First Citizens BancShares (NASDAQ:FCNCA) Rating Lowered to “Strong Sell” at Zacks Research

First Citizens BancShares (NASDAQ:FCNCA) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Monday,Zacks.com reports.

FCNCA has been the topic of several other research reports. Truist Financial increased their price target on shares of First Citizens BancShares from $2,050.00 to $2,150.00 and gave the stock a “hold” rating in a research report on Monday, January 26th. Citigroup restated a “buy” rating on shares of First Citizens BancShares in a research note on Monday, January 26th. Piper Sandler increased their price objective on First Citizens BancShares from $2,000.00 to $2,100.00 and gave the company a “neutral” rating in a research note on Thursday, January 29th. Barclays lowered their target price on First Citizens BancShares from $2,456.00 to $2,346.00 and set an “equal weight” rating for the company in a research note on Monday, January 26th. Finally, Keefe, Bruyette & Woods decreased their price objective on First Citizens BancShares from $2,100.00 to $2,050.00 and set an “outperform” rating for the company in a research note on Friday, October 24th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, First Citizens BancShares currently has an average rating of “Moderate Buy” and an average target price of $2,238.27.

First Citizens BancShares Stock Down 0.8%

Shares of NASDAQ:FCNCA opened at $1,990.69 on Monday. First Citizens BancShares has a 12-month low of $1,473.62 and a 12-month high of $2,232.21. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.81. The business has a 50-day moving average price of $2,117.44 and a 200 day moving average price of $1,949.24. The company has a market capitalization of $24.76 billion, a price-to-earnings ratio of 12.01 and a beta of 0.70.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings results on Friday, January 23rd. The bank reported $51.27 EPS for the quarter, topping analysts’ consensus estimates of $44.24 by $7.03. First Citizens BancShares had a return on equity of 11.12% and a net margin of 15.21%.The company had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $2.24 billion. Sell-side analysts expect that First Citizens BancShares will post 167.59 EPS for the current year.

Insider Activity

In other news, CEO Frank B. Holding, Jr. purchased 135 shares of the business’s stock in a transaction on Wednesday, November 26th. The shares were bought at an average price of $1,629.67 per share, with a total value of $220,005.45. Following the completion of the transaction, the chief executive officer directly owned 2,527 shares in the company, valued at approximately $4,118,176.09. This represents a 5.64% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 13.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. raised its stake in shares of First Citizens BancShares by 117,518.9% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 205,833 shares of the bank’s stock worth $441,755,000 after buying an additional 205,658 shares in the last quarter. Norges Bank acquired a new position in First Citizens BancShares during the second quarter worth $177,604,000. Orion Porfolio Solutions LLC lifted its holdings in First Citizens BancShares by 2,057.4% in the second quarter. Orion Porfolio Solutions LLC now owns 47,506 shares of the bank’s stock valued at $92,944,000 after acquiring an additional 45,304 shares during the period. Allspring Global Investments Holdings LLC boosted its position in shares of First Citizens BancShares by 390.2% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 48,299 shares of the bank’s stock worth $84,995,000 after purchasing an additional 38,446 shares in the last quarter. Finally, M&T Bank Corp boosted its position in shares of First Citizens BancShares by 13,512.7% during the 4th quarter. M&T Bank Corp now owns 38,524 shares of the bank’s stock worth $82,679,000 after purchasing an additional 38,241 shares in the last quarter. 78.01% of the stock is owned by hedge funds and other institutional investors.

About First Citizens BancShares

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.