First Citizens BancShares (NASDAQ:FCNCA) Downgraded by Wedbush

First Citizens BancShares (NASDAQ:FCNCA) was downgraded by investment analysts at Wedbush from an “outperform” rating to a “neutral” rating in a research report issued to clients and investors on Tuesday, MarketBeat Ratings reports. They currently have a $2,150.00 price objective on the bank’s stock, down from their previous price objective of $2,450.00. Wedbush’s price objective would indicate a potential upside of 9.92% from the company’s current price.

Several other analysts have also recently commented on the stock. Barclays raised their price target on shares of First Citizens BancShares from $1,950.00 to $2,250.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. Jefferies Financial Group assumed 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. Piper Sandler increased their price objective on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the stock a “neutral” rating in a report on Friday, July 26th. Keefe, Bruyette & Woods boosted 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 note on Friday, July 26th. Finally, Raymond James raised First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 price target for the company in a research note on Tuesday, July 2nd. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $1,962.90.

First Citizens BancShares Price Performance

Shares of NASDAQ:FCNCA opened at $1,955.89 on Tuesday. The company has a market cap of $28.42 billion, a P/E ratio of 10.86 and a beta of 0.82. The company’s fifty day moving average is $1,952.91 and its two-hundred day moving average is $1,765.02. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.72. First Citizens BancShares has a 12-month low of $1,274.91 and a 12-month high of $2,174.80.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings results on Thursday, July 25th. The bank reported $50.87 earnings per share for the quarter, beating 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 firm had revenue of $3.77 billion for the quarter, compared to analyst estimates of $2.30 billion. During the same period in the previous year, the firm earned $52.60 earnings per share. Equities analysts expect that First Citizens BancShares will post 200.92 earnings per share for the current fiscal year.

First Citizens BancShares declared that its Board of Directors has initiated a share buyback program on Thursday, July 25th that authorizes the company to buyback $3.50 billion in outstanding shares. This buyback authorization authorizes the bank to buy up to 12.3% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On First Citizens BancShares

Several large investors have recently bought and sold shares of FCNCA. Anchor Investment Management LLC raised its holdings in First Citizens BancShares by 9.1% in the 2nd quarter. Anchor Investment Management LLC now owns 8,636 shares of the bank’s stock valued at $14,540,000 after acquiring an additional 718 shares in the last quarter. American Trust raised its stake in shares of First Citizens BancShares by 91.1% in the second quarter. American Trust now owns 279 shares of the bank’s stock valued at $470,000 after purchasing an additional 133 shares in the last quarter. Sanctuary Advisors LLC bought a new position in First Citizens BancShares in the second quarter worth $6,934,000. Quarry LP bought a new position in First Citizens BancShares in the second quarter worth $126,000. Finally, Creative Planning boosted its stake in First Citizens BancShares by 4.5% during the second quarter. Creative Planning now owns 1,089 shares of the bank’s stock worth $1,834,000 after buying an additional 47 shares in the last quarter. 61.18% of the stock is currently owned by institutional investors and hedge funds.

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.