First Citizens BancShares (NASDAQ:FCNCA) Raised to “Strong-Buy” at TD Cowen

First Citizens BancShares (NASDAQ:FCNCA) was upgraded by TD Cowen to a “strong-buy” rating in a research note issued to investors on Monday,Zacks.com reports.

A number of other research firms have also weighed in on FCNCA. Truist Financial raised their target price on First Citizens BancShares from $2,050.00 to $2,150.00 and gave the company a “hold” rating in a report on Monday, January 26th. The Goldman Sachs Group downgraded First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,300.00 price target for the company. in a report on Tuesday, January 6th. Barclays dropped their price objective on First Citizens BancShares from $2,456.00 to $2,346.00 and set an “equal weight” rating on the stock in a research note on Monday, January 26th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of First Citizens BancShares in a report on Friday, March 27th. Finally, UBS Group set a $2,325.00 target price on shares of First Citizens BancShares in a research note on Wednesday, February 4th. Two research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $2,227.08.

First Citizens BancShares Stock Down 0.5%

Shares of First Citizens BancShares stock opened at $1,990.98 on Monday. The firm has a market cap of $23.77 billion, a price-to-earnings ratio of 12.01, a PEG ratio of 1.49 and a beta of 0.65. First Citizens BancShares has a one year low of $1,623.76 and a one year high of $2,232.21. The stock’s 50-day moving average is $1,945.67 and its 200 day moving average is $1,947.62. The company has a debt-to-equity ratio of 1.72, a current ratio of 1.03 and a quick ratio of 1.03.

First Citizens BancShares (NASDAQ:FCNCA) last posted its earnings results on Friday, January 23rd. The bank reported $51.27 earnings per share for the quarter, topping analysts’ consensus estimates of $44.24 by $7.03. The company had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.24 billion. First Citizens BancShares had a net margin of 15.21% and a return on equity of 11.18%. Equities research analysts anticipate that First Citizens BancShares will post 167.59 EPS for the current year.

Insider Transactions at First Citizens BancShares

In related news, CEO Frank B. Holding, Jr. bought 92 shares of First Citizens BancShares stock in a transaction on Thursday, March 19th. The stock was acquired at an average price of $1,550.00 per share, with a total value of $142,600.00. Following the acquisition, the chief executive officer directly owned 2,841 shares of the company’s stock, valued at $4,403,550. This represents a 3.35% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Over the last 90 days, insiders bought 258 shares of company stock worth $404,236. Corporate insiders own 14.63% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Rockefeller Capital Management L.P. increased its position in shares of First Citizens BancShares by 28.1% in the fourth quarter. Rockefeller Capital Management L.P. now owns 374 shares of the bank’s stock worth $804,000 after purchasing an additional 82 shares during the last quarter. World Investment Advisors purchased a new position in shares of First Citizens BancShares during the fourth quarter valued at approximately $371,000. Corient Private Wealth LLC raised its holdings in First Citizens BancShares by 20.3% in the fourth quarter. Corient Private Wealth LLC now owns 1,462 shares of the bank’s stock worth $3,138,000 after buying an additional 247 shares during the last quarter. AG Campbell Advisory LLC purchased a new stake in shares of First Citizens BancShares during the fourth quarter valued at approximately $2,168,000. Finally, Reflection Asset Management purchased a new position in First Citizens BancShares in the 4th quarter worth approximately $45,000. 78.01% of the stock is owned by institutional investors.

First Citizens BancShares Company Profile

First Citizens BancShares, Inc is the bank holding company for First Citizens Bank, a full‑service commercial bank headquartered in Raleigh, North Carolina. The company traces its roots to a community bank founded in 1898 and has grown into a diversified financial services organization that operates through its banking subsidiary to serve retail, commercial and institutional clients.

First Citizens offers a broad suite of banking products and services, including consumer and business deposit accounts, commercial and industrial lending, real estate and mortgage lending, treasury and cash management, and specialized lending solutions.