Barclays Forecasts Strong Price Appreciation for First Citizens BancShares (NASDAQ:FCNCA) Stock

First Citizens BancShares (NASDAQ:FCNCA) had its price objective boosted by investment analysts at Barclays from $2,346.00 to $2,376.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has an “equal weight” rating on the bank’s stock. Barclays‘s price objective would suggest a potential upside of 9.97% from the company’s previous close.

Other analysts also recently issued reports about the stock. Citigroup reaffirmed a “neutral” rating on shares of First Citizens BancShares in a report on Friday. Fundamental Research set a $2,350.00 target price on shares of First Citizens BancShares in a research report on Wednesday, July 1st. TD Cowen decreased their price target on shares of First Citizens BancShares from $2,500.00 to $2,300.00 and set a “buy” rating for the company in a report on Monday, April 27th. Zacks Research raised First Citizens BancShares from a “strong sell” rating to a “hold” rating in a research report on Monday, March 30th. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $2,300.00 price objective on shares of First Citizens BancShares in a research note on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat, First Citizens BancShares has an average rating of “Hold” and an average target price of $2,261.15.

First Citizens BancShares Stock Performance

FCNCA opened at $2,160.65 on Monday. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.00 and a current ratio of 1.00. The company has a market cap of $25.04 billion, a PE ratio of 11.55, a price-to-earnings-growth ratio of 1.63 and a beta of 0.62. The stock has a 50-day moving average of $2,064.10 and a 200-day moving average of $2,017.20. First Citizens BancShares has a 52-week low of $1,623.76 and a 52-week high of $2,237.82.

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

Insider Transactions at First Citizens BancShares

In related news, CEO Frank B. Holding, Jr. bought 5,940 shares of the business’s stock in a transaction that occurred on Tuesday, May 12th. The stock was purchased at an average cost of $1,726.82 per share, for a total transaction of $10,257,310.80. Following the purchase, the chief executive officer directly owned 38,111 shares in the company, valued at $65,810,837.02. This trade represents a 18.46% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have acquired a total of 7,190 shares of company stock worth $12,573,868 over the last 90 days. Insiders own 14.63% of the company’s stock.

Institutional Trading of First Citizens BancShares

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Hiddenite Capital Partners LP bought a new position in First Citizens BancShares in the fourth quarter worth $6,868,000. Check Capital Management Inc. CA increased its holdings in First Citizens BancShares by 21.0% in the 4th quarter. Check Capital Management Inc. CA now owns 42,788 shares of the bank’s stock valued at $91,831,000 after buying an additional 7,424 shares during the period. Barr E S & Co. raised its stake in shares of First Citizens BancShares by 33.2% in the 4th quarter. Barr E S & Co. now owns 5,995 shares of the bank’s stock valued at $12,866,000 after buying an additional 1,495 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in shares of First Citizens BancShares by 181.4% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,438 shares of the bank’s stock valued at $3,087,000 after buying an additional 927 shares in the last quarter. Finally, United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund bought a new position in shares of First Citizens BancShares during the 4th quarter worth about $5,226,000. 78.01% of the stock is currently owned by institutional investors and hedge funds.

First Citizens BancShares Company Profile

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.