StockNews.com Downgrades First Citizens BancShares (NASDAQ:FCNCA) to Sell

First Citizens BancShares (NASDAQ:FCNCA) was downgraded by investment analysts at StockNews.com from a “hold” rating to a “sell” rating in a note issued to investors on Monday.

Other analysts have also recently issued research reports about the stock. Piper Sandler raised shares of First Citizens BancShares from a “neutral” rating to an “overweight” rating and set a $2,250.00 price objective for the company in a research note on Tuesday, March 11th. JPMorgan Chase & Co. lifted their price objective on First Citizens BancShares from $2,550.00 to $2,600.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 7th. Truist Financial boosted their price objective on First Citizens BancShares from $2,303.00 to $2,384.00 and gave the stock a “hold” rating in a research note on Wednesday, January 29th. Keefe, Bruyette & Woods raised their target price on First Citizens BancShares from $2,500.00 to $2,600.00 and gave the stock an “outperform” rating in a research note on Monday, January 27th. Finally, The Goldman Sachs Group lowered their price target on shares of First Citizens BancShares from $2,535.00 to $2,200.00 and set a “buy” rating on the stock in a research report on Tuesday, March 18th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $2,330.82.

First Citizens BancShares Stock Performance

Shares of NASDAQ:FCNCA opened at $1,793.05 on Monday. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.08 and a quick ratio of 1.08. First Citizens BancShares has a 1 year low of $1,473.62 and a 1 year high of $2,412.93. The firm has a market capitalization of $24.34 billion, a PE ratio of 9.47, a P/E/G ratio of 0.94 and a beta of 0.66. The business’s 50 day moving average price is $1,802.34 and its 200-day moving average price is $2,021.89.

First Citizens BancShares (NASDAQ:FCNCA) last announced its earnings results on Thursday, April 24th. The bank reported $37.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $37.72 by $0.07. First Citizens BancShares had a net margin of 18.55% and a return on equity of 13.22%. The company had revenue of $2.30 billion for the quarter, compared to analysts’ expectations of $2.22 billion. As a group, equities research analysts expect 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 other First Citizens BancShares news, CFO Craig L. Nix purchased 17 shares of the business’s stock in a transaction on Friday, March 7th. The shares were bought at an average cost of $1,881.13 per share, for a total transaction of $31,979.21. Following the completion of the purchase, the chief financial officer now directly owns 1,141 shares of the company’s stock, valued at approximately $2,146,369.33. This trade represents a 1.51 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 13.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On First Citizens BancShares

Several large investors have recently added to or reduced their stakes in FCNCA. Norges Bank purchased a new position in First Citizens BancShares in the fourth quarter valued at $298,426,000. GAMMA Investing LLC raised its position in First Citizens BancShares by 169,861.1% in the 1st quarter. GAMMA Investing LLC now owns 122,372 shares of the bank’s stock valued at $226,892,000 after purchasing an additional 122,300 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of First Citizens BancShares by 35.7% in the 4th quarter. JPMorgan Chase & Co. now owns 392,097 shares of the bank’s stock valued at $828,510,000 after buying an additional 103,137 shares during the period. Capital International Investors grew its position in shares of First Citizens BancShares by 78.2% during the fourth quarter. Capital International Investors now owns 172,723 shares of the bank’s stock worth $364,967,000 after buying an additional 75,785 shares in the last quarter. Finally, Proficio Capital Partners LLC purchased a new stake in shares of First Citizens BancShares during the fourth quarter worth approximately $147,341,000. 78.01% of the stock is owned by hedge funds and other 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.