Piper Sandler Upgrades First Citizens BancShares (NASDAQ:FCNCA) to Overweight

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) was upgraded by research analysts at Piper Sandler from a "neutral" rating to an "overweight" rating in a report released on Tuesday,Briefing.com Automated Import reports. The brokerage currently has a $2,250.00 target price on the bank's stock. Piper Sandler's price objective would suggest a potential upside of 29.93% from the company's previous close.

A number of other equities analysts have also recently commented on the company. Keefe, Bruyette & Woods boosted their price target on First Citizens BancShares from $2,500.00 to $2,600.00 and gave the stock an "outperform" rating in a report on Monday, January 27th. Barclays boosted their price objective on First Citizens BancShares from $2,456.00 to $2,568.00 and gave the stock an "equal weight" rating in a research report on Monday, January 27th. Citigroup lowered First Citizens BancShares from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, December 17th. The Goldman Sachs Group boosted their price objective on First Citizens BancShares from $2,025.00 to $2,625.00 and gave the stock a "buy" rating in a research report on Tuesday, November 26th. Finally, Deutsche Bank Aktiengesellschaft began coverage on First Citizens BancShares in a research report on Monday, December 9th. They set a "buy" rating and a $2,600.00 price objective on the stock. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $2,323.50.

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First Citizens BancShares Price Performance

Shares of NASDAQ FCNCA opened at $1,731.74 on Tuesday. The stock has a market capitalization of $23.51 billion, a PE ratio of 9.14, a P/E/G ratio of 0.94 and a beta of 0.81. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.08 and a quick ratio of 1.08. The business has a fifty day moving average price of $2,114.68 and a two-hundred day moving average price of $2,069.30. First Citizens BancShares has a fifty-two week low of $1,505.73 and a fifty-two week high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its quarterly earnings data on Friday, January 24th. The bank reported $45.10 earnings per share for the quarter, beating the consensus estimate of $39.32 by $5.78. First Citizens BancShares had a return on equity of 13.22% and a net margin of 18.55%. As a group, equities analysts predict that First Citizens BancShares will post 167.59 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Old North State Trust LLC raised its stake in shares of First Citizens BancShares by 33.5% in the fourth quarter. Old North State Trust LLC now owns 371 shares of the bank's stock worth $784,000 after purchasing an additional 93 shares during the last quarter. Siemens Fonds Invest GmbH purchased a new stake in shares of First Citizens BancShares in the fourth quarter worth approximately $49,265,000. Carolinas Wealth Consulting LLC raised its stake in shares of First Citizens BancShares by 1,456.3% in the fourth quarter. Carolinas Wealth Consulting LLC now owns 249 shares of the bank's stock worth $524,000 after purchasing an additional 233 shares during the last quarter. Yoffe Investment Management LLC purchased a new stake in shares of First Citizens BancShares in the fourth quarter worth approximately $270,000. Finally, Ascent Group LLC purchased a new stake in shares of First Citizens BancShares in the fourth quarter worth approximately $201,000. 78.01% of the stock is owned by institutional investors and hedge funds.

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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