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

First Citizens BancShares (NASDAQ:FCNCAGet Free Report) 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.

Check Out Our Latest Stock Analysis on FCNCA

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:FCNCAGet Free Report) 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

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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.

Further Reading

Analyst Recommendations for First Citizens BancShares (NASDAQ:FCNCA)

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