First Citizens BancShares (NASDAQ:FCNCA) Given “Outperform” Rating at Keefe, Bruyette & Woods

First Citizens BancShares (NASDAQ:FCNCA)‘s stock had its “outperform” rating reaffirmed by equities research analysts at Keefe, Bruyette & Woods in a research note issued to investors on Friday, Benzinga reports. They presently have a $2,100.00 target price on the bank’s stock, up from their prior target price of $1,900.00. Keefe, Bruyette & Woods’ target price indicates a potential upside of 18.97% from the company’s current price.

FCNCA has been the subject of a number of other research reports. Barclays upped their price objective on First Citizens BancShares from $1,850.00 to $1,950.00 and gave the company an “equal weight” rating in a report on Friday. The Goldman Sachs Group started coverage on First Citizens BancShares in a research note on Thursday, March 21st. They issued a “buy” rating and a $1,950.00 target price for the company. Wedbush reaffirmed an “outperform” rating and set a $1,800.00 price objective on shares of First Citizens BancShares in a research report on Monday, January 29th. Piper Sandler cut First Citizens BancShares from an “overweight” rating to a “neutral” rating and upped their price objective for the stock from $1,850.00 to $1,950.00 in a research report on Friday. Finally, UBS Group upped their price objective on First Citizens BancShares from $1,644.00 to $1,754.00 and gave the stock a “buy” rating in a research report on Tuesday, January 30th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat, First Citizens BancShares presently has an average rating of “Hold” and a consensus price target of $1,829.90.

First Citizens BancShares Stock Performance

FCNCA traded down $35.13 during midday trading on Friday, reaching $1,765.22. The company’s stock had a trading volume of 21,621 shares, compared to its average volume of 80,941. The stock has a market cap of $25.63 billion, a P/E ratio of 2.25 and a beta of 0.89. The company has a fifty day simple moving average of $1,578.09 and a 200 day simple moving average of $1,477.46. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 1.82. First Citizens BancShares has a twelve month low of $945.32 and a twelve month high of $1,810.03.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings results on Friday, January 26th. The bank reported $46.58 EPS for the quarter, missing the consensus estimate of $48.49 by ($1.91). The company had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.36 billion. First Citizens BancShares had a net margin of 51.04% and a return on equity of 13.52%. Research analysts expect that First Citizens BancShares will post 179.92 earnings per share for the current year.

Insider Activity

In other news, major shareholder Olivia Britton Holding purchased 466 shares of the company’s stock in a transaction on Tuesday, February 20th. The stock was acquired at an average price of $1,315.00 per share, with a total value of $612,790.00. Following the transaction, the insider now directly owns 121,694 shares of the company’s stock, valued at approximately $160,027,610. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, major shareholder Olivia Britton Holding acquired 466 shares of First Citizens BancShares stock in a transaction dated Tuesday, February 20th. The shares were purchased at an average price of $1,315.00 per share, for a total transaction of $612,790.00. Following the completion of the transaction, the insider now directly owns 121,694 shares in the company, valued at approximately $160,027,610. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Ellen R. Alemany sold 600 shares of the business’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $1,559.09, for a total transaction of $935,454.00. Following the transaction, the director now owns 4,842 shares in the company, valued at approximately $7,549,113.78. The disclosure for this sale can be found here. Insiders have acquired a total of 1,388 shares of company stock valued at $1,825,220 over the last quarter. Company insiders own 13.40% of the company’s stock.

Institutional Trading of First Citizens BancShares

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in shares of First Citizens BancShares by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 1,017,655 shares of the bank’s stock worth $1,444,022,000 after purchasing an additional 6,906 shares during the last quarter. JPMorgan Chase & Co. boosted its position in First Citizens BancShares by 5.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 262,267 shares of the bank’s stock valued at $361,956,000 after purchasing an additional 13,658 shares during the period. Wellington Management Group LLP raised its stake in First Citizens BancShares by 21.1% during the 4th quarter. Wellington Management Group LLP now owns 239,563 shares of the bank’s stock valued at $339,933,000 after acquiring an additional 41,793 shares in the last quarter. FMR LLC raised its stake in shares of First Citizens BancShares by 17.2% in the 3rd quarter. FMR LLC now owns 189,186 shares of the bank’s stock worth $261,095,000 after buying an additional 27,729 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of First Citizens BancShares by 0.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 186,822 shares of the bank’s stock worth $265,120,000 after purchasing an additional 534 shares during the period. 61.18% of the stock is currently owned by hedge funds and other institutional investors.

First Citizens BancShares Company Profile

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.