First Citizens BancShares (NASDAQ:FCNCA) Stock Rating Lowered by Autonomous Res

First Citizens BancShares (NASDAQ:FCNCA) was downgraded by research analysts at Autonomous Res from a “hold” rating to a “strong sell” rating in a report released on Tuesday,Zacks.com reports.

FCNCA has been the topic of several other reports. Piper Sandler set a $2,050.00 price objective on shares of First Citizens BancShares in a report on Friday, April 24th. JPMorgan Chase & Co. increased their price objective on shares of First Citizens BancShares from $2,150.00 to $2,350.00 and gave the company a “neutral” rating in a research report on Wednesday. Weiss Ratings cut shares of First Citizens BancShares from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, May 22nd. Fundamental Research set a $2,350.00 target price on shares of First Citizens BancShares in a report on Wednesday. Finally, Zacks Research upgraded shares of First Citizens BancShares from a “strong sell” rating to a “hold” rating in a research note on Monday, March 30th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, First Citizens BancShares currently has a consensus rating of “Hold” and a consensus target price of $2,243.75.

First Citizens BancShares Stock Performance

Shares of NASDAQ FCNCA opened at $2,121.63 on Tuesday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.67. First Citizens BancShares has a 12 month low of $1,623.76 and a 12 month high of $2,232.21. The stock has a 50 day moving average of $2,018.55 and a 200-day moving average of $2,022.45. The company has a market capitalization of $24.58 billion, a P/E ratio of 12.20, a P/E/G ratio of 1.59 and a beta of 0.62.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings results on Thursday, April 23rd. The bank reported $44.86 earnings per share for the quarter, beating analysts’ consensus estimates of $43.31 by $1.55. First Citizens BancShares had a return on equity of 11.48% and a net margin of 15.62%.The business had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.20 billion. During the same quarter in the prior year, the business earned $37.79 EPS. As a group, equities research analysts predict that First Citizens BancShares will post 175.42 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Frank B. Holding, Jr. acquired 5,940 shares of the stock in a transaction on Tuesday, May 12th. The shares were purchased at an average price of $1,726.82 per share, for a total transaction of $10,257,310.80. Following the transaction, the chief executive officer directly owned 38,111 shares of the company’s stock, valued at approximately $65,810,837.02. This represents a 18.46% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last quarter, insiders acquired 7,190 shares of company stock worth $12,573,868. 14.63% of the stock is owned by company insiders.

Institutional Investors Weigh In On First Citizens BancShares

Institutional investors have recently modified their holdings of the business. NewEdge Advisors LLC grew its stake in shares of First Citizens BancShares by 219.3% in the first quarter. NewEdge Advisors LLC now owns 1,590 shares of the bank’s stock valued at $3,001,000 after acquiring an additional 1,092 shares in the last quarter. Quantinno Capital Management LP increased its position in First Citizens BancShares by 65.5% during the first quarter. Quantinno Capital Management LP now owns 6,301 shares of the bank’s stock worth $11,876,000 after acquiring an additional 2,493 shares during the period. SummitTX Capital L.P. acquired a new stake in First Citizens BancShares in the 1st quarter worth about $1,095,000. OMERS ADMINISTRATION Corp raised its stake in First Citizens BancShares by 25.9% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 457 shares of the bank’s stock worth $861,000 after purchasing an additional 94 shares in the last quarter. Finally, Lombard Odier Asset Management Switzerland SA bought a new stake in First Citizens BancShares in the 1st quarter valued at about $303,000. Institutional investors 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.