The Goldman Sachs Group Forecasts Strong Price Appreciation for First Citizens BancShares (NASDAQ:FCNCA) Stock

First Citizens BancShares (NASDAQ:FCNCA) had its price target increased by analysts at The Goldman Sachs Group from $2,025.00 to $2,625.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the bank’s stock. The Goldman Sachs Group’s target price suggests a potential upside of 13.71% from the stock’s previous close.

A number of other equities research analysts have also recently issued reports on FCNCA. StockNews.com raised First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Thursday, November 14th. JPMorgan Chase & Co. reduced their price objective on First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating for the company in a research report on Friday, October 25th. Barclays increased their price objective on First Citizens BancShares from $1,950.00 to $2,250.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. Finally, Wedbush reduced 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 25th. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $2,093.40.

First Citizens BancShares Trading Down 0.8 %

NASDAQ:FCNCA opened at $2,308.48 on Tuesday. The stock has a market cap of $32.30 billion, a PE ratio of 13.23 and a beta of 0.80. The stock’s 50-day moving average is $2,033.61 and its two-hundred day moving average is $1,901.75. First Citizens BancShares has a fifty-two week low of $1,363.97 and a fifty-two week high of $2,388.78. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.08 and a quick ratio of 1.08.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings results on Thursday, October 24th. The bank reported $45.87 EPS for the quarter, missing the consensus estimate of $47.40 by ($1.53). The firm had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.36 billion. First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.63%. During the same period in the previous year, the firm posted $55.92 EPS. As a group, equities research analysts forecast that First Citizens BancShares will post 187.88 earnings per share for the current fiscal year.

Institutional Investors Weigh In On First Citizens BancShares

Hedge funds have recently made changes to their positions in the company. LRI Investments LLC acquired a new stake in shares of First Citizens BancShares during the 1st quarter worth about $33,000. V Square Quantitative Management LLC acquired a new stake in shares of First Citizens BancShares during the 2nd quarter worth about $35,000. Brooklyn Investment Group bought a new stake in First Citizens BancShares during the 3rd quarter worth about $39,000. Gradient Investments LLC bought a new stake in First Citizens BancShares during the 2nd quarter worth about $52,000. Finally, Blue Trust Inc. grew its holdings in First Citizens BancShares by 120.0% during the 2nd quarter. Blue Trust Inc. now owns 66 shares of the bank’s stock worth $108,000 after acquiring an additional 36 shares during the last quarter. Institutional investors and hedge funds own 61.18% 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.