First Citizens BancShares (NASDAQ:FCNCA) PT Lowered to $2,300.00

First Citizens BancShares (NASDAQ:FCNCA) had its target price decreased by research analysts at JPMorgan Chase & Co. from $2,550.00 to $2,300.00 in a report issued on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the bank’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 22.22% from the stock’s previous close.

Other analysts also recently issued reports about the company. Piper Sandler increased their price target on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the company a “neutral” rating in a report on Friday, July 26th. Barclays raised their target price on First Citizens BancShares from $1,950.00 to $2,250.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. StockNews.com cut First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Monday, October 7th. Wedbush lowered their price objective on shares of First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating for the company in a research report on Friday. Finally, Jefferies Financial Group began coverage on shares of First Citizens BancShares in a research report on Tuesday, July 9th. They set a “buy” rating and a $2,005.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, First Citizens BancShares has an average rating of “Hold” and a consensus target price of $2,025.90.

First Citizens BancShares Trading Up 0.1 %

Shares of FCNCA stock opened at $1,881.83 on Friday. First Citizens BancShares has a 1-year low of $1,339.10 and a 1-year high of $2,174.80. The firm’s 50-day simple moving average is $1,948.26 and its 200-day simple moving average is $1,825.89. The firm has a market cap of $27.23 billion, a P/E ratio of 10.35 and a beta of 0.81. The company has a debt-to-equity ratio of 1.72, a current ratio of 1.08 and a quick ratio of 1.08.

First Citizens BancShares (NASDAQ:FCNCA) last issued its earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share for the quarter, missing the consensus estimate of $47.40 by ($1.53). First Citizens BancShares had a return on equity of 14.84% and a net margin of 18.19%. The firm had revenue of $2.45 billion during the quarter, compared to analysts’ expectations of $2.36 billion. During the same period last year, the business posted $55.92 earnings per share. As a group, equities analysts forecast that First Citizens BancShares will post 198.72 EPS for the current year.

First Citizens BancShares announced that its Board of Directors has authorized a share repurchase program on Thursday, July 25th that authorizes the company to buyback $3.50 billion in outstanding shares. This buyback authorization authorizes the bank to purchase up to 12.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.

Institutional Trading of First Citizens BancShares

Several hedge funds have recently bought and sold shares of FCNCA. Hedeker Wealth LLC acquired a new stake in First Citizens BancShares in the 3rd quarter valued at approximately $287,000. abrdn plc increased its holdings in shares of First Citizens BancShares by 44.4% during the third quarter. abrdn plc now owns 2,425 shares of the bank’s stock valued at $4,464,000 after purchasing an additional 746 shares during the period. Nisa Investment Advisors LLC raised its stake in shares of First Citizens BancShares by 50.0% during the third quarter. Nisa Investment Advisors LLC now owns 1,863 shares of the bank’s stock valued at $3,430,000 after purchasing an additional 621 shares in the last quarter. Asahi Life Asset Management CO. LTD. acquired a new stake in First Citizens BancShares in the third quarter worth about $396,000. Finally, Semanteon Capital Management LP grew its position in First Citizens BancShares by 47.6% in the 3rd quarter. Semanteon Capital Management LP now owns 614 shares of the bank’s stock valued at $1,130,000 after buying an additional 198 shares in the last quarter. 61.18% of the stock is currently 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.