First Citizens BancShares (NASDAQ:FCNCA – Get Free Report) was upgraded by investment analysts at Keefe, Bruyette & Woods from a “market perform” rating to an “outperform” rating in a report released on Tuesday,Finviz reports. The brokerage currently has a $2,500.00 target price on the bank’s stock. Keefe, Bruyette & Woods’ target price would suggest a potential upside of 19.87% from the stock’s previous close.
Other equities research analysts have also recently issued research reports about the stock. Truist Financial initiated coverage on shares of First Citizens BancShares in a research note on Tuesday, January 7th. They set a “hold” rating and a $2,303.00 target price on the stock. Wedbush cut their price target on shares of First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating for the company in a report on Friday, October 25th. Deutsche Bank Aktiengesellschaft assumed coverage on First Citizens BancShares in a report on Monday, December 9th. They issued a “buy” rating and a $2,600.00 price objective on the stock. StockNews.com cut First Citizens BancShares from a “hold” rating to a “sell” rating in a research note on Wednesday, January 8th. Finally, Barclays increased their price target on First Citizens BancShares from $2,250.00 to $2,456.00 and gave the stock an “equal weight” rating in a report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $2,290.75.
Check Out Our Latest Report on FCNCA
First Citizens BancShares Stock Performance
First Citizens BancShares (NASDAQ:FCNCA – Get Free Report) last posted its quarterly earnings data on Thursday, October 24th. The bank reported $45.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $47.40 by ($1.53). The firm had revenue of $2.45 billion during the quarter, compared to analyst estimates 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 quarter in the previous year, the firm posted $55.92 earnings per share. As a group, research analysts forecast 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 large investors have recently bought and sold shares of the business. Commonwealth Equity Services LLC boosted its holdings in shares of First Citizens BancShares by 20.3% in the 2nd quarter. Commonwealth Equity Services LLC now owns 427 shares of the bank’s stock valued at $720,000 after buying an additional 72 shares in the last quarter. Acadian Asset Management LLC acquired a new stake in shares of First Citizens BancShares in the 2nd quarter valued at about $475,000. Choreo LLC purchased a new position in First Citizens BancShares during the 2nd quarter worth approximately $373,000. American Century Companies Inc. increased its position in First Citizens BancShares by 40.1% during the second quarter. American Century Companies Inc. now owns 6,404 shares of the bank’s stock worth $10,782,000 after buying an additional 1,832 shares during the period. Finally, DekaBank Deutsche Girozentrale increased its position in First Citizens BancShares by 2.9% during the second quarter. DekaBank Deutsche Girozentrale now owns 1,112 shares of the bank’s stock worth $1,871,000 after buying an additional 31 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 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.
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