Piper Sandler Lowers First Citizens BancShares (NASDAQ:FCNCA) Price Target to $2,000.00

Key Points

• Piper Sandler has lowered its price target for First Citizens BancShares from $2,150 to $2,000, maintaining a "neutral" rating on the stock, which suggests a potential upside of 12.09% from its current price.
• Despite the downgrade from Piper Sandler, other analysts like JPMorgan raised their target from $2,100 to $2,250, indicating mixed sentiment toward the stock, which currently has an average rating of "Moderate Buy."
• First Citizens BancShares recently reported quarterly earnings of $44.62 per share, exceeding estimates, and the stock price has shown resilience, trading around $1,784.34.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) had its price objective decreased by equities research analysts at Piper Sandler from $2,150.00 to $2,000.00 in a note issued to investors on Friday, Marketbeat.com reports. The brokerage currently has a "neutral" rating on the bank's stock. Piper Sandler's price target points to a potential upside of 12.09% from the company's current price.

Other equities analysts have also issued reports about the stock. Wall Street Zen lowered shares of First Citizens BancShares from a "hold" rating to a "sell" rating in a research report on Sunday, September 28th. JPMorgan Chase & Co. raised their price target on shares of First Citizens BancShares from $2,100.00 to $2,250.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. Cowen reissued a "buy" rating on shares of First Citizens BancShares in a research report on Monday, July 28th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of First Citizens BancShares in a report on Wednesday, October 8th. Finally, The Goldman Sachs Group cut their target price on shares of First Citizens BancShares from $2,250.00 to $1,950.00 and set a "buy" rating for the company in a report on Monday, October 6th. Nine research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $2,200.00.

First Citizens BancShares Stock Up 1.9%

First Citizens BancShares stock traded up $32.82 during midday trading on Friday, hitting $1,784.34. 63,672 shares of the company's stock were exchanged, compared to its average volume of 106,409. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.04 and a current ratio of 1.04. First Citizens BancShares has a 12 month low of $1,473.62 and a 12 month high of $2,412.93. The firm has a 50-day moving average of $1,862.12 and a two-hundred day moving average of $1,879.65. The company has a market cap of $23.05 billion, a PE ratio of 10.53 and a beta of 0.60.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its quarterly earnings results on Thursday, October 23rd. The bank reported $44.62 earnings per share for the quarter, beating analysts' consensus estimates of $41.51 by $3.11. First Citizens BancShares had a net margin of 16.37% and a return on equity of 11.32%. The business had revenue of $2.25 billion for the quarter, compared to analysts' expectations of $2.21 billion. As a group, analysts expect that First Citizens BancShares will post 167.59 earnings per share for the current fiscal year.

Insider Activity

In other news, major shareholder Olivia Britton Holding purchased 409 shares of the stock in a transaction dated Thursday, August 7th. The shares were purchased at an average price of $1,630.00 per share, with a total value of $666,670.00. Following the transaction, the insider owned 1,764 shares in the company, valued at $2,875,320. The trade was a 30.18% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Hope Holding Bryant purchased 409 shares of the stock in a transaction dated Thursday, August 7th. The shares were purchased at an average cost of $1,630.00 per share, for a total transaction of $666,670.00. Following the transaction, the insider owned 1,764 shares in the company, valued at approximately $2,875,320. The trade was a 30.18% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 1,494 shares of company stock valued at $2,485,986. 13.40% of the stock is currently owned by insiders.

Institutional Trading of First Citizens BancShares

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Cresset Asset Management LLC raised its holdings in First Citizens BancShares by 3.8% in the 1st quarter. Cresset Asset Management LLC now owns 163 shares of the bank's stock valued at $302,000 after buying an additional 6 shares during the period. Allworth Financial LP increased its stake in First Citizens BancShares by 35.3% during the second quarter. Allworth Financial LP now owns 23 shares of the bank's stock worth $45,000 after purchasing an additional 6 shares during the period. Personal CFO Solutions LLC increased its stake in First Citizens BancShares by 4.0% during the second quarter. Personal CFO Solutions LLC now owns 156 shares of the bank's stock worth $305,000 after purchasing an additional 6 shares during the period. Corient Private Wealth LLC increased its stake in First Citizens BancShares by 0.6% during the second quarter. Corient Private Wealth LLC now owns 1,049 shares of the bank's stock worth $2,051,000 after purchasing an additional 6 shares during the period. Finally, US Bancorp DE increased its stake in First Citizens BancShares by 0.8% during the second quarter. US Bancorp DE now owns 873 shares of the bank's stock worth $1,708,000 after purchasing an additional 7 shares during the period. 78.01% of the stock is currently owned by hedge funds and other institutional investors.

About First Citizens BancShares

First Citizens BancShares, Inc operates as the holding company for First-Citizens Bank & Trust Company that provides retail and commercial banking services to individuals, businesses, and professionals. The company's deposit products include checking, savings, money market, and time deposit accounts.

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