First Citizens BancShares (NASDAQ:FCNCA) Given New $2,500.00 Price Target at JPMorgan Chase & Co.

First Citizens BancShares (NASDAQ:FCNCA) had its price target boosted by equities researchers at JPMorgan Chase & Co. from $2,300.00 to $2,500.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the bank’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 20.42% from the company’s current price.

Other research analysts have also issued reports about the company. UBS Group raised their price objective on First Citizens BancShares from $2,200.00 to $2,250.00 and gave the company a “buy” rating in a research report on Wednesday, November 5th. Citigroup reissued an “overweight” rating on shares of First Citizens BancShares in a research note on Tuesday. Barclays decreased their target price on First Citizens BancShares from $2,400.00 to $2,190.00 and set an “equal weight” rating for the company in a research note on Friday, October 24th. Piper Sandler cut their price objective on First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating for the company in a research report on Friday, October 24th. Finally, Truist Financial upped their price objective on shares of First Citizens BancShares from $2,000.00 to $2,050.00 and gave the company a “hold” rating in a research note on Tuesday, October 28th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, First Citizens BancShares currently has a consensus rating of “Moderate Buy” and an average price target of $2,149.09.

First Citizens BancShares Stock Up 0.1%

Shares of FCNCA traded up $1.18 during trading hours on Tuesday, hitting $2,076.04. The stock had a trading volume of 8,271 shares, compared to its average volume of 104,277. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.03 and a quick ratio of 1.03. The firm has a 50 day simple moving average of $1,837.62 and a 200-day simple moving average of $1,902.38. 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 $25.83 billion, a P/E ratio of 12.28 and a beta of 0.71.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings data on Thursday, October 23rd. The bank reported $44.62 earnings per share for the quarter, topping analysts’ consensus estimates of $41.51 by $3.11. First Citizens BancShares had a net margin of 15.99% and a return on equity of 11.09%. The business had revenue of $2.25 billion for the quarter, compared to analysts’ expectations of $2.21 billion. Sell-side analysts predict that First Citizens BancShares will post 167.59 EPS for the current fiscal year.

Insider Activity at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. acquired 135 shares of First Citizens BancShares stock in a transaction dated Wednesday, November 26th. The stock was purchased at an average cost of $1,629.67 per share, for a total transaction of $220,005.45. Following the completion of the acquisition, the chief executive officer directly owned 2,527 shares of the company’s stock, valued at $4,118,176.09. This represents a 5.64% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Ellen R. Alemany purchased 300 shares of the stock in a transaction that occurred on Thursday, November 13th. The stock was bought at an average cost of $1,000.00 per share, with a total value of $300,000.00. Following the completion of the transaction, the director directly owned 300 shares in the company, valued at $300,000. The trade was a ∞ increase in their position. The SEC filing for this purchase provides additional information. Company insiders own 13.19% of the company’s stock.

Institutional Trading of First Citizens BancShares

Several large investors have recently added to or reduced their stakes in FCNCA. Royal Bank of Canada boosted its holdings in First Citizens BancShares by 14.2% in the 1st quarter. Royal Bank of Canada now owns 5,465 shares of the bank’s stock worth $10,134,000 after buying an additional 680 shares during the last quarter. Generate Investment Management Ltd purchased a new position in shares of First Citizens BancShares in the second quarter valued at approximately $6,584,000. Sculptor Capital LP boosted its stake in shares of First Citizens BancShares by 16.0% in the first quarter. Sculptor Capital LP now owns 41,463 shares of the bank’s stock worth $76,877,000 after acquiring an additional 5,730 shares during the last quarter. Strs Ohio purchased a new stake in shares of First Citizens BancShares during the first quarter worth approximately $1,074,000. Finally, Alberta Investment Management Corp raised its stake in First Citizens BancShares by 0.7% in the 2nd quarter. Alberta Investment Management Corp now owns 28,376 shares of the bank’s stock valued at $55,517,000 after purchasing an additional 200 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.