Barclays Forecasts Strong Price Appreciation for First Citizens BancShares (NASDAQ:FCNCA) Stock

First Citizens BancShares (NASDAQ:FCNCA) had its target price boosted by research analysts at Barclays from $2,456.00 to $2,568.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has an “equal weight” rating on the bank’s stock. Barclays‘s price target would indicate a potential upside of 17.84% from the company’s current price.

FCNCA has been the topic of a number of other research reports. StockNews.com downgraded First Citizens BancShares from a “hold” rating to a “sell” rating in a research report on Friday, January 24th. Keefe, Bruyette & Woods lifted their price objective on shares of First Citizens BancShares from $2,500.00 to $2,600.00 and gave the stock an “outperform” rating in a research report on Monday. JPMorgan Chase & Co. increased their target price on shares of First Citizens BancShares from $2,550.00 to $2,600.00 and gave the company an “overweight” rating in a research report on Tuesday, January 7th. Wedbush lowered 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 note on Friday, October 25th. Finally, Truist Financial assumed coverage on First Citizens BancShares in a research report on Tuesday, January 7th. They set a “hold” rating and a $2,303.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $2,316.75.

First Citizens BancShares Stock Performance

FCNCA stock opened at $2,179.18 on Monday. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.08 and a quick ratio of 1.08. First Citizens BancShares has a 1-year low of $1,438.08 and a 1-year high of $2,412.93. The business has a 50-day moving average price of $2,170.40 and a 200 day moving average price of $2,044.13. The company has a market capitalization of $30.49 billion, a P/E ratio of 12.48, a PEG ratio of 1.03 and a beta of 0.86.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings results on Friday, January 24th. The bank reported $45.10 EPS for the quarter, beating the consensus estimate of $39.32 by $5.78. First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.63%. As a group, equities research analysts forecast that First Citizens BancShares will post 187.95 EPS for the current fiscal year.

Institutional Investors Weigh In On First Citizens BancShares

A number of institutional investors and hedge funds have recently modified their holdings of FCNCA. Raymond James & Associates grew its position in First Citizens BancShares by 5.1% during the 3rd quarter. Raymond James & Associates now owns 16,826 shares of the bank’s stock worth $30,976,000 after purchasing an additional 811 shares during the period. Balentine LLC purchased a new stake in shares of First Citizens BancShares in the third quarter worth about $3,564,000. Hiddenite Capital Partners LP grew its holdings in First Citizens BancShares by 14.1% during the third quarter. Hiddenite Capital Partners LP now owns 3,230 shares of the bank’s stock worth $5,946,000 after acquiring an additional 400 shares during the period. Retireful LLC purchased a new position in First Citizens BancShares during the third quarter valued at approximately $801,000. Finally, Oliver Luxxe Assets LLC lifted its holdings in First Citizens BancShares by 22.6% in the third quarter. Oliver Luxxe Assets LLC now owns 2,916 shares of the bank’s stock valued at $5,368,000 after acquiring an additional 537 shares during the period. Institutional investors and hedge funds own 78.01% of the company’s stock.

First Citizens BancShares Company Profile

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.