Keefe, Bruyette & Woods Increases First Citizens BancShares (NASDAQ:FCNCA) Price Target to $2,300.00

First Citizens BancShares (NASDAQ:FCNCA) had its price objective upped by equities research analysts at Keefe, Bruyette & Woods from $2,100.00 to $2,300.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has an “outperform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price target would suggest a potential upside of 12.14% from the company’s previous close.

Other equities analysts also recently issued reports about the stock. Raymond James raised shares of First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 price target on the stock in a report on Tuesday, July 2nd. DA Davidson reissued a “neutral” rating and issued a $1,650.00 price target (up from $1,600.00) on shares of First Citizens BancShares in a report on Monday, April 15th. StockNews.com raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Monday, April 29th. Barclays boosted their price target on shares of First Citizens BancShares from $1,850.00 to $1,950.00 and gave the stock an “equal weight” rating in a report on Friday, April 26th. Finally, Piper Sandler downgraded shares of First Citizens BancShares from an “overweight” rating to a “neutral” rating and boosted their price target for the stock from $1,850.00 to $1,950.00 in a report on Friday, April 26th. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $1,875.36.

First Citizens BancShares Stock Performance

NASDAQ FCNCA opened at $2,051.05 on Friday. First Citizens BancShares has a 1 year low of $1,274.91 and a 1 year high of $2,059.10. The company has a debt-to-equity ratio of 1.77, a current ratio of 1.10 and a quick ratio of 1.10. The firm has a market cap of $29.80 billion, a price-to-earnings ratio of 11.39 and a beta of 0.83. The company has a fifty day moving average price of $1,723.79 and a 200-day moving average price of $1,617.85.

First Citizens BancShares (NASDAQ:FCNCA) last posted its earnings results on Thursday, April 25th. The bank reported $52.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $44.27 by $8.65. First Citizens BancShares had a net margin of 18.22% and a return on equity of 15.48%. The firm had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.30 billion. As a group, equities research analysts predict that First Citizens BancShares will post 191.52 EPS for the current fiscal year.

Insider Buying and Selling

In other First Citizens BancShares news, Director Ellen R. Alemany sold 516 shares of the stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $1,750.00, for a total transaction of $903,000.00. Following the transaction, the director now directly owns 819 shares in the company, valued at $1,433,250. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Ellen R. Alemany sold 484 shares of the stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $1,750.12, for a total transaction of $847,058.08. Following the completion of the sale, the director now owns 335 shares of the company’s stock, valued at $586,290.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Ellen R. Alemany sold 516 shares of the stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $1,750.00, for a total value of $903,000.00. Following the sale, the director now directly owns 819 shares of the company’s stock, valued at approximately $1,433,250. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,000 shares of company stock worth $3,507,328. Insiders own 13.40% of the company’s stock.

Institutional Trading of First Citizens BancShares

A number of institutional investors have recently made changes to their positions in FCNCA. Capital Research Global Investors purchased a new stake in shares of First Citizens BancShares during the first quarter valued at approximately $298,180,000. Norges Bank purchased a new stake in First Citizens BancShares in the fourth quarter worth $180,039,000. Vanguard Group Inc. lifted its stake in First Citizens BancShares by 4.6% in the first quarter. Vanguard Group Inc. now owns 1,064,822 shares of the bank’s stock worth $1,740,984,000 after acquiring an additional 47,167 shares during the period. Wellington Management Group LLP lifted its stake in First Citizens BancShares by 21.1% in the fourth quarter. Wellington Management Group LLP now owns 239,563 shares of the bank’s stock worth $339,933,000 after acquiring an additional 41,793 shares during the period. Finally, Point72 Asset Management L.P. lifted its stake in First Citizens BancShares by 130.1% in the fourth quarter. Point72 Asset Management L.P. now owns 46,180 shares of the bank’s stock worth $65,528,000 after acquiring an additional 26,107 shares during the period. Hedge funds and other institutional investors own 61.18% 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.