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

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) was downgraded by investment analysts at StockNews.com from a "hold" rating to a "sell" rating in a report issued on Monday.

A number of other analysts also recently issued reports on FCNCA. Barclays raised their price target on shares of First Citizens BancShares from $1,950.00 to $2,250.00 and gave the company an "equal weight" rating in a report on Monday, July 29th. Jefferies Financial Group began coverage on shares of First Citizens BancShares in a report on Tuesday, July 9th. They set a "buy" rating and a $2,005.00 price target on the stock. Wedbush downgraded shares of First Citizens BancShares from an "outperform" rating to a "neutral" rating and dropped their price target for the company from $2,450.00 to $2,150.00 in a report on Tuesday, September 24th. Raymond James raised shares of First Citizens BancShares from a "market perform" rating to an "outperform" rating and set a $1,900.00 price target on the stock in a report on Tuesday, July 2nd. Finally, Piper Sandler raised their price target on shares of First Citizens BancShares from $1,950.00 to $2,150.00 and gave the company a "neutral" rating in a report on Friday, July 26th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $2,012.11.

First Citizens BancShares Stock Down 0.2 %

Shares of First Citizens BancShares stock traded down $4.64 during trading on Monday, hitting $1,945.48. The company's stock had a trading volume of 74,266 shares, compared to its average volume of 86,724. The company has a debt-to-equity ratio of 1.72, a quick ratio of 1.08 and a current ratio of 1.08. The company has a fifty day simple moving average of $1,942.79 and a two-hundred day simple moving average of $1,787.12. The company has a market capitalization of $28.27 billion, a PE ratio of 10.80 and a beta of 0.81. First Citizens BancShares has a 52 week low of $1,290.60 and a 52 week high of $2,174.80.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued its quarterly earnings results on Thursday, July 25th. The bank reported $50.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $44.91 by $5.96. The company had revenue of $3.77 billion during the quarter, compared to analyst estimates of $2.30 billion. First Citizens BancShares had a net margin of 18.19% and a return on equity of 14.84%. During the same period last year, the business earned $52.60 EPS. Equities research analysts predict that First Citizens BancShares will post 200.92 earnings per share for the current year.

First Citizens BancShares announced that its Board of Directors has authorized a stock repurchase program on Thursday, July 25th that allows the company to repurchase $3.50 billion in outstanding shares. This repurchase authorization allows the bank to reacquire up to 12.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's board believes its stock is undervalued.

Institutional Investors Weigh In On First Citizens BancShares

Large investors have recently bought and sold shares of the business. Capital Research Global Investors purchased a new position in First Citizens BancShares during the first quarter worth $298,180,000. Vanguard Group Inc. boosted its stake in First Citizens BancShares by 4.6% during the first quarter. Vanguard Group Inc. now owns 1,064,822 shares of the bank's stock worth $1,740,984,000 after buying an additional 47,167 shares during the period. Wellington Management Group LLP boosted its stake in First Citizens BancShares by 21.1% during the fourth quarter. Wellington Management Group LLP now owns 239,563 shares of the bank's stock worth $339,933,000 after buying an additional 41,793 shares during the period. Toronto Dominion Bank boosted its stake in 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 buying an additional 34,058 shares during the period. Finally, Zurich Insurance Group Ltd FI boosted its stake in First Citizens BancShares by 225.2% during the second quarter. Zurich Insurance Group Ltd FI now owns 42,159 shares of the bank's stock worth $70,979,000 after buying an additional 29,194 shares during the period. Institutional investors 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.

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