First Citizens BancShares (NASDAQ:FCNCA) Shares Gap Down - Here's Why

Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Get Free Report) gapped down prior to trading on Thursday . The stock had previously closed at $2,082.60, but opened at $1,950.00. First Citizens BancShares shares last traded at $1,829.29, with a volume of 31,728 shares trading hands.

Wall Street Analyst Weigh In

Several research firms recently issued reports on FCNCA. StockNews.com lowered shares of First Citizens BancShares from a "hold" rating to a "sell" rating in a research report on Monday, October 7th. Piper Sandler upped their price objective on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the stock a "neutral" rating in a research report on Friday, July 26th. Keefe, Bruyette & Woods lifted their target price on First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an "outperform" rating in a research report on Friday, July 26th. Raymond James raised First Citizens BancShares from a "market perform" rating to an "outperform" rating and set a $1,900.00 target price for the company in a research note on Tuesday, July 2nd. Finally, 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 research note on Monday, July 29th. One analyst has rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $2,012.11.

First Citizens BancShares Stock Performance

The company has a market capitalization of $27.32 billion, a price-to-earnings ratio of 10.29 and a beta of 0.81. The company has a debt-to-equity ratio of 1.72, a current ratio of 1.08 and a quick ratio of 1.08. The company's 50-day moving average price is $1,954.96 and its two-hundred day moving average price is $1,822.23.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its earnings results on Thursday, July 25th. The bank reported $50.87 EPS for the quarter, topping the consensus estimate of $44.91 by $5.96. First Citizens BancShares had a return on equity of 14.84% and a net margin of 18.19%. The business had revenue of $3.77 billion during the quarter, compared to analysts' expectations of $2.30 billion. During the same quarter last year, the firm posted $52.60 earnings per share. On average, equities research analysts anticipate that First Citizens BancShares, Inc. will post 200 EPS for the current fiscal year.

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

Institutional Trading of First Citizens BancShares

Several institutional investors have recently made changes to their positions in FCNCA. Nordea Investment Management AB grew its holdings in shares of First Citizens BancShares by 21.6% in the first quarter. Nordea Investment Management AB now owns 29,077 shares of the bank's stock valued at $47,866,000 after acquiring an additional 5,172 shares in the last quarter. BNP Paribas Financial Markets grew its stake in First Citizens BancShares by 19.4% in the 1st quarter. BNP Paribas Financial Markets now owns 3,492 shares of the bank's stock valued at $5,709,000 after purchasing an additional 568 shares during the period. Bessemer Group Inc. increased its position in shares of First Citizens BancShares by 2,583.3% during the 1st quarter. Bessemer Group Inc. now owns 805 shares of the bank's stock valued at $1,316,000 after purchasing an additional 775 shares during the last quarter. Sei Investments Co. raised its stake in shares of First Citizens BancShares by 67.5% during the 1st quarter. Sei Investments Co. now owns 6,067 shares of the bank's stock worth $9,921,000 after purchasing an additional 2,444 shares during the period. Finally, Hennessy Advisors Inc. boosted its holdings in shares of First Citizens BancShares by 300.0% in the 1st quarter. Hennessy Advisors Inc. now owns 800 shares of the bank's stock worth $1,308,000 after buying an additional 600 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.