Raymond James Financial Upgrades First Citizens BancShares (NASDAQ:FCNCA) to Strong-Buy

First Citizens BancShares (NASDAQ:FCNCA) was upgraded by analysts at Raymond James Financial from an “outperform” rating to a “strong-buy” rating in a report issued on Thursday, Marketbeat reports. The brokerage presently has a $2,200.00 target price on the bank’s stock, up from their prior target price of $2,100.00. Raymond James Financial’s price objective would suggest a potential upside of 20.23% from the company’s current price.

FCNCA has been the subject of a number of other research reports. The Goldman Sachs Group decreased their target price on First Citizens BancShares from $2,250.00 to $1,950.00 and set a “buy” rating for the company in a report on Monday, October 6th. Barclays cut their price objective on shares of First Citizens BancShares from $2,400.00 to $2,190.00 and set an “equal weight” rating on the stock in a research note on Friday, October 24th. Piper Sandler lowered their price objective on First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating on the stock in a research report on Friday, October 24th. Wall Street Zen lowered First Citizens BancShares from a “hold” rating to a “sell” rating in a research note on Sunday, September 28th. Finally, Cowen restated a “buy” rating on shares of First Citizens BancShares in a research report on Monday, July 28th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $2,165.83.

First Citizens BancShares Trading Up 1.8%

NASDAQ:FCNCA opened at $1,829.88 on Thursday. The company has a market capitalization of $22.76 billion, a P/E ratio of 10.82 and a beta of 0.75. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.76. First Citizens BancShares has a 12 month low of $1,473.62 and a 12 month high of $2,412.93. The firm has a fifty day simple moving average of $1,802.68 and a 200-day simple moving average of $1,893.35.

First Citizens BancShares (NASDAQ:FCNCA) last issued its earnings results on Thursday, October 23rd. The bank reported $44.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $41.51 by $3.11. The company had revenue of $2.25 billion during the quarter, compared to analyst estimates of $2.21 billion. First Citizens BancShares had a return on equity of 11.06% and a net margin of 15.99%. On average, equities research analysts anticipate that First Citizens BancShares will post 167.59 earnings per share for the current year.

Insider Activity at First Citizens BancShares

In related news, Director Ellen R. Alemany acquired 300 shares of the business’s stock in a transaction dated Thursday, November 13th. The shares were acquired at an average price of $1,000.00 per share, with a total value of $300,000.00. Following the completion of the transaction, the director owned 300 shares of the company’s stock, valued at $300,000. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 13.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. SBI Securities Co. Ltd. acquired a new position in shares of First Citizens BancShares during the third quarter worth about $27,000. UMB Bank n.a. raised its holdings in First Citizens BancShares by 100.0% in the third quarter. UMB Bank n.a. now owns 16 shares of the bank’s stock valued at $29,000 after acquiring an additional 8 shares in the last quarter. Steph & Co. purchased a new position in First Citizens BancShares in the third quarter worth approximately $32,000. Root Financial Partners LLC purchased a new position in First Citizens BancShares in the third quarter worth approximately $32,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in First Citizens BancShares by 280.0% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 19 shares of the bank’s stock worth $34,000 after acquiring an additional 14 shares in the last quarter. 78.01% of the stock is owned by institutional investors and hedge funds.

About First Citizens BancShares

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.