Piper Sandler Upgrades First Citizens BancShares (NASDAQ:FCNCA) to Overweight

First Citizens BancShares (NASDAQ:FCNCA) was upgraded by investment analysts at Piper Sandler from a “neutral” rating to an “overweight” rating in a report issued on Tuesday,Briefing.com Automated Import reports. The firm presently has a $2,250.00 price target on the bank’s stock. Piper Sandler’s price objective would indicate a potential upside of 29.93% from the company’s current price.

Other equities analysts have also issued reports about the company. Citigroup lowered First Citizens BancShares from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 17th. JPMorgan Chase & Co. increased their price objective on First Citizens BancShares from $2,550.00 to $2,600.00 and gave the company an “overweight” rating in a report on Tuesday, January 7th. StockNews.com raised First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Saturday, February 1st. UBS Group started coverage on First Citizens BancShares in a report on Tuesday, December 17th. They set a “buy” rating and a $2,700.00 price objective for the company. Finally, Keefe, Bruyette & Woods increased their price objective on First Citizens BancShares from $2,500.00 to $2,600.00 and gave the company an “outperform” rating in a report on Monday, January 27th. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $2,323.50.

First Citizens BancShares Stock Performance

FCNCA stock opened at $1,731.74 on Tuesday. The firm has a market cap of $23.51 billion, a PE ratio of 9.14, a P/E/G ratio of 0.94 and a beta of 0.81. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.68. The business has a 50 day moving average of $2,114.68 and a 200-day moving average of $2,069.30. First Citizens BancShares has a 12-month low of $1,505.73 and a 12-month high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA) last released its earnings results on Friday, January 24th. The bank reported $45.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $39.32 by $5.78. First Citizens BancShares had a return on equity of 13.22% and a net margin of 18.55%. As a group, sell-side analysts expect that First Citizens BancShares will post 167.59 earnings per share for the current year.

Institutional Investors Weigh In On First Citizens BancShares

A number of institutional investors and hedge funds have recently made changes to their positions in FCNCA. Norges Bank purchased a new stake in First Citizens BancShares during the fourth quarter valued at about $298,426,000. JPMorgan Chase & Co. raised its position in First Citizens BancShares by 35.7% during the fourth quarter. JPMorgan Chase & Co. now owns 392,097 shares of the bank’s stock valued at $828,510,000 after purchasing an additional 103,137 shares in the last quarter. Capital International Investors raised its position in First Citizens BancShares by 78.2% during the fourth quarter. Capital International Investors now owns 172,723 shares of the bank’s stock valued at $364,967,000 after purchasing an additional 75,785 shares in the last quarter. Proficio Capital Partners LLC purchased a new stake in First Citizens BancShares during the fourth quarter valued at about $147,341,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in First Citizens BancShares by 83.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 107,523 shares of the bank’s stock valued at $227,198,000 after purchasing an additional 48,994 shares in the last quarter. Hedge funds and other institutional investors own 78.01% of the company’s stock.

First Citizens BancShares Company Profile

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.