First Citizens BancShares (NASDAQ:FCNCA) Given New $2,470.00 Price Target at Truist Financial

First Citizens BancShares (NASDAQ:FCNCA) had its target price increased by analysts at Truist Financial from $2,323.00 to $2,470.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has a “hold” rating on the bank’s stock. Truist Financial‘s price target would indicate a potential upside of 4.98% from the company’s current price.

Other analysts have also recently issued research reports about the stock. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $2,300.00 target price on shares of First Citizens BancShares in a research note on Thursday, July 9th. The Goldman Sachs Group raised their price target on shares of First Citizens BancShares from $2,100.00 to $2,340.00 and gave the company a “neutral” rating in a research note on Tuesday, July 7th. Weiss Ratings upgraded First Citizens BancShares from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, October 16th. Jefferies Financial Group reiterated a “hold” rating and set a $2,550.00 price objective on shares of First Citizens BancShares in a research note on Friday. Finally, Piper Sandler boosted their price objective on First Citizens BancShares from $2,050.00 to $2,100.00 and gave the stock a “neutral” rating in a research note on Monday, July 27th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $2,355.31.

First Citizens BancShares Price Performance

Shares of First Citizens BancShares stock traded down $2.60 on Wednesday, reaching $2,352.91. The company’s stock had a trading volume of 33,582 shares, compared to its average volume of 82,965. The company has a market capitalization of $26.56 billion, a P/E ratio of 12.05, a PEG ratio of 1.76 and a beta of 0.58. First Citizens BancShares has a 52-week low of $1,735.03 and a 52-week high of $2,429.96. The stock has a 50-day moving average price of $2,139.47 and a 200-day moving average price of $2,062.00. 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 announced its earnings results on Friday, October 23rd. The bank reported $55.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $46.18 by $9.19. First Citizens BancShares had a return on equity of 12.49% and a net margin of 16.54%. The firm had revenue of $2.27 billion for the quarter, compared to analyst estimates of $2.23 billion. Analysts expect that First Citizens BancShares will post 194.20 EPS for the current year.

First Citizens BancShares announced that its board has approved a stock repurchase plan on Friday, October 23rd that authorizes the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization authorizes the bank to reacquire up to 4.5% of its shares through open market purchases. Share repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In related news, major shareholder Olivia Britton Holding sold 7,000 shares of First Citizens BancShares stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $19.53, for a total transaction of $136,710.00. Following the transaction, the insider owned 15,000 shares in the company, valued at approximately $292,950. This trade represents a 31.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Diane Morais bought 50 shares of the business’s stock in a transaction on Wednesday, August 19th. The stock was bought at an average cost of $2,168.11 per share, with a total value of $108,405.50. Following the completion of the purchase, the director directly owned 100 shares in the company, valued at approximately $216,811. The trade was a 100.00% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Company insiders own 14.63% of the company’s stock.

Institutional Investors Weigh In On First Citizens BancShares

A number of hedge funds have recently modified their holdings of the company. North Dakota State Investment Board increased its position in First Citizens BancShares by 89.2% during the third quarter. North Dakota State Investment Board now owns 492 shares of the bank’s stock worth $1,014,000 after purchasing an additional 232 shares during the last quarter. North Star Investment Management Corp. boosted its holdings in First Citizens BancShares by 10.0% in the 3rd quarter. North Star Investment Management Corp. now owns 66 shares of the bank’s stock valued at $135,000 after purchasing an additional 6 shares during the last quarter. Peterson Wealth Services boosted its holdings in First Citizens BancShares by 2.7% in the 3rd quarter. Peterson Wealth Services now owns 380 shares of the bank’s stock valued at $782,000 after purchasing an additional 10 shares during the last quarter. Viewpoint Investment Partners Corp grew its stake in shares of First Citizens BancShares by 100.0% in the 3rd quarter. Viewpoint Investment Partners Corp now owns 200 shares of the bank’s stock valued at $412,000 after buying an additional 100 shares during the period. Finally, Hedeker Wealth LLC grew its stake in shares of First Citizens BancShares by 3.1% in the 3rd quarter. Hedeker Wealth LLC now owns 235 shares of the bank’s stock valued at $484,000 after buying an additional 7 shares during the period. Hedge funds and other institutional investors own 78.01% of the company’s stock.

About First Citizens BancShares

First Citizens BancShares, Inc is a bank holding company headquartered in Raleigh, North Carolina. Its principal subsidiary, First-Citizens Bank & Trust Company, provides banking and financial services to individuals, businesses, and institutions through a network of branches and digital banking channels.

The bank offers deposit accounts, consumer and residential lending, commercial and industrial loans, commercial real estate financing, equipment finance, treasury management, and payment services.