First Citizens BancShares (NASDAQ:FCNCA) Raised to Overweight at Piper Sandler

First Citizens BancShares (NASDAQ:FCNCA) was upgraded by equities research analysts at Piper Sandler from a “neutral” rating to an “overweight” rating in a note issued to investors on Tuesday, MarketBeat Ratings reports. The brokerage presently has a $2,250.00 price target on the bank’s stock. Piper Sandler’s price objective suggests a potential upside of 28.14% from the stock’s previous close.

Several other equities analysts have also recently weighed in on the company. The Goldman Sachs Group lifted their price target on First Citizens BancShares from $2,025.00 to $2,625.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Truist Financial lifted their price target on First Citizens BancShares from $2,303.00 to $2,384.00 and gave the company a “hold” rating in a research report on Wednesday, January 29th. Citigroup cut First Citizens BancShares from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 17th. UBS Group assumed coverage on First Citizens BancShares in a research report on Tuesday, December 17th. They issued a “buy” rating and a $2,700.00 price target for the company. Finally, JPMorgan Chase & Co. lifted their price target on 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. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $2,323.50.

First Citizens BancShares Stock Performance

Shares of First Citizens BancShares stock opened at $1,755.93 on Tuesday. The business’s fifty day simple moving average is $2,099.36 and its 200 day simple moving average is $2,065.44. The firm has a market capitalization of $23.84 billion, a P/E ratio of 9.27, a price-to-earnings-growth ratio of 0.94 and a beta of 0.81. First Citizens BancShares has a 12 month low of $1,515.02 and a 12 month high of $2,412.93. 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 (NASDAQ:FCNCA) last issued its earnings results on Friday, January 24th. The bank reported $45.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $39.32 by $5.78. First Citizens BancShares had a return on equity of 13.22% and a net margin of 18.55%. As a group, analysts anticipate that First Citizens BancShares will post 167.59 EPS for the current year.

Insider Transactions at First Citizens BancShares

In other news, CFO Craig L. Nix acquired 17 shares of the business’s stock in a transaction dated Friday, March 7th. The stock was purchased at an average cost of $1,881.13 per share, for a total transaction of $31,979.21. Following the acquisition, the chief financial officer now owns 1,141 shares of the company’s stock, valued at $2,146,369.33. This trade represents a 1.51 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 13.40% of the company’s stock.

Institutional Investors Weigh In On First Citizens BancShares

Hedge funds and other institutional investors have recently modified their holdings of the stock. Hiddenite Capital Partners LP lifted its stake in shares of First Citizens BancShares by 14.1% in the 3rd quarter. Hiddenite Capital Partners LP now owns 3,230 shares of the bank’s stock valued at $5,946,000 after acquiring an additional 400 shares during the last quarter. Retireful LLC purchased a new stake in First Citizens BancShares in the 3rd quarter worth approximately $801,000. JPMorgan Chase & Co. lifted its holdings in First Citizens BancShares by 6.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 288,960 shares of the bank’s stock worth $531,961,000 after buying an additional 18,501 shares during the period. Check Capital Management Inc. CA lifted its holdings in First Citizens BancShares by 20.0% in the 4th quarter. Check Capital Management Inc. CA now owns 33,599 shares of the bank’s stock worth $70,995,000 after buying an additional 5,605 shares during the period. Finally, Asset Management One Co. Ltd. lifted its holdings in First Citizens BancShares by 4.5% in the 4th quarter. Asset Management One Co. Ltd. now owns 3,663 shares of the bank’s stock worth $7,811,000 after buying an additional 157 shares during the period. 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.