First Citizens BancShares (NASDAQ:FCNCA) Stock Rating Upgraded by Raymond James Financial

First Citizens BancShares (NASDAQ:FCNCA) was upgraded by stock analysts at Raymond James Financial from an “outperform” rating to a “strong-buy” rating in a research note issued on Thursday, Marketbeat Ratings reports. The firm presently has a $2,200.00 target price on the bank’s stock, up from their prior target price of $2,100.00. Raymond James Financial’s target price suggests a potential upside of 17.74% from the stock’s current price.

A number of other equities research analysts have also issued reports on the stock. Weiss Ratings lowered shares of First Citizens BancShares from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. Wall Street Zen lowered First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Sunday, September 28th. Keefe, Bruyette & Woods lowered their target price on First Citizens BancShares from $2,100.00 to $2,050.00 and set an “outperform” rating on the stock in a research note on Friday, October 24th. Truist Financial upped their target price on First Citizens BancShares from $2,000.00 to $2,050.00 and gave the stock a “hold” rating in a research report on Tuesday, October 28th. Finally, The Goldman Sachs Group cut their price target on First Citizens BancShares from $2,250.00 to $1,950.00 and set a “buy” rating for the company in a research note on Monday, October 6th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $2,165.83.

First Citizens BancShares Trading Up 2.5%

Shares of NASDAQ FCNCA opened at $1,868.49 on Thursday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.76. First Citizens BancShares has a one year low of $1,473.62 and a one year high of $2,412.93. The business has a 50-day moving average price of $1,797.71 and a two-hundred day moving average price of $1,893.03. The firm has a market capitalization of $23.24 billion, a PE ratio of 11.05 and a beta of 0.75.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings results on Thursday, October 23rd. The bank reported $44.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $41.51 by $3.11. First Citizens BancShares had a net margin of 15.99% and a return on equity of 11.06%. The business had revenue of $2.25 billion during the quarter, compared to analyst estimates of $2.21 billion. As a group, analysts predict that First Citizens BancShares will post 167.59 earnings per share for the current fiscal year.

Insider Buying and Selling at First Citizens BancShares

In related news, Director Ellen R. Alemany purchased 300 shares of First Citizens BancShares stock in a transaction on Thursday, November 13th. The stock was bought at an average price of $1,000.00 per share, with a total value of $300,000.00. Following the completion of the transaction, the director directly owned 300 shares of the company’s stock, valued at approximately $300,000. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 13.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Kestra Private Wealth Services LLC boosted its position in First Citizens BancShares by 4.9% during the first quarter. Kestra Private Wealth Services LLC now owns 429 shares of the bank’s stock worth $795,000 after purchasing an additional 20 shares during the period. Allianz Asset Management GmbH raised its position in shares of First Citizens BancShares by 37.6% in the first quarter. Allianz Asset Management GmbH now owns 520 shares of the bank’s stock valued at $964,000 after purchasing an additional 142 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of First Citizens BancShares in the first quarter worth $4,606,000. Venturi Wealth Management LLC boosted its holdings in shares of First Citizens BancShares by 3.8% during the 1st quarter. Venturi Wealth Management LLC now owns 221 shares of the bank’s stock worth $410,000 after buying an additional 8 shares during the period. Finally, Noesis Capital Mangement Corp bought a new stake in shares of First Citizens BancShares during the 1st quarter worth $1,483,000. 78.01% of the stock is owned by institutional investors.

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.