First Citizens BancShares (NASDAQ:FCNCA) Stock Price Target Lowered at JPMorgan Chase & Co.

First Citizens BancShares (NASDAQ:FCNCA) had its target price cut by investment analysts at JPMorgan Chase & Co. from $2,450.00 to $2,300.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the bank’s stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 14.00% from the company’s previous close.

FCNCA has been the subject of several other research reports. Barclays increased their target price on shares of First Citizens BancShares from $2,346.00 to $2,376.00 and gave the company an “equal weight” rating in a report on Monday, July 27th. Truist Financial boosted their price target on shares of First Citizens BancShares from $2,150.00 to $2,323.00 and gave the stock a “hold” rating in a report on Tuesday, July 28th. UBS Group initiated coverage on shares of First Citizens BancShares in a research report on Monday, September 14th. They issued a “neutral” rating and a $2,250.00 price objective on the stock. Fundamental Research set a $2,350.00 target price on shares of First Citizens BancShares in a research report on Wednesday, July 1st. Finally, Jefferies Financial Group restated a “hold” rating and set a $2,300.00 price target on shares of First Citizens BancShares in a research note on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $2,261.00.

First Citizens BancShares Stock Down 2.1%

FCNCA stock traded down $42.63 during midday trading on Thursday, reaching $2,017.57. 15,238 shares of the company’s stock traded hands, compared to its average volume of 82,912. First Citizens BancShares has a 52 week low of $1,623.76 and a 52 week high of $2,296.30. The company has a market cap of $22.78 billion, a price-to-earnings ratio of 10.75, a P/E/G ratio of 1.54 and a beta of 0.60. The firm’s fifty day moving average price is $2,170.47 and its 200-day moving average price is $2,057.19. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.59.

First Citizens BancShares (NASDAQ:FCNCA) last posted its earnings results on Thursday, July 23rd. The bank reported $57.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $56.68. The company had revenue of $2.43 billion for the quarter, compared to analyst estimates of $2.16 billion. First Citizens BancShares had a net margin of 16.28% and a return on equity of 12.07%. As a group, sell-side analysts forecast that First Citizens BancShares will post 191.94 earnings per share for the current fiscal year.

Insider Buying and Selling at First Citizens BancShares

In related news, Director Diane E. Morais acquired 50 shares of the firm’s stock in a transaction that occurred on Wednesday, August 19th. The shares were bought at an average cost of $2,168.11 per share, for a total transaction of $108,405.50. Following the purchase, the director owned 100 shares in the company, valued at $216,811. This trade represents a 100.00% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Olivia Britton Holding sold 7,000 shares of the business’s stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $19.53, for a total value of $136,710.00. Following the sale, the insider owned 15,000 shares in the company, valued at approximately $292,950. The trade was a 31.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 14.63% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in FCNCA. Dimensional Fund Advisors LP increased its position in shares of First Citizens BancShares by 1.5% during the first quarter. Dimensional Fund Advisors LP now owns 125,947 shares of the bank’s stock valued at $237,333,000 after buying an additional 1,886 shares during the period. Reinhart Partners LLC. boosted its position in shares of First Citizens BancShares by 7.5% in the second quarter. Reinhart Partners LLC. now owns 84,206 shares of the bank’s stock valued at $175,253,000 after acquiring an additional 5,909 shares during the period. Allspring Global Investments Holdings LLC boosted its position in shares of First Citizens BancShares by 20.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 91,876 shares of the bank’s stock valued at $174,048,000 after acquiring an additional 15,788 shares during the period. River Road Asset Management LLC grew its stake in First Citizens BancShares by 574.0% during the fourth quarter. River Road Asset Management LLC now owns 55,402 shares of the bank’s stock valued at $118,903,000 after acquiring an additional 47,182 shares in the last quarter. Finally, Norges Bank purchased a new position in First Citizens BancShares during the fourth quarter valued at approximately $116,565,000. Hedge funds and other institutional investors own 78.01% of the company’s stock.

First Citizens BancShares Company Profile

First Citizens BancShares, Inc is a financial holding company headquartered in Raleigh, North Carolina. Through its principal subsidiary, First-Citizens Bank & Trust Company, the company provides banking and financial services to individuals, businesses, nonprofit organizations and government entities.

Its offerings include consumer and commercial deposit accounts, residential and commercial real estate lending, business loans, treasury management, wealth management and investment services.