Keefe, Bruyette & Woods Reaffirms "Market Perform" Rating for First Citizens BancShares (NASDAQ:FCNCA)

Key Points

• Keefe, Bruyette & Woods reiterated its “market perform” rating on First Citizens BancShares and kept a $2,300 price target, implying about 12.5% upside from the prior close.
• Other analysts remain mostly cautious: the stock’s consensus rating is “Hold” with an average price target of $2,247.08, though some firms have recently raised targets or upgraded the shares to hold.
• First Citizens BancShares recently reported strong quarterly EPS of $44.86, beating estimates, while CEO Frank B. Holding, Jr. made a notable insider purchase of 5,940 shares, signaling continued insider confidence.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report)'s stock had its "market perform" rating reiterated by investment analysts at Keefe, Bruyette & Woods in a research report issued on Thursday,Benzinga reports. They presently have a $2,300.00 price target on the bank's stock. Keefe, Bruyette & Woods' price target points to a potential upside of 12.49% from the stock's previous close.

A number of other analysts have also recently issued reports on the stock. JPMorgan Chase & Co. raised their target price on shares of First Citizens BancShares from $2,150.00 to $2,350.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 1st. Wall Street Zen upgraded shares of First Citizens BancShares from a "sell" rating to a "hold" rating in a research note on Saturday, June 27th. Deutsche Bank Aktiengesellschaft cut shares of First Citizens BancShares from a "buy" rating to a "hold" rating and set a $2,154.00 price target on the stock. in a report on Wednesday, April 8th. Zacks Research upgraded shares of First Citizens BancShares from a "strong sell" rating to a "hold" rating in a research report on Monday, March 30th. Finally, Weiss Ratings cut First Citizens BancShares from a "hold (c+)" rating to a "hold (c)" rating in a report on Friday, May 22nd. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat, First Citizens BancShares currently has an average rating of "Hold" and an average price target of $2,247.08.

First Citizens BancShares Stock Performance

FCNCA opened at $2,044.62 on Thursday. First Citizens BancShares has a 12-month low of $1,623.76 and a 12-month high of $2,232.21. The stock has a market cap of $23.70 billion, a price-to-earnings ratio of 11.76, a PEG ratio of 1.58 and a beta of 0.62. The business has a 50 day moving average of $2,027.32 and a 200-day moving average of $2,022.30. 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 (NASDAQ:FCNCA - Get Free Report) last issued its earnings results on Thursday, April 23rd. The bank reported $44.86 EPS for the quarter, topping the consensus estimate of $43.31 by $1.55. First Citizens BancShares had a return on equity of 11.48% and a net margin of 15.62%.The company had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.20 billion. During the same period in the previous year, the company posted $37.79 EPS. On average, equities research analysts expect that First Citizens BancShares will post 177 earnings per share for the current year.

Insider Activity at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. purchased 5,940 shares of the stock in a transaction that occurred on Tuesday, May 12th. The shares were acquired at an average cost of $1,726.82 per share, with a total value of $10,257,310.80. Following the completion of the transaction, the chief executive officer owned 38,111 shares in the company, valued at $65,810,837.02. The trade was a 18.46% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have bought 7,190 shares of company stock valued at $12,573,868 in the last 90 days. Corporate insiders own 14.63% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Goldman Sachs Group Inc. raised its position in shares of First Citizens BancShares by 1.9% in the first quarter. Goldman Sachs Group Inc. now owns 37,389 shares of the bank's stock valued at $69,324,000 after buying an additional 681 shares in the last quarter. Empowered Funds LLC increased 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 worth $727,000 after acquiring an additional 164 shares during the period. Focus Partners Wealth increased 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 worth $447,000 after acquiring an additional 12 shares during the period. EverSource Wealth Advisors LLC raised its holdings in First Citizens BancShares by 31.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 88 shares of the bank's stock valued at $172,000 after acquiring an additional 21 shares in the last quarter. Finally, Flow Traders U.S. LLC acquired a new position in First Citizens BancShares in the 2nd quarter valued at $260,000. Institutional investors and hedge funds 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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