The Goldman Sachs Group Cuts First Citizens BancShares (NASDAQ:FCNCA) Price Target to $1,950.00

Key Points

• Goldman Sachs Group has reduced its price target for First Citizens BancShares from $2,250.00 to $1,950.00, maintaining a "buy" rating, indicating a potential upside of 9.75% based on the current stock price.
• Other firms have varying ratings on the stock; Wall Street Zen downgraded it to "sell," while UBS Group maintains a "buy" rating with a higher price target of $2,410.00.
• Insider purchases indicate confidence in the company, with substantial acquisitions made by CEO Frank B. Holding, Jr. and another insider, reflecting a positive sentiment amid recent price adjustments.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) had its price objective decreased by equities research analysts at The Goldman Sachs Group from $2,250.00 to $1,950.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a "buy" rating on the bank's stock. The Goldman Sachs Group's price objective would indicate a potential upside of 9.75% from the company's current price.

A number of other research firms have also recently commented on FCNCA. Wall Street Zen cut shares of First Citizens BancShares from a "hold" rating to a "sell" rating in a research note on Sunday, September 28th. Citigroup reaffirmed an "underweight" rating on shares of First Citizens BancShares in a research note on Wednesday, October 1st. UBS Group reaffirmed a "buy" rating and set a $2,410.00 price target on shares of First Citizens BancShares in a research note on Wednesday, July 9th. Piper Sandler set a $2,150.00 price objective on shares of First Citizens BancShares and gave the company a "neutral" rating in a research report on Monday, July 28th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of First Citizens BancShares from $2,100.00 to $2,250.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Eight research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, First Citizens BancShares has a consensus rating of "Moderate Buy" and an average target price of $2,238.33.

First Citizens BancShares Price Performance

Shares of NASDAQ:FCNCA traded up $14.05 on Monday, reaching $1,776.73. The company's stock had a trading volume of 111,669 shares, compared to its average volume of 104,325. First Citizens BancShares has a 52-week low of $1,473.62 and a 52-week high of $2,412.93. The company has a market cap of $22.96 billion, a P/E ratio of 10.48 and a beta of 0.60. The company has a 50-day simple moving average of $1,911.10 and a 200 day simple moving average of $1,886.38. 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 (NASDAQ:FCNCA - Get Free Report) last released its quarterly earnings results on Friday, July 25th. The bank reported $44.78 EPS for the quarter, topping analysts' consensus estimates of $39.08 by $5.70. First Citizens BancShares had a net margin of 16.37% and a return on equity of 11.32%. The firm had revenue of $2.38 billion during the quarter, compared to analysts' expectations of $2.21 billion. As a group, equities research analysts anticipate that First Citizens BancShares will post 167.59 EPS for the current fiscal year.

Insider Activity

In other First Citizens BancShares news, insider Hope Holding Bryant purchased 409 shares of First Citizens BancShares stock in a transaction dated Thursday, August 7th. The stock was acquired at an average price of $1,630.00 per share, for a total transaction of $666,670.00. Following the acquisition, the insider owned 1,764 shares in the company, valued at $2,875,320. This trade represents a 30.18% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Frank B. Holding, Jr. purchased 600 shares of First Citizens BancShares stock in a transaction dated Thursday, August 7th. The stock was acquired at an average price of $1,698.75 per share, with a total value of $1,019,250.00. Following the acquisition, the chief executive officer owned 32,300 shares in the company, valued at approximately $54,869,625. This represents a 1.89% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 1,494 shares of company stock worth $2,485,986. 13.19% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Aaron Wealth Advisors LLC bought a new position in shares of First Citizens BancShares during the 3rd quarter worth approximately $249,000. Osaic Holdings Inc. raised its stake in shares of First Citizens BancShares by 14.4% during the 2nd quarter. Osaic Holdings Inc. now owns 5,818 shares of the bank's stock worth $11,350,000 after acquiring an additional 731 shares in the last quarter. Orion Porfolio Solutions LLC raised its stake in shares of First Citizens BancShares by 2.6% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 2,259 shares of the bank's stock worth $4,420,000 after acquiring an additional 57 shares in the last quarter. Thrivent Financial for Lutherans raised its stake in shares of First Citizens BancShares by 11.9% during the 2nd quarter. Thrivent Financial for Lutherans now owns 40,200 shares of the bank's stock worth $78,650,000 after acquiring an additional 4,264 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. bought a new position in shares of First Citizens BancShares during the 2nd quarter worth approximately $218,000. Institutional investors own 78.01% of the company's stock.

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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