First Citizens BancShares (NASDAQ:FCNCA) Price Target Raised to $2,600.00 at JPMorgan Chase & Co.

First Citizens BancShares (NASDAQ:FCNCA) had its price objective raised by research analysts at JPMorgan Chase & Co. from $2,550.00 to $2,600.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the bank’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 22.04% from the company’s current price.

A number of other equities research analysts have also commented on FCNCA. Deutsche Bank Aktiengesellschaft began coverage on First Citizens BancShares in a research report on Monday, December 9th. They set a “buy” rating and a $2,600.00 price target on the stock. Keefe, Bruyette & Woods lowered First Citizens BancShares from an “outperform” rating to a “market perform” rating and raised their target price for the company from $2,100.00 to $2,500.00 in a research note on Wednesday, December 4th. Wedbush reduced their price target on shares of First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating on the stock in a research report on Friday, October 25th. Truist Financial assumed coverage on shares of First Citizens BancShares in a report on Tuesday. They set a “hold” rating and a $2,303.00 price objective on the stock. Finally, StockNews.com raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Thursday, November 14th. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $2,290.75.

First Citizens BancShares Stock Performance

Shares of NASDAQ FCNCA traded down $19.22 during mid-day trading on Tuesday, hitting $2,130.53. The company had a trading volume of 42,084 shares, compared to its average volume of 57,435. First Citizens BancShares has a 12 month low of $1,363.97 and a 12 month high of $2,388.78. The firm has a market cap of $29.80 billion, a P/E ratio of 12.21 and a beta of 0.86. The business’s 50-day simple moving average is $2,150.04 and its 200-day simple moving average is $1,991.99. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.08 and a quick ratio of 1.08.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share for the quarter, missing analysts’ consensus estimates of $47.40 by ($1.53). First Citizens BancShares had a return on equity of 13.63% and a net margin of 17.36%. The business had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.36 billion. During the same quarter in the prior year, the firm earned $55.92 EPS. As a group, analysts predict that First Citizens BancShares will post 187.88 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Oliver Luxxe Assets LLC grew its holdings in First Citizens BancShares by 6.7% during the fourth quarter. Oliver Luxxe Assets LLC now owns 3,111 shares of the bank’s stock worth $6,574,000 after purchasing an additional 195 shares during the period. Everence Capital Management Inc. acquired a new position in shares of First Citizens BancShares during the 4th quarter worth approximately $655,000. GAMMA Investing LLC raised its stake in First Citizens BancShares by 16.1% in the 4th quarter. GAMMA Investing LLC now owns 72 shares of the bank’s stock valued at $152,000 after acquiring an additional 10 shares during the period. Trust Co of the South boosted its position in First Citizens BancShares by 136.8% during the fourth quarter. Trust Co of the South now owns 947 shares of the bank’s stock worth $2,001,000 after purchasing an additional 547 shares during the period. Finally, JPMorgan Chase & Co. increased its holdings in shares of First Citizens BancShares by 6.8% in the third quarter. JPMorgan Chase & Co. now owns 288,960 shares of the bank’s stock valued at $531,961,000 after purchasing an additional 18,501 shares during the last quarter. 78.01% of the stock is currently owned by institutional investors.

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.