First Citizens BancShares (NASDAQ:FCNCA) Upgraded at Raymond James Financial

First Citizens BancShares (NASDAQ:FCNCA) was upgraded by investment analysts at Raymond James Financial from an “outperform” rating to a “strong-buy” rating in a research note issued on Thursday, Marketbeat.com reports. The firm currently has a $2,200.00 price objective on the bank’s stock, up from their prior price objective of $2,100.00. Raymond James Financial’s target price would indicate a potential upside of 20.23% from the company’s previous close.

A number of other brokerages have also recently issued reports on FCNCA. Keefe, Bruyette & Woods decreased their target price on First Citizens BancShares from $2,100.00 to $2,050.00 and set an “outperform” rating for the company in a research report on Friday, October 24th. Citigroup reduced their price objective on First Citizens BancShares from $2,250.00 to $2,000.00 and set a “neutral” rating for the company in a research note on Monday, October 27th. Piper Sandler decreased their price objective on First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating for the company in a report on Friday, October 24th. The Goldman Sachs Group lowered their target price on shares of First Citizens BancShares from $2,250.00 to $1,950.00 and set a “buy” rating on the stock in a research report on Monday, October 6th. Finally, Wall Street Zen downgraded shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a research report on Sunday, September 28th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $2,165.83.

First Citizens BancShares Price Performance

Shares of NASDAQ:FCNCA opened at $1,829.88 on Thursday. First Citizens BancShares has a 12 month low of $1,473.62 and a 12 month high of $2,412.93. The firm has a market capitalization of $22.76 billion, a P/E ratio of 10.82 and a beta of 0.75. The company has a debt-to-equity ratio of 1.76, a current ratio of 1.04 and a quick ratio of 1.04. The company’s fifty day moving average price is $1,802.68 and its 200 day moving average price is $1,893.35.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings data on Thursday, October 23rd. The bank reported $44.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $41.51 by $3.11. The company had revenue of $2.25 billion during the quarter, compared to the consensus estimate of $2.21 billion. First Citizens BancShares had a net margin of 15.99% and a return on equity of 11.06%. As a group, sell-side analysts predict that First Citizens BancShares will post 167.59 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Ellen R. Alemany bought 300 shares of First Citizens BancShares stock in a transaction dated Thursday, November 13th. The stock was bought at an average price of $1,000.00 per share, for a total transaction of $300,000.00. Following the purchase, the director owned 300 shares of the company’s stock, valued at approximately $300,000. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 13.40% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in FCNCA. Cresset Asset Management LLC lifted its position in First Citizens BancShares by 3.8% in the first quarter. Cresset Asset Management LLC now owns 163 shares of the bank’s stock valued at $302,000 after purchasing an additional 6 shares during the period. Allworth Financial LP lifted its holdings in shares of First Citizens BancShares by 35.3% in the 2nd quarter. Allworth Financial LP now owns 23 shares of the bank’s stock valued at $45,000 after buying an additional 6 shares during the period. Personal CFO Solutions LLC boosted its stake in shares of First Citizens BancShares by 4.0% in the second quarter. Personal CFO Solutions LLC now owns 156 shares of the bank’s stock valued at $305,000 after buying an additional 6 shares in the last quarter. Alteri Wealth LLC boosted its stake in shares of First Citizens BancShares by 4.1% in the third quarter. Alteri Wealth LLC now owns 154 shares of the bank’s stock valued at $276,000 after buying an additional 6 shares in the last quarter. Finally, Fifth Third Bancorp grew its holdings in First Citizens BancShares by 40.0% during the third quarter. Fifth Third Bancorp now owns 21 shares of the bank’s stock worth $38,000 after acquiring an additional 6 shares during the period. 78.01% of the stock is currently owned by institutional investors and hedge funds.

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.