Citigroup Upgrades First Citizens BancShares (NASDAQ:FCNCA) to Strong-Buy

First Citizens BancShares (NASDAQ:FCNCA) was upgraded by equities researchers at Citigroup from a “hold” rating to a “strong-buy” rating in a note issued to investors on Monday,Zacks.com reports.

A number of other brokerages have also recently issued reports on FCNCA. Wedbush cut their target price on First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating on the stock in a report on Friday, October 25th. JPMorgan Chase & Co. decreased their target price on shares of First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating for the company in a research report on Friday, October 25th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of First Citizens BancShares in a research report on Monday. They issued a “buy” rating and a $2,600.00 price target on the stock. Keefe, Bruyette & Woods downgraded First Citizens BancShares from an “outperform” rating to a “market perform” rating and increased their price objective for the stock from $2,100.00 to $2,500.00 in a research note on Wednesday, December 4th. Finally, The Goldman Sachs Group raised their target price on First Citizens BancShares from $2,025.00 to $2,625.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Six analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $2,157.64.

First Citizens BancShares Stock Down 1.5 %

Shares of NASDAQ FCNCA opened at $2,121.05 on Monday. The company’s 50 day moving average price is $2,101.07 and its 200-day moving average price is $1,934.36. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.08 and a current ratio of 1.08. First Citizens BancShares has a 52-week low of $1,363.97 and a 52-week high of $2,388.78. The company has a market capitalization of $29.67 billion, a P/E ratio of 12.15 and a beta of 0.83.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings results 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 business had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.36 billion. First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.63%. During the same period last year, the firm posted $55.92 earnings per share. Equities analysts forecast that First Citizens BancShares will post 187.88 earnings per share for the current year.

Hedge Funds Weigh In On First Citizens BancShares

Institutional investors have recently made changes to their positions in the stock. V Square Quantitative Management LLC purchased a new stake in First Citizens BancShares in the second quarter worth approximately $35,000. Brooklyn Investment Group purchased a new stake in shares of First Citizens BancShares in the 3rd quarter valued at $39,000. Gradient Investments LLC purchased a new stake in shares of First Citizens BancShares in the 2nd quarter valued at $52,000. Blue Trust Inc. raised its position in First Citizens BancShares by 120.0% in the 2nd quarter. Blue Trust Inc. now owns 66 shares of the bank’s stock worth $108,000 after purchasing an additional 36 shares during the period. Finally, GAMMA Investing LLC lifted its stake in First Citizens BancShares by 129.6% in the third quarter. GAMMA Investing LLC now owns 62 shares of the bank’s stock worth $114,000 after purchasing an additional 35 shares during the last quarter. 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.