First Citizens BancShares (NASDAQ:FCNCA) Rating Lowered to “Hold” at Citigroup

First Citizens BancShares (NASDAQ:FCNCA) was downgraded by equities research analysts at Citigroup from a “strong-buy” rating to a “hold” rating in a research report issued on Tuesday,Zacks.com reports.

Several other brokerages have also recently commented on FCNCA. JPMorgan Chase & Co. reduced their price target on 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. The Goldman Sachs Group increased their target price on First Citizens BancShares from $2,025.00 to $2,625.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. UBS Group assumed coverage on shares of First Citizens BancShares in a research report on Tuesday. They set a “buy” rating and a $2,700.00 target price on the stock. Wedbush dropped their price target on First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating for the company in a research note on Friday, October 25th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on First Citizens BancShares in a report on Monday, December 9th. They issued a “buy” rating and a $2,600.00 target price on the stock. Seven research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, First Citizens BancShares has an average rating of “Hold” and a consensus price target of $2,243.64.

First Citizens BancShares Stock Up 2.0 %

Shares of NASDAQ FCNCA opened at $2,070.94 on Tuesday. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.68. The firm has a market capitalization of $28.97 billion, a PE ratio of 11.86 and a beta of 0.83. The firm’s 50-day moving average is $2,122.95 and its 200-day moving average is $1,948.22. First Citizens BancShares has a 1 year low of $1,363.97 and a 1 year high of $2,388.78.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings results 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 business had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.36 billion. First Citizens BancShares had a return on equity of 13.63% and a net margin of 17.36%. During the same quarter last year, the company earned $55.92 earnings per share. Equities analysts expect that First Citizens BancShares will post 187.88 EPS for the current year.

Hedge Funds Weigh In On First Citizens BancShares

A number of hedge funds and other institutional investors have recently made changes to their positions in FCNCA. Brooklyn Investment Group acquired a new stake in First Citizens BancShares during the 3rd quarter worth about $39,000. GAMMA Investing LLC grew its stake in First Citizens BancShares by 129.6% during the third quarter. GAMMA Investing LLC now owns 62 shares of the bank’s stock worth $114,000 after purchasing an additional 35 shares during the period. National Bank of Canada FI increased its holdings in First Citizens BancShares by 17.7% in the second quarter. National Bank of Canada FI now owns 73 shares of the bank’s stock worth $124,000 after purchasing an additional 11 shares in the last quarter. Quarry LP bought a new position in shares of First Citizens BancShares during the 2nd quarter worth approximately $126,000. Finally, Private Trust Co. NA boosted its holdings in shares of First Citizens BancShares by 2,100.0% during the 3rd quarter. Private Trust Co. NA now owns 88 shares of the bank’s stock worth $162,000 after buying an additional 84 shares in the last quarter. 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.