Truist Financial Issues Positive Forecast for First Citizens BancShares (NASDAQ:FCNCA) Stock Price

First Citizens BancShares (NASDAQ:FCNCA) had its target price boosted by Truist Financial from $2,303.00 to $2,384.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a “hold” rating on the bank’s stock. Truist Financial’s price target suggests a potential upside of 9.40% from the company’s previous close.

A number of other brokerages have also weighed in on FCNCA. JPMorgan Chase & Co. boosted their price objective on shares of First Citizens BancShares from $2,550.00 to $2,600.00 and gave the company an “overweight” rating in a report on Tuesday, January 7th. Barclays boosted their price objective on shares of First Citizens BancShares from $2,456.00 to $2,568.00 and gave the company an “equal weight” rating in a report on Monday. Keefe, Bruyette & Woods boosted their price objective on shares of First Citizens BancShares from $2,500.00 to $2,600.00 and gave the company an “outperform” rating in a report on Monday. The Goldman Sachs Group boosted their price objective on shares of First Citizens BancShares from $2,025.00 to $2,625.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Finally, UBS Group began coverage on shares of First Citizens BancShares in a report on Tuesday, December 17th. They issued a “buy” rating and a $2,700.00 price target on the stock. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, First Citizens BancShares presently has a consensus rating of “Hold” and a consensus target price of $2,323.50.

First Citizens BancShares Stock Performance

Shares of FCNCA stock opened at $2,179.18 on Wednesday. The business’s fifty day simple moving average is $2,170.40 and its 200-day simple moving average is $2,044.13. The company has a market cap of $30.48 billion, a PE ratio of 12.48, a PEG ratio of 1.03 and a beta of 0.86. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.68. First Citizens BancShares has a 12-month low of $1,438.08 and a 12-month high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings results on Friday, January 24th. The bank reported $45.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $39.32 by $5.78. First Citizens BancShares had a return on equity of 13.63% and a net margin of 17.36%. Analysts expect that First Citizens BancShares will post 187.95 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of FCNCA. FMR LLC raised its position in shares of First Citizens BancShares by 11.6% during the 3rd quarter. FMR LLC now owns 323,532 shares of the bank’s stock worth $595,607,000 after purchasing an additional 33,713 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in shares of First Citizens BancShares by 128.4% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 54,831 shares of the bank’s stock worth $115,859,000 after purchasing an additional 30,828 shares during the last quarter. International Assets Investment Management LLC raised its holdings in First Citizens BancShares by 183,992.3% in the 3rd quarter. International Assets Investment Management LLC now owns 23,932 shares of the bank’s stock valued at $440,580,000 after acquiring an additional 23,919 shares during the last quarter. Commerce Bank raised its holdings in First Citizens BancShares by 4,762.2% in the 3rd quarter. Commerce Bank now owns 21,345 shares of the bank’s stock valued at $39,295,000 after acquiring an additional 20,906 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec raised its holdings in First Citizens BancShares by 337.2% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 26,125 shares of the bank’s stock valued at $48,095,000 after acquiring an additional 20,149 shares during the last quarter. Institutional investors and hedge funds own 78.01% of the company’s stock.

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.