First Citizens BancShares (NASDAQ:FCNCA) Coverage Initiated at Truist Financial

Equities researchers at Truist Financial initiated coverage on shares of First Citizens BancShares (NASDAQ:FCNCA) in a note issued to investors on Tuesday,Benzinga reports. The brokerage set a “hold” rating and a $2,303.00 price target on the bank’s stock. Truist Financial’s price target would suggest a potential upside of 7.13% from the company’s previous close.

A number of other research firms have also recently commented on FCNCA. Barclays increased their target price on shares of First Citizens BancShares from $2,250.00 to $2,456.00 and gave the stock an “equal weight” rating in a report on Monday. Keefe, Bruyette & Woods lowered shares of First Citizens BancShares from an “outperform” rating to a “market perform” rating and raised their price objective for the company from $2,100.00 to $2,500.00 in a report on Wednesday, December 4th. 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 objective for the company. Citigroup lowered shares of First Citizens BancShares from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 17th. Finally, Wedbush decreased their target price 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, October 25th. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $2,265.75.

First Citizens BancShares Stock Down 0.0 %

FCNCA stock opened at $2,149.75 on Tuesday. The stock has a market capitalization of $30.07 billion, a P/E ratio of 12.32 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 $1,363.97 and a 12 month high of $2,388.78. The firm has a 50-day moving average price of $2,150.04 and a 200-day moving average price of $1,991.99.

First Citizens BancShares (NASDAQ:FCNCA) last posted its earnings results on Thursday, October 24th. The bank reported $45.87 EPS for the quarter, missing analysts’ consensus estimates of $47.40 by ($1.53). The company had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.36 billion. First Citizens BancShares had a return on equity of 13.63% and a net margin of 17.36%. During the same period last year, the company posted $55.92 EPS. As a group, equities research analysts anticipate that First Citizens BancShares will post 187.88 EPS for the current fiscal year.

Institutional Trading of First Citizens BancShares

Several hedge funds have recently bought and sold shares of the business. FMR LLC grew its position in First Citizens BancShares by 11.6% in the 3rd quarter. FMR LLC now owns 323,532 shares of the bank’s stock valued at $595,607,000 after purchasing an additional 33,713 shares during the period. JPMorgan Chase & Co. lifted its stake 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 acquiring an additional 18,501 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in First Citizens BancShares by 15.0% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 58,529 shares of the bank’s stock valued at $107,749,000 after acquiring an additional 7,613 shares in the last quarter. Reinhart Partners LLC. lifted its stake in First Citizens BancShares by 0.7% during the 3rd quarter. Reinhart Partners LLC. now owns 56,798 shares of the bank’s stock valued at $104,562,000 after acquiring an additional 416 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in First Citizens BancShares by 2.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 47,156 shares of the bank’s stock valued at $86,812,000 after acquiring an additional 1,339 shares in the last quarter. Institutional investors and hedge funds 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.