Citizens BancShares from $2,600.00 to $2,500.00 and set a "buy" rating for the company in a report on Monday, January 26th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $2,211.00.

First Citizens BancShares Stock Up 1.1%

Shares of NASDAQ FCNCA traded up $20.03 on Wednesday, hitting $1,904.69. The company had a trading volume of 37,626 shares, compared to its average volume of 107,853. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.72. First Citizens BancShares has a 12-month low of $1,473.62 and a 12-month high of $2,232.21. The firm has a market capitalization of $22.74 billion, a P/E ratio of 11.50, a PEG ratio of 1.37 and a beta of 0.68. The business has a 50 day moving average of $1,968.65 and a two-hundred day moving average of $1,941.84.

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

Insider Buying and Selling at First Citizens BancShares

In related news, CEO Frank B. Holding, Jr. acquired 134 shares of the stock in a transaction that occurred on Friday, March 13th. The shares were purchased at an average cost of $1,550.00 per share, with a total value of $207,700.00. Following the completion of the transaction, the chief executive officer owned 2,749 shares of the company's stock, valued at approximately $4,260,950. This trade represents a 5.12% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Insiders acquired a total of 258 shares of company stock worth $404,236 in the last quarter. Insiders own 13.19% of the company's stock.

Institutional Investors Weigh In On First Citizens BancShares

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Hilton Head Capital Partners LLC bought a new position in First Citizens BancShares during the fourth quarter valued at about $26,000. SBI Securities Co. Ltd. acquired a new stake in shares of First Citizens BancShares during the 3rd quarter worth approximately $27,000. UMB Bank n.a. increased its position in shares of First Citizens BancShares by 100.0% during the third quarter. UMB Bank n.a. now owns 16 shares of the bank's stock valued at $29,000 after purchasing an additional 8 shares during the period. Steph & Co. acquired a new position in shares of First Citizens BancShares in the third quarter valued at $32,000. Finally, Root Financial Partners LLC acquired a new position in shares of First Citizens BancShares in the third quarter valued at $32,000. 78.01% of the stock is currently owned by institutional investors and hedge funds.

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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