First Citizens BancShares (NASDAQ:FCNCA) Raised to Hold at Wall Street Zen

Key Points

• First Citizens BancShares was upgraded by Wall Street Zen from a "sell" rating to a "hold" rating in a recent research report.
• The company has seen positive ratings from various analysts, with seven rating it as a buy and six as a hold, and a consensus price target of $2,291.17.
• Insider transactions indicate confidence in the stock, as significant purchases were made recently at an average price of $1,630.00 per share.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) was upgraded by Wall Street Zen from a "sell" rating to a "hold" rating in a note issued to investors on Saturday.

Other research analysts have also recently issued research reports about the stock. Cowen reissued a "buy" rating on shares of First Citizens BancShares in a report on Monday, July 28th. JPMorgan Chase & Co. lifted their price objective on First Citizens BancShares from $2,100.00 to $2,250.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. UBS Group restated a "buy" rating and issued a $2,410.00 target price on shares of First Citizens BancShares in a research report on Wednesday, July 9th. Citigroup boosted their price objective on First Citizens BancShares from $1,900.00 to $2,050.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. Finally, Piper Sandler set a $2,150.00 target price on First Citizens BancShares and gave the company a "neutral" rating in a research note on Monday, July 28th. Seven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, First Citizens BancShares currently has an average rating of "Moderate Buy" and a consensus price target of $2,291.17.

First Citizens BancShares Stock Down 1.5%

FCNCA stock traded down $29.08 during trading hours on Friday, hitting $1,866.88. The company's stock had a trading volume of 279,289 shares, compared to its average volume of 145,029. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.76. First Citizens BancShares has a 12 month low of $1,473.62 and a 12 month high of $2,412.93. The stock has a 50 day moving average price of $1,972.51 and a two-hundred day moving average price of $1,885.60. The company has a market capitalization of $24.12 billion, a PE ratio of 11.02 and a beta of 0.71.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its earnings results on Friday, July 25th. The bank reported $44.78 earnings per share (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 business had revenue of $2.38 billion during the quarter, compared to analysts' expectations of $2.21 billion. On average, equities research analysts expect that First Citizens BancShares will post 167.59 earnings per share for the current year.

Insider Buying and Selling at First Citizens BancShares

In related news, major shareholder Olivia Britton Holding acquired 409 shares of the firm's stock in a transaction dated Thursday, August 7th. The stock was acquired at an average cost of $1,630.00 per share, for a total transaction of $666,670.00. Following the completion of the acquisition, the insider directly owned 1,764 shares of the company's stock, valued at approximately $2,875,320. The trade was a 30.18% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Frank B. Holding, Jr. acquired 600 shares of the firm's stock in a transaction that occurred on Thursday, August 7th. The stock was purchased at an average cost of $1,698.75 per share, with a total value of $1,019,250.00. Following the purchase, the chief executive officer directly owned 32,300 shares in the company, valued at approximately $54,869,625. This trade represents a 1.89% increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 1,494 shares of company stock worth $2,485,986. 13.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On First Citizens BancShares

Several institutional investors have recently added to or reduced their stakes in FCNCA. MassMutual Private Wealth & Trust FSB raised its stake in shares of First Citizens BancShares by 54.5% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 17 shares of the bank's stock worth $32,000 after acquiring an additional 6 shares during the last quarter. SVB Wealth LLC bought a new stake in First Citizens BancShares in the first quarter valued at approximately $35,000. MAI Capital Management increased its stake in First Citizens BancShares by 500.0% in the second quarter. MAI Capital Management now owns 18 shares of the bank's stock valued at $35,000 after purchasing an additional 15 shares in the last quarter. Creekmur Asset Management LLC acquired a new position in shares of First Citizens BancShares in the second quarter valued at approximately $39,000. Finally, Community Bank N.A. acquired a new position in First Citizens BancShares during the first quarter worth $44,000. 78.01% of the stock is owned by 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.