First Citizens BancShares (NASDAQ:FCNCA – Get Free Report) had its target price hoisted by JPMorgan Chase & Co. from $2,150.00 to $2,350.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the bank’s stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 11.11% from the company’s previous close.
A number of other equities research analysts also recently weighed in on FCNCA. TD Cowen cut their target price on First Citizens BancShares from $2,500.00 to $2,300.00 and set a “buy” rating for the company in a research report on Monday, April 27th. Keefe, Bruyette & Woods dropped their price objective on First Citizens BancShares from $2,375.00 to $2,300.00 and set an “outperform” rating on the stock in a research note on Thursday, April 9th. Piper Sandler set a $2,050.00 price objective on First Citizens BancShares in a report on Friday, April 24th. Fundamental Research set a $2,350.00 target price on First Citizens BancShares in a research note on Wednesday. Finally, Zacks Research raised First Citizens BancShares from a “strong sell” rating to a “hold” rating in a report on Monday, March 30th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat, First Citizens BancShares has an average rating of “Hold” and an average target price of $2,243.75.
View Our Latest Analysis on FCNCA
First Citizens BancShares Price Performance
First Citizens BancShares (NASDAQ:FCNCA – Get Free Report) last issued its quarterly earnings results on Thursday, April 23rd. The bank reported $44.86 earnings per share for the quarter, topping analysts’ consensus estimates of $43.31 by $1.55. The company had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.20 billion. First Citizens BancShares had a net margin of 15.62% and a return on equity of 11.48%. During the same period in the prior year, the business posted $37.79 EPS. On average, sell-side analysts expect that First Citizens BancShares will post 175.42 earnings per share for the current year.
Insider Buying and Selling at First Citizens BancShares
In related news, CEO Frank B. Holding, Jr. purchased 5,940 shares of the company’s stock in a transaction that occurred on Tuesday, May 12th. The shares were purchased at an average price of $1,726.82 per share, with a total value of $10,257,310.80. Following the purchase, the chief executive officer owned 38,111 shares of the company’s stock, valued at $65,810,837.02. This trade represents a 18.46% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. In the last three months, insiders acquired 7,190 shares of company stock valued at $12,573,868. Company insiders own 14.63% of the company’s stock.
Hedge Funds Weigh In On First Citizens BancShares
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Hilton Head Capital Partners LLC acquired a new stake in First Citizens BancShares during the 4th quarter valued at $26,000. Harbor Investment Advisory LLC boosted its position in shares of First Citizens BancShares by 150.0% in the fourth quarter. Harbor Investment Advisory LLC now owns 15 shares of the bank’s stock worth $32,000 after buying an additional 9 shares during the period. Reflection Asset Management purchased a new position in shares of First Citizens BancShares during the fourth quarter valued at $45,000. Global Assets Advisory LLC purchased a new position in shares of First Citizens BancShares during the first quarter valued at $45,000. Finally, UMB Bank n.a. raised its position in First Citizens BancShares by 50.0% during the fourth quarter. UMB Bank n.a. now owns 24 shares of the bank’s stock valued at $52,000 after buying an additional 8 shares during the period. 78.01% of the stock is currently owned by hedge funds and other institutional investors.
About First Citizens BancShares
First Citizens BancShares, Inc is the bank holding company for First Citizens Bank, a full‑service commercial bank headquartered in Raleigh, North Carolina. The company traces its roots to a community bank founded in 1898 and has grown into a diversified financial services organization that operates through its banking subsidiary to serve retail, commercial and institutional clients.
First Citizens offers a broad suite of banking products and services, including consumer and business deposit accounts, commercial and industrial lending, real estate and mortgage lending, treasury and cash management, and specialized lending solutions.
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