Barclays Has Lowered Expectations for First Citizens BancShares (NASDAQ:FCNCA) Stock Price

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) had its price target lowered by equities research analysts at Barclays from $2,568.00 to $2,400.00 in a research report issued on Friday,Benzinga reports. The firm currently has an "equal weight" rating on the bank's stock. Barclays's target price would suggest a potential upside of 35.42% from the company's current price.

A number of other research firms have also weighed in on FCNCA. The Goldman Sachs Group cut their target price on shares of First Citizens BancShares from $2,535.00 to $2,200.00 and set a "buy" rating on the stock in a research note on Tuesday, March 18th. StockNews.com upgraded shares of First Citizens BancShares from a "sell" rating to a "hold" rating in a research note on Saturday, February 1st. JPMorgan Chase & Co. increased their price target on shares of First Citizens BancShares from $2,550.00 to $2,600.00 and gave the company an "overweight" rating in a research note on Tuesday, January 7th. Piper Sandler upgraded shares of First Citizens BancShares from a "neutral" rating to an "overweight" rating and set a $2,250.00 price target on the stock in a research note on Tuesday, March 11th. Finally, Truist Financial increased their price target on shares of First Citizens BancShares from $2,303.00 to $2,384.00 and gave the company a "hold" rating in a research note on Wednesday, January 29th. Five research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $2,330.82.

First Citizens BancShares Stock Down 0.4 %

Shares of FCNCA traded down $7.05 during midday trading on Friday, hitting $1,772.21. The company had a trading volume of 72,958 shares, compared to its average volume of 89,140. The company's 50-day simple moving average is $1,808.82 and its 200-day simple moving average is $2,023.49. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.08 and a current ratio of 1.08. First Citizens BancShares has a 1 year low of $1,473.62 and a 1 year high of $2,412.93. The firm has a market capitalization of $24.06 billion, a P/E ratio of 9.36, a P/E/G ratio of 0.94 and a beta of 0.66.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its earnings results on Thursday, April 24th. The bank reported $37.79 earnings per share for the quarter, topping analysts' consensus estimates of $37.72 by $0.07. First Citizens BancShares had a net margin of 18.55% and a return on equity of 13.22%. The firm had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.22 billion. As a group, sell-side analysts expect that First Citizens BancShares will post 167.59 EPS for the current year.

Insider Activity at First Citizens BancShares

In related news, CFO Craig L. Nix purchased 17 shares of the business's stock in a transaction on Friday, March 7th. The shares were bought at an average price of $1,881.13 per share, with a total value of $31,979.21. Following the completion of the purchase, the chief financial officer now directly owns 1,141 shares in the company, valued at approximately $2,146,369.33. This trade represents a 1.51 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. 13.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On First Citizens BancShares

Large investors have recently bought and sold shares of the stock. Norges Bank acquired a new position in shares of First Citizens BancShares during the 4th quarter valued at $298,426,000. GAMMA Investing LLC lifted its holdings in First Citizens BancShares by 169,861.1% in the 1st quarter. GAMMA Investing LLC now owns 122,372 shares of the bank's stock worth $226,892,000 after buying an additional 122,300 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in First Citizens BancShares by 35.7% in the 4th quarter. JPMorgan Chase & Co. now owns 392,097 shares of the bank's stock worth $828,510,000 after buying an additional 103,137 shares in the last quarter. Capital International Investors lifted its holdings in First Citizens BancShares by 78.2% in the 4th quarter. Capital International Investors now owns 172,723 shares of the bank's stock worth $364,967,000 after buying an additional 75,785 shares in the last quarter. Finally, Proficio Capital Partners LLC acquired a new position in First Citizens BancShares in the 4th quarter worth $147,341,000. Hedge funds and other institutional investors own 78.01% 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.