First Citizens BancShares (NASDAQ:FCNCA) Given New $2,600.00 Price Target at JPMorgan Chase & Co.

First Citizens BancShares (NASDAQ:FCNCA) had its price target lifted by JPMorgan Chase & Co. from $2,550.00 to $2,600.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the bank’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 22.04% from the company’s current price.

Several other brokerages have also recently weighed in on FCNCA. Barclays lifted their price objective on First Citizens BancShares from $2,250.00 to $2,456.00 and gave the company an “equal weight” rating in a report on Monday. Wedbush reduced their price objective on shares of First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating on the stock in a research note on Friday, October 25th. Truist Financial assumed coverage on shares of First Citizens BancShares in a report on Tuesday. They set a “hold” rating and a $2,303.00 price target for the company. StockNews.com upgraded shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Thursday, November 14th. Finally, Citigroup downgraded First Citizens BancShares from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 17th. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $2,290.75.

First Citizens BancShares Stock Performance

Shares of FCNCA traded down $19.22 during midday trading on Tuesday, reaching $2,130.53. 42,084 shares of the stock were exchanged, compared to its average volume of 57,435. The stock’s 50 day simple moving average is $2,150.04 and its 200 day simple moving average is $1,991.99. The company has a market cap of $29.80 billion, a P/E ratio of 12.21 and a beta of 0.86. First Citizens BancShares has a twelve month low of $1,363.97 and a twelve month high of $2,388.78. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.68.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings data 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 13.63% and a net margin of 17.36%. The business had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.36 billion. During the same quarter last year, the firm earned $55.92 EPS. On average, sell-side analysts expect that First Citizens BancShares will post 187.88 earnings per share for the current year.

Institutional Trading of First Citizens BancShares

Several institutional investors have recently modified their holdings of FCNCA. Oliver Luxxe Assets LLC raised its position in First Citizens BancShares by 6.7% during the 4th quarter. Oliver Luxxe Assets LLC now owns 3,111 shares of the bank’s stock worth $6,574,000 after purchasing an additional 195 shares during the last quarter. Everence Capital Management Inc. acquired a new stake in shares of First Citizens BancShares in the fourth quarter valued at about $655,000. GAMMA Investing LLC raised its position in shares of First Citizens BancShares by 16.1% during the fourth quarter. GAMMA Investing LLC now owns 72 shares of the bank’s stock worth $152,000 after acquiring an additional 10 shares during the last quarter. Trust Co of the South boosted its holdings in First Citizens BancShares by 136.8% in the fourth quarter. Trust Co of the South now owns 947 shares of the bank’s stock valued at $2,001,000 after acquiring an additional 547 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in First Citizens BancShares by 6.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 288,960 shares of the bank’s stock valued at $531,961,000 after purchasing an additional 18,501 shares during the period. 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.