First Citizens BancShares (NASDAQ:FCNCA) Coverage Initiated by Analysts at Truist Financial

Research analysts at Truist Financial began coverage on shares of First Citizens BancShares (NASDAQ:FCNCA) in a report released on Tuesday,Benzinga reports. The brokerage set a “hold” rating and a $2,303.00 price target on the bank’s stock. Truist Financial’s target price would indicate a potential upside of 9.98% from the company’s current price.

FCNCA has been the subject of a number of other reports. Wedbush decreased their price target on First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating for the company in a research note on Friday, October 25th. The Goldman Sachs Group raised their target price on shares of First Citizens BancShares from $2,025.00 to $2,625.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Keefe, Bruyette & Woods lowered shares of First Citizens BancShares from an “outperform” rating to a “market perform” rating and upped their price target for the stock from $2,100.00 to $2,500.00 in a research report on Wednesday, December 4th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of First Citizens BancShares in a research report on Monday, December 9th. They issued a “buy” rating and a $2,600.00 price objective for the company. Finally, UBS Group assumed coverage on shares of First Citizens BancShares in a report on Tuesday, December 17th. They issued a “buy” rating and a $2,700.00 target price on the stock. One analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat, First Citizens BancShares currently has a consensus rating of “Hold” and an average price target of $2,290.75.

First Citizens BancShares Price Performance

NASDAQ FCNCA opened at $2,094.00 on Tuesday. First Citizens BancShares has a 12-month low of $1,363.97 and a 12-month high of $2,388.78. The firm’s 50 day moving average is $2,153.54 and its 200-day moving average is $1,995.31. The company has a market capitalization of $29.29 billion, a PE ratio of 12.00 and a beta of 0.86. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.68.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings results on Thursday, October 24th. The bank reported $45.87 EPS for the quarter, missing the consensus estimate of $47.40 by ($1.53). The business had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.36 billion. First Citizens BancShares had a return on equity of 13.63% and a net margin of 17.36%. During the same period last year, the firm earned $55.92 earnings per share. Equities research analysts anticipate that First Citizens BancShares will post 188.21 earnings per share for the current fiscal year.

Hedge Funds Weigh In On First Citizens BancShares

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Brooklyn Investment Group bought a new stake in shares of First Citizens BancShares during the 3rd quarter worth approximately $39,000. GAMMA Investing LLC lifted its stake in First Citizens BancShares by 129.6% during the third quarter. GAMMA Investing LLC now owns 62 shares of the bank’s stock worth $114,000 after purchasing an additional 35 shares during the last quarter. National Bank of Canada FI boosted its holdings in shares of First Citizens BancShares by 17.7% in the 2nd quarter. National Bank of Canada FI now owns 73 shares of the bank’s stock valued at $124,000 after purchasing an additional 11 shares in the last quarter. Quarry LP bought a new position in shares of First Citizens BancShares in the 2nd quarter valued at $126,000. Finally, Private Trust Co. NA raised its holdings in shares of First Citizens BancShares by 2,100.0% during the 3rd quarter. Private Trust Co. NA now owns 88 shares of the bank’s stock worth $162,000 after buying an additional 84 shares in the last quarter. 78.01% of the stock is 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.