First Citizens BancShares (NASDAQ:FCNCA) Stock Rating Lowered by StockNews.com

First Citizens BancShares (NASDAQ:FCNCA) was downgraded by StockNews.com from a “hold” rating to a “sell” rating in a report released on Wednesday.

Several other research firms also recently weighed in on FCNCA. Keefe, Bruyette & Woods downgraded shares of First Citizens BancShares from an “outperform” rating to a “market perform” rating and upped their price objective for the stock from $2,100.00 to $2,500.00 in a report on Wednesday, December 4th. The Goldman Sachs Group boosted their price objective on First Citizens BancShares from $2,025.00 to $2,625.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Wedbush dropped their target price on First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating on the stock in a report on Friday, October 25th. UBS Group began coverage on First Citizens BancShares in a report on Tuesday, December 17th. They set a “buy” rating and a $2,700.00 price target for the company. Finally, Truist Financial initiated coverage on First Citizens BancShares in a research note on Tuesday. They set a “hold” rating and a $2,303.00 price objective on the stock. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, First Citizens BancShares has a consensus rating of “Hold” and an average price target of $2,290.75.

First Citizens BancShares Stock Performance

Shares of First Citizens BancShares stock opened at $2,094.00 on Wednesday. The business has a 50-day simple moving average of $2,155.93 and a 200 day simple moving average of $1,996.00. First Citizens BancShares has a one year low of $1,363.97 and a one year high of $2,388.78. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.08 and a quick ratio of 1.08. The firm has a market capitalization of $29.29 billion, a price-to-earnings ratio of 12.00 and a beta of 0.86.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings data on Thursday, October 24th. The bank reported $45.87 EPS for the quarter, missing the consensus estimate of $47.40 by ($1.53). First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.63%. The firm had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.36 billion. During the same quarter in the prior year, the firm earned $55.92 EPS. On average, research analysts anticipate that First Citizens BancShares will post 188.21 earnings per share for the current fiscal year.

Hedge Funds Weigh In On First Citizens BancShares

Several institutional investors have recently bought and sold shares of the company. Toronto Dominion Bank boosted its position in First Citizens BancShares by 3,577.5% during the second quarter. Toronto Dominion Bank now owns 35,010 shares of the bank’s stock worth $58,943,000 after purchasing an additional 34,058 shares during the period. FMR LLC boosted its holdings 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. Zurich Insurance Group Ltd FI grew its position in First Citizens BancShares by 225.2% during the second quarter. Zurich Insurance Group Ltd FI now owns 42,159 shares of the bank’s stock worth $70,979,000 after buying an additional 29,194 shares in the last quarter. International Assets Investment Management LLC increased its position in shares of First Citizens BancShares by 183,992.3% in the third quarter. International Assets Investment Management LLC now owns 23,932 shares of the bank’s stock worth $440,580,000 after purchasing an additional 23,919 shares during the last quarter. Finally, Thrivent Financial for Lutherans increased its holdings in shares of First Citizens BancShares by 6,773.9% in the 2nd quarter. Thrivent Financial for Lutherans now owns 23,921 shares of the bank’s stock worth $40,274,000 after buying an additional 23,573 shares during the last quarter. Hedge funds and other 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.