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

First Citizens BancShares (NASDAQ:FCNCA) was downgraded by research analysts at StockNews.com from a “hold” rating to a “sell” rating in a research note issued on Tuesday.

Other equities analysts have also issued reports about the company. Keefe, Bruyette & Woods increased their price objective on First Citizens BancShares from $2,100.00 to $2,300.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Jefferies Financial Group began coverage on First Citizens BancShares in a research report on Tuesday, July 9th. They set a “buy” rating and a $2,005.00 price objective for the company. JPMorgan Chase & Co. decreased 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 report on Friday, October 25th. Barclays upped their target price on First Citizens BancShares from $1,950.00 to $2,250.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Finally, Piper Sandler raised their price target on 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. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, First Citizens BancShares has an average rating of “Hold” and an average price target of $2,025.90.

First Citizens BancShares Stock Performance

NASDAQ:FCNCA opened at $1,905.96 on Tuesday. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.72. First Citizens BancShares has a twelve month low of $1,363.97 and a twelve month high of $2,174.80. The company has a market capitalization of $27.58 billion, a P/E ratio of 10.92 and a beta of 0.80. The firm has a 50-day moving average price of $1,941.46 and a two-hundred day moving average price of $1,843.42.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings data 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). The company had revenue of $2.45 billion for the quarter, compared to analysts’ expectations of $2.36 billion. First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.78%. During the same period in the prior year, the firm earned $55.92 earnings per share. As a group, research analysts expect that First Citizens BancShares will post 189.06 earnings per share for the current fiscal year.

First Citizens BancShares declared that its Board of Directors has approved a share buyback program on Thursday, July 25th that authorizes the company to repurchase $3.50 billion in outstanding shares. This repurchase authorization authorizes the bank to buy 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 shares are undervalued.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Covestor Ltd raised its holdings in First Citizens BancShares by 2.9% in the 1st quarter. Covestor Ltd now owns 215 shares of the bank’s stock valued at $352,000 after buying an additional 6 shares during the last quarter. Wedbush Securities Inc. boosted its holdings in First Citizens BancShares by 0.5% in the second quarter. Wedbush Securities Inc. now owns 1,199 shares of the bank’s stock valued at $2,019,000 after acquiring an additional 6 shares during the last quarter. HB Wealth Management LLC boosted its stake in shares of First Citizens BancShares by 3.9% in the 2nd quarter. HB Wealth Management LLC now owns 187 shares of the bank’s stock valued at $315,000 after purchasing an additional 7 shares during the last quarter. Tandem Capital Management Corp ADV increased its position in shares of First Citizens BancShares by 1.8% during the third quarter. Tandem Capital Management Corp ADV now owns 459 shares of the bank’s stock worth $845,000 after buying an additional 8 shares during the period. Finally, Raymond James Trust N.A. lifted its holdings in First Citizens BancShares by 1.6% in the second quarter. Raymond James Trust N.A. now owns 625 shares of the bank’s stock valued at $1,052,000 after buying an additional 10 shares during the period. 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.