First Citizens BancShares (NASDAQ:FCNCA) Rating Reiterated by DA Davidson

First Citizens BancShares (NASDAQ:FCNCA)‘s stock had its “neutral” rating reiterated by research analysts at DA Davidson in a report released on Monday, Benzinga reports. They currently have a $1,650.00 target price on the bank’s stock, up from their prior target price of $1,600.00. DA Davidson’s price objective indicates a potential upside of 7.67% from the stock’s current price.

Several other equities analysts have also recently issued reports on FCNCA. StockNews.com cut First Citizens BancShares from a “hold” rating to a “sell” rating in a research note on Wednesday, April 3rd. Barclays started coverage on First Citizens BancShares in a report on Thursday, April 11th. They set an “equal weight” rating and a $1,850.00 price target on the stock. The Goldman Sachs Group assumed coverage on First Citizens BancShares in a report on Thursday, March 21st. They set a “buy” rating and a $1,950.00 price target on the stock. UBS Group upped their price objective on First Citizens BancShares from $1,644.00 to $1,754.00 and gave the company a “buy” rating in a research report on Tuesday, January 30th. Finally, Wedbush reiterated an “outperform” rating and set a $1,800.00 price objective on shares of First Citizens BancShares in a research report on Monday, January 29th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $1,768.63.

First Citizens BancShares Stock Performance

First Citizens BancShares stock opened at $1,532.51 on Monday. The company has a market capitalization of $22.25 billion, a P/E ratio of 1.95 and a beta of 0.89. The business has a 50 day moving average of $1,560.11 and a 200-day moving average of $1,465.25. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.14 and a quick ratio of 1.14. First Citizens BancShares has a 1 year low of $945.32 and a 1 year high of $1,651.73.

First Citizens BancShares (NASDAQ:FCNCA) last announced its earnings results on Friday, January 26th. The bank reported $46.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $48.49 by ($1.91). First Citizens BancShares had a net margin of 51.04% and a return on equity of 13.52%. The business had revenue of $2.45 billion for the quarter, compared to analysts’ expectations of $2.36 billion. On average, equities research analysts predict that First Citizens BancShares will post 178.72 earnings per share for the current year.

Insider Buying and Selling

In other First Citizens BancShares news, major shareholder Olivia Britton Holding bought 466 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The shares were purchased at an average cost of $1,315.00 per share, for a total transaction of $612,790.00. Following the purchase, the insider now directly owns 121,694 shares in the company, valued at $160,027,610. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, major shareholder Olivia Britton Holding purchased 466 shares of the company’s stock in a transaction on Tuesday, February 20th. The shares were acquired at an average price of $1,315.00 per share, for a total transaction of $612,790.00. Following the purchase, the insider now owns 121,694 shares in the company, valued at $160,027,610. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Frank B. Holding, Jr. bought 622 shares of the stock in a transaction dated Tuesday, February 20th. The stock was bought at an average price of $1,315.00 per share, for a total transaction of $817,930.00. Following the purchase, the chief executive officer now directly owns 97,609 shares of the company’s stock, valued at $128,355,835. The disclosure for this purchase can be found here. Insiders have acquired a total of 1,388 shares of company stock worth $1,825,220 in the last ninety days. 12.85% of the stock is owned by insiders.

Hedge Funds Weigh In On First Citizens BancShares

A number of hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of First Citizens BancShares by 106.0% in the first quarter. Vanguard Group Inc. now owns 1,105,554 shares of the bank’s stock valued at $735,855,000 after purchasing an additional 568,929 shares during the last quarter. Invesco Ltd. grew its position in First Citizens BancShares by 113.0% in the first quarter. Invesco Ltd. now owns 371,016 shares of the bank’s stock worth $246,949,000 after acquiring an additional 196,851 shares during the period. Sessa Capital IM L.P. purchased a new position in shares of First Citizens BancShares during the first quarter worth $158,509,000. Imprint Wealth LLC purchased a new position in shares of First Citizens BancShares during the second quarter worth $15,016,000. Finally, State Street Corp boosted its position in shares of First Citizens BancShares by 53.7% during the first quarter. State Street Corp now owns 402,593 shares of the bank’s stock worth $267,966,000 after buying an additional 140,626 shares during the period. Institutional investors and hedge funds own 61.18% 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.