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

First Citizens BancShares (NASDAQ:FCNCA) had its price objective lifted by research analysts at Barclays from $2,250.00 to $2,456.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has an “equal weight” rating on the bank’s stock. Barclays‘s price objective suggests a potential upside of 16.02% from the stock’s current price.

Several other brokerages have also recently issued reports on FCNCA. The Goldman Sachs Group increased their target price on First Citizens BancShares from $2,025.00 to $2,625.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Keefe, Bruyette & Woods lowered First Citizens BancShares from an “outperform” rating to a “market perform” rating and lifted their target price for the company from $2,100.00 to $2,500.00 in a research note on Wednesday, December 4th. UBS Group initiated coverage on shares of First Citizens BancShares in a report on Tuesday, December 17th. They issued a “buy” rating and a $2,700.00 price target on the stock. Deutsche Bank Aktiengesellschaft started coverage on shares of First Citizens BancShares in a research note on Monday, December 9th. They set a “buy” rating and a $2,600.00 price objective for the company. Finally, Wedbush lowered their target price on shares of First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating for the company in a research note on Friday, October 25th. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $2,290.75.

First Citizens BancShares Price Performance

FCNCA opened at $2,116.86 on Monday. First Citizens BancShares has a 12-month low of $1,363.97 and a 12-month high of $2,388.78. The business’s fifty day simple moving average is $2,153.54 and its 200-day simple moving average is $1,995.31. The company has a market capitalization of $29.61 billion, a price-to-earnings ratio of 12.13 and a beta of 0.83. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.68.

First Citizens BancShares (NASDAQ:FCNCA) last posted 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). First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.63%. The business had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.36 billion. During the same quarter in the prior year, the firm posted $55.92 EPS. On average, equities research analysts anticipate that First Citizens BancShares will post 188.21 earnings per share for the current fiscal year.

Hedge Funds Weigh In On First Citizens BancShares

A number of large investors have recently added to or reduced their stakes in the stock. Toronto Dominion Bank increased its position in shares of First Citizens BancShares by 3,577.5% during the second quarter. Toronto Dominion Bank now owns 35,010 shares of the bank’s stock worth $58,943,000 after purchasing an additional 34,058 shares in the last quarter. FMR LLC boosted its stake in First Citizens BancShares by 11.6% during the 3rd quarter. FMR LLC now owns 323,532 shares of the bank’s stock worth $595,607,000 after purchasing an additional 33,713 shares during the last quarter. Zurich Insurance Group Ltd FI boosted its stake in First Citizens BancShares by 225.2% during the 2nd quarter. Zurich Insurance Group Ltd FI now owns 42,159 shares of the bank’s stock worth $70,979,000 after purchasing an additional 29,194 shares during the last quarter. International Assets Investment Management LLC grew its holdings in shares of First Citizens BancShares by 183,992.3% during the third quarter. International Assets Investment Management LLC now owns 23,932 shares of the bank’s stock worth $440,580,000 after buying an additional 23,919 shares in the last quarter. Finally, Thrivent Financial for Lutherans raised its position in shares of First Citizens BancShares by 6,773.9% in the second quarter. Thrivent Financial for Lutherans now owns 23,921 shares of the bank’s stock valued at $40,274,000 after buying an additional 23,573 shares during the last quarter. 78.01% of the stock is currently owned by institutional investors and hedge funds.

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.