First Citizens BancShares (NASDAQ:FCNCA) Given New $2,323.00 Price Target at Truist Financial

First Citizens BancShares (NASDAQ:FCNCA) had its target price hoisted by stock analysts at Truist Financial from $2,150.00 to $2,323.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a “hold” rating on the bank’s stock. Truist Financial’s price objective suggests a potential upside of 8.69% from the company’s current price.

FCNCA has been the subject of several other research reports. Citigroup reiterated a “neutral” rating on shares of First Citizens BancShares in a research report on Friday. The Goldman Sachs Group boosted their target price on shares of First Citizens BancShares from $2,100.00 to $2,340.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 7th. Fundamental Research set a $2,350.00 price objective on First Citizens BancShares in a research note on Wednesday, July 1st. Barclays increased their price target on shares of First Citizens BancShares from $2,346.00 to $2,376.00 and gave the company an “equal weight” rating in a research report on Monday. Finally, Weiss Ratings upgraded First Citizens BancShares from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $2,278.31.

First Citizens BancShares Stock Down 1.1%

Shares of FCNCA opened at $2,137.36 on Tuesday. First Citizens BancShares has a 1 year low of $1,623.76 and a 1 year high of $2,237.81. The company’s 50-day simple moving average is $2,068.00 and its 200-day simple moving average is $2,016.83. The stock has a market capitalization of $24.77 billion, a PE ratio of 11.43, a P/E/G ratio of 1.63 and a beta of 0.62. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.00 and a current ratio of 1.00.

First Citizens BancShares (NASDAQ:FCNCA) last released its earnings results on Thursday, July 23rd. The bank reported $57.09 EPS for the quarter, topping the consensus estimate of $0.41 by $56.68. The firm had revenue of $2.24 billion during the quarter, compared to analysts’ expectations of $2.16 billion. First Citizens BancShares had a return on equity of 11.98% and a net margin of 16.28%. Analysts forecast that First Citizens BancShares will post 177.18 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Frank B. Holding, Jr. bought 528 shares of the stock in a transaction that occurred on Friday, June 5th. The stock was purchased at an average cost of $1,813.37 per share, for a total transaction of $957,459.36. Following the completion of the acquisition, the chief executive officer owned 64,100 shares in the company, valued at $116,237,017. This trade represents a 0.83% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have purchased 7,190 shares of company stock valued at $12,573,868 over the last 90 days. 14.63% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On First Citizens BancShares

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. raised its stake in First Citizens BancShares by 117,518.9% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 205,833 shares of the bank’s stock worth $441,755,000 after purchasing an additional 205,658 shares during the period. Norges Bank acquired a new stake in shares of First Citizens BancShares during the 4th quarter worth $116,565,000. River Road Asset Management LLC increased its holdings in shares of First Citizens BancShares by 574.0% during the 4th quarter. River Road Asset Management LLC now owns 55,402 shares of the bank’s stock worth $118,903,000 after buying an additional 47,182 shares during the last quarter. Orion Porfolio Solutions LLC raised its position in shares of First Citizens BancShares by 2,057.4% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 47,506 shares of the bank’s stock worth $92,944,000 after buying an additional 45,304 shares during the period. Finally, M&T Bank Corp raised its position in shares of First Citizens BancShares by 13,512.7% in the 4th quarter. M&T Bank Corp now owns 38,524 shares of the bank’s stock worth $82,679,000 after buying an additional 38,241 shares during the period. Institutional investors and hedge funds own 78.01% of the company’s stock.

About First Citizens BancShares

First Citizens BancShares, Inc is the bank holding company for First Citizens Bank, a full‑service commercial bank headquartered in Raleigh, North Carolina. The company traces its roots to a community bank founded in 1898 and has grown into a diversified financial services organization that operates through its banking subsidiary to serve retail, commercial and institutional clients.

First Citizens offers a broad suite of banking products and services, including consumer and business deposit accounts, commercial and industrial lending, real estate and mortgage lending, treasury and cash management, and specialized lending solutions.