StockNews.com Downgrades First Citizens BancShares (NASDAQ:FCNCA) to Sell

First Citizens BancShares (NASDAQ:FCNCA) was downgraded by equities researchers at StockNews.com from a “hold” rating to a “sell” rating in a research note issued on Wednesday.

FCNCA has been the topic of a number of other reports. Wedbush cut their price target on First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating on the stock in a report on Friday, October 25th. UBS Group assumed coverage on First Citizens BancShares in a research note on Tuesday, December 17th. They issued a “buy” rating and a $2,700.00 target price on the stock. Citigroup cut shares of First Citizens BancShares from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Truist Financial started coverage on shares of First Citizens BancShares in a report on Tuesday. They issued a “hold” rating and a $2,303.00 price objective on the stock. Finally, Keefe, Bruyette & Woods downgraded shares of First Citizens BancShares from an “outperform” rating to a “market perform” rating and raised their target price for the company from $2,100.00 to $2,500.00 in a research report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, First Citizens BancShares presently has a consensus rating of “Hold” and a consensus price target of $2,290.75.

First Citizens BancShares Stock Down 1.1 %

NASDAQ FCNCA traded down $22.86 during trading hours on Wednesday, reaching $2,094.00. 51,711 shares of the company’s stock were exchanged, compared to its average volume of 65,322. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.08 and a current ratio of 1.08. The company has a market capitalization of $29.29 billion, a price-to-earnings ratio of 12.00 and a beta of 0.86. The company’s 50-day moving average is $2,153.54 and its two-hundred day moving average is $1,995.31. First Citizens BancShares has a one year low of $1,363.97 and a one year high of $2,388.78.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings data on Thursday, October 24th. The bank reported $45.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $47.40 by ($1.53). The company had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.36 billion. First Citizens BancShares had a return on equity of 13.63% and a net margin of 17.36%. During the same period in the prior year, the company earned $55.92 EPS. On average, analysts forecast that First Citizens BancShares will post 188.21 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Raymond James & Associates raised its holdings in First Citizens BancShares by 5.1% in the 3rd quarter. Raymond James & Associates now owns 16,826 shares of the bank’s stock valued at $30,976,000 after acquiring an additional 811 shares during the period. Balentine LLC bought a new position in shares of First Citizens BancShares during the third quarter worth approximately $3,564,000. Hiddenite Capital Partners LP lifted its holdings in First Citizens BancShares by 14.1% during the 3rd quarter. Hiddenite Capital Partners LP now owns 3,230 shares of the bank’s stock worth $5,946,000 after purchasing an additional 400 shares during the last quarter. Retireful LLC acquired a new stake in First Citizens BancShares during the 3rd quarter worth approximately $801,000. Finally, Oliver Luxxe Assets LLC grew its holdings in First Citizens BancShares by 22.6% in the 3rd quarter. Oliver Luxxe Assets LLC now owns 2,916 shares of the bank’s stock valued at $5,368,000 after buying an additional 537 shares in the last quarter. 78.01% of the stock is 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.