First Citizens BancShares (NASDAQ:FCNCA) Upgraded by Raymond James to Outperform

First Citizens BancShares (NASDAQ:FCNCA) was upgraded by equities researchers at Raymond James from a “market perform” rating to an “outperform” rating in a research report issued on Tuesday, Marketbeat.com reports. The brokerage presently has a $1,900.00 price target on the bank’s stock. Raymond James’ target price would suggest a potential upside of 11.48% from the company’s current price.

FCNCA has been the subject of a number of other research reports. Barclays upped their target price on shares of First Citizens BancShares from $1,850.00 to $1,950.00 and gave the stock an “equal weight” rating in a research report on Friday, April 26th. Piper Sandler lowered shares of First Citizens BancShares from an “overweight” rating to a “neutral” rating and upped their target price for the stock from $1,850.00 to $1,950.00 in a research report on Friday, April 26th. The Goldman Sachs Group initiated coverage on shares of First Citizens BancShares in a research report on Thursday, March 21st. They set a “buy” rating and a $1,950.00 target price for the company. DA Davidson restated a “neutral” rating and set a $1,650.00 target price (up previously from $1,600.00) on shares of First Citizens BancShares in a research report on Monday, April 15th. Finally, StockNews.com raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Monday, April 29th. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $1,842.40.

First Citizens BancShares Price Performance

Shares of FCNCA traded up $6.74 during mid-day trading on Tuesday, reaching $1,704.30. The stock had a trading volume of 4,868 shares, compared to its average volume of 82,541. The firm has a market cap of $24.76 billion, a price-to-earnings ratio of 9.46 and a beta of 0.83. First Citizens BancShares has a 12 month low of $1,241.05 and a 12 month high of $1,810.03. The business has a fifty day moving average of $1,703.16 and a 200 day moving average of $1,576.93. The company has a debt-to-equity ratio of 1.77, a quick ratio of 1.10 and a current ratio of 1.10.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings results on Thursday, April 25th. The bank reported $52.92 earnings per share for the quarter, topping analysts’ consensus estimates of $44.27 by $8.65. The business had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.30 billion. First Citizens BancShares had a net margin of 18.22% and a return on equity of 15.48%. Equities analysts predict that First Citizens BancShares will post 188.62 EPS for the current year.

Insider Buying and Selling at First Citizens BancShares

In other First Citizens BancShares news, Director Ellen R. Alemany sold 1,000 shares of the firm’s stock in a transaction dated Friday, April 26th. The shares were sold at an average price of $1,766.24, for a total transaction of $1,766,240.00. Following the transaction, the director now owns 2,335 shares of the company’s stock, valued at approximately $4,124,170.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Ellen R. Alemany sold 1,000 shares of the firm’s stock in a transaction dated Friday, April 26th. The shares were sold at an average price of $1,766.24, for a total value of $1,766,240.00. Following the sale, the director now directly owns 2,335 shares in the company, valued at approximately $4,124,170.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ellen R. Alemany sold 484 shares of the firm’s stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $1,750.12, for a total transaction of $847,058.08. Following the completion of the sale, the director now owns 335 shares in the company, valued at $586,290.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 3,000 shares of company stock valued at $5,273,568. Company insiders own 12.85% of the company’s stock.

Institutional Trading of First Citizens BancShares

A number of institutional investors have recently modified their holdings of FCNCA. Capital Research Global Investors purchased a new position in First Citizens BancShares during the 1st quarter worth approximately $298,180,000. Norges Bank purchased a new stake in First Citizens BancShares in the 4th quarter worth $180,039,000. Vanguard Group Inc. increased its holdings in First Citizens BancShares by 4.6% in the 1st quarter. Vanguard Group Inc. now owns 1,064,822 shares of the bank’s stock worth $1,740,984,000 after acquiring an additional 47,167 shares in the last quarter. Wellington Management Group LLP increased its holdings in First Citizens BancShares by 21.1% in the 4th quarter. Wellington Management Group LLP now owns 239,563 shares of the bank’s stock worth $339,933,000 after acquiring an additional 41,793 shares in the last quarter. Finally, Point72 Asset Management L.P. increased its holdings in First Citizens BancShares by 130.1% in the 4th quarter. Point72 Asset Management L.P. now owns 46,180 shares of the bank’s stock worth $65,528,000 after acquiring an additional 26,107 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.