First Citizens BancShares (NASDAQ:FCNCA) Stock Gets Downgrade from JPMorgan Chase & Co.

First Citizens BancShares (NASDAQ:FCNCA) was downgraded by equities research analysts at JPMorgan Chase & Co. from a “neutral” rating to an “underweight” rating in a note issued to investors on Monday, Benzinga reports. They currently have a $2,200.00 price objective on the bank’s stock, down from their prior price objective of $2,300.00. JPMorgan Chase & Co.‘s target price suggests a potential downside of 5.58% from the stock’s current price.

FCNCA has been the subject of a number of other reports. Jefferies Financial Group reissued a “hold” rating and set a $2,550.00 price target on shares of First Citizens BancShares in a research note on Friday. Barclays raised their price target on First Citizens BancShares from $2,376.00 to $2,650.00 and gave the stock an “equal weight” rating in a research note on Monday. Fundamental Research set a $2,350.00 price target on First Citizens BancShares in a research note on Wednesday, July 1st. UBS Group started coverage on First Citizens BancShares in a research note on Monday, September 14th. They set a “neutral” rating and a $2,250.00 price target for the company. Finally, Keefe, Bruyette & Woods lowered First Citizens BancShares from an “outperform” rating to a “market perform” rating and set a $2,300.00 price target for the company. in a research note on Thursday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $2,355.31.

First Citizens BancShares Price Performance

First Citizens BancShares stock traded down $25.58 during midday trading on Monday, reaching $2,329.93. 110,589 shares of the stock traded hands, compared to its average volume of 83,345. The stock’s fifty day moving average is $2,139.47 and its 200-day moving average is $2,062.00. First Citizens BancShares has a 12 month low of $1,735.03 and a 12 month high of $2,429.96. The stock has a market cap of $26.30 billion, a P/E ratio of 11.94, a PEG ratio of 1.76 and a beta of 0.58. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.59.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings data on Friday, October 23rd. The bank reported $55.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $46.18 by $9.19. The business had revenue of $2.27 billion during the quarter, compared to analyst estimates of $2.23 billion. First Citizens BancShares had a return on equity of 12.49% and a net margin of 16.54%. As a group, equities research analysts anticipate that First Citizens BancShares will post 194.20 EPS for the current year.

First Citizens BancShares declared that its Board of Directors has initiated a share buyback plan on Friday, October 23rd that authorizes the company to buy back $1.20 billion in shares. This repurchase authorization authorizes the bank to repurchase up to 4.5% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other First Citizens BancShares news, Director Diane E. Morais bought 50 shares of the company’s stock in a transaction that occurred on Wednesday, August 19th. The shares were purchased at an average cost of $2,168.11 per share, for a total transaction of $108,405.50. Following the purchase, the director directly owned 100 shares in the company, valued at $216,811. This represents a 100.00% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Olivia Britton Holding sold 7,000 shares of the business’s stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $19.53, for a total value of $136,710.00. Following the sale, the insider owned 15,000 shares in the company, valued at approximately $292,950. The trade was a 31.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 14.63% of the company’s stock.

Institutional Trading of First Citizens BancShares

A number of institutional investors and hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC increased its position in shares of First Citizens BancShares by 3.4% in the third quarter. GAMMA Investing LLC now owns 153 shares of the bank’s stock valued at $315,000 after buying an additional 5 shares in the last quarter. Wedbush Securities Inc. increased its stake in First Citizens BancShares by 0.5% during the 3rd quarter. Wedbush Securities Inc. now owns 959 shares of the bank’s stock worth $1,976,000 after buying an additional 5 shares in the last quarter. Venturi Wealth Management LLC increased its stake in First Citizens BancShares by 2.6% during the 1st quarter. Venturi Wealth Management LLC now owns 233 shares of the bank’s stock worth $439,000 after buying an additional 6 shares in the last quarter. Hudock Inc. increased its stake in First Citizens BancShares by 4.2% during the 3rd quarter. Hudock Inc. now owns 149 shares of the bank’s stock worth $308,000 after buying an additional 6 shares in the last quarter. Finally, North Star Investment Management Corp. increased its stake in First Citizens BancShares by 10.0% during the 3rd quarter. North Star Investment Management Corp. now owns 66 shares of the bank’s stock worth $135,000 after buying an additional 6 shares in the last quarter. 78.01% of the stock is currently owned by hedge funds and other institutional investors.

First Citizens BancShares Company Profile

First Citizens BancShares, Inc is a bank holding company headquartered in Raleigh, North Carolina. Its principal subsidiary, First-Citizens Bank & Trust Company, provides banking and financial services to individuals, businesses, and institutions through a network of branches and digital banking channels.

The bank offers deposit accounts, consumer and residential lending, commercial and industrial loans, commercial real estate financing, equipment finance, treasury management, and payment services.