The Goldman Sachs Group Lowers First Citizens BancShares (NASDAQ:FCNCA) Price Target to $2,200.00

First Citizens BancShares (NASDAQ:FCNCA) had its target price cut by investment analysts at The Goldman Sachs Group from $2,535.00 to $2,200.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the bank’s stock. The Goldman Sachs Group’s target price would suggest a potential upside of 16.90% from the company’s current price.

A number of other equities research analysts also recently commented on the company. Piper Sandler raised First Citizens BancShares from a “neutral” rating to an “overweight” rating and set a $2,250.00 target price for the company in a report on Tuesday, March 11th. Citigroup downgraded First Citizens BancShares from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 17th. JPMorgan Chase & Co. raised their target price 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. Truist Financial raised their target price on First Citizens BancShares from $2,303.00 to $2,384.00 and gave the company a “hold” rating in a report on Wednesday, January 29th. Finally, UBS Group began coverage on First Citizens BancShares in a report on Tuesday, December 17th. They issued a “buy” rating and a $2,700.00 target price for the company. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $2,288.08.

First Citizens BancShares Stock Performance

Shares of FCNCA opened at $1,881.93 on Tuesday. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.68. The firm has a market cap of $25.55 billion, a PE ratio of 9.93, a price-to-earnings-growth ratio of 0.94 and a beta of 0.81. The company’s 50 day simple moving average is $2,061.95 and its 200-day simple moving average is $2,057.59. First Citizens BancShares has a 12-month low of $1,518.00 and a 12-month high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings data on Friday, January 24th. The bank reported $45.10 earnings per share for the quarter, beating analysts’ consensus estimates of $39.32 by $5.78. First Citizens BancShares had a net margin of 18.55% and a return on equity of 13.22%. As a group, equities analysts predict that First Citizens BancShares will post 167.59 EPS for the current year.

Insider Activity at First Citizens BancShares

In other First Citizens BancShares news, CFO Craig L. Nix purchased 17 shares of the stock in a transaction on Friday, March 7th. The stock was bought at an average price of $1,881.13 per share, for a total transaction of $31,979.21. Following the acquisition, the chief financial officer now directly owns 1,141 shares of the company’s stock, valued at $2,146,369.33. This represents a 1.51 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. 13.40% of the stock is currently owned by corporate insiders.

Institutional Trading of First Citizens BancShares

Institutional investors have recently modified their holdings of the company. Financial Life Planners purchased a new stake in shares of First Citizens BancShares during the 4th quarter worth about $33,000. Hemington Wealth Management grew its holdings in shares of First Citizens BancShares by 60.0% during the 4th quarter. Hemington Wealth Management now owns 16 shares of the bank’s stock worth $33,000 after purchasing an additional 6 shares during the period. Duncker Streett & Co. Inc. purchased a new stake in shares of First Citizens BancShares during the 4th quarter worth about $36,000. Mather Group LLC. grew its holdings in shares of First Citizens BancShares by 38.5% during the 4th quarter. Mather Group LLC. now owns 18 shares of the bank’s stock worth $38,000 after purchasing an additional 5 shares during the period. Finally, Asset Planning Inc purchased a new stake in shares of First Citizens BancShares during the 4th quarter worth about $38,000. 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.