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

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

A number of other brokerages have also commented on FCNCA. Jefferies Financial Group assumed coverage on First Citizens BancShares in a research report on Tuesday, July 9th. They issued a "buy" rating and a $2,005.00 price objective on the stock. JPMorgan Chase & Co. lowered their target price on shares of First Citizens BancShares from $2,550.00 to $2,300.00 and set an "overweight" rating for the company in a research note on Friday, October 25th. Piper Sandler upped their price objective on shares of First Citizens BancShares from $1,950.00 to $2,150.00 and gave the company a "neutral" rating in a research report on Friday, July 26th. Wedbush lowered their price target on First Citizens BancShares from $2,150.00 to $2,000.00 and set a "neutral" rating for the company in a report on Friday, October 25th. Finally, Barclays lifted their price objective on 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. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $2,025.90.

First Citizens BancShares Stock Performance

Shares of NASDAQ FCNCA traded up $15.55 during trading hours on Tuesday, hitting $1,921.51. 67,821 shares of the stock were exchanged, compared to its average volume of 86,556. The company has a debt-to-equity ratio of 1.72, a current ratio of 1.08 and a quick ratio of 1.08. First Citizens BancShares has a one year low of $1,363.97 and a one year high of $2,174.80. The company's 50 day moving average is $1,940.68 and its 200 day moving average is $1,845.91. The firm has a market capitalization of $27.80 billion, a P/E ratio of 11.01 and a beta of 0.80.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its quarterly earnings results 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). First Citizens BancShares had a return on equity of 13.78% and a net margin of 17.36%. The company had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.36 billion. During the same quarter in the prior year, the business earned $55.92 earnings per share. On average, research analysts expect that First Citizens BancShares will post 189.06 EPS for the current year.

First Citizens BancShares announced that its board has initiated a share buyback program on Thursday, July 25th that permits the company to repurchase $3.50 billion in shares. This repurchase authorization permits the bank to purchase up to 12.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. ORG Partners LLC bought a new position in First Citizens BancShares during the 1st quarter valued at approximately $29,000. LRI Investments LLC purchased a new stake in shares of First Citizens BancShares in the 1st quarter worth about $33,000. V Square Quantitative Management LLC bought a new stake in First Citizens BancShares during the 2nd quarter valued at approximately $35,000. Gradient Investments LLC bought a new stake in shares of First Citizens BancShares during the 2nd quarter valued at $52,000. Finally, GAMMA Investing LLC grew its stake in shares of First Citizens BancShares by 129.6% in the 3rd quarter. GAMMA Investing LLC now owns 62 shares of the bank's stock worth $114,000 after buying an additional 35 shares during the last quarter. Institutional investors own 61.18% of the company's stock.

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.