First Citizens BancShares (NASDAQ:FCNCA) Lowered to “Market Perform” Rating by Keefe, Bruyette & Woods

First Citizens BancShares (NASDAQ:FCNCA) was downgraded by research analysts at Keefe, Bruyette & Woods from an “outperform” rating to a “market perform” rating in a research note issued to investors on Wednesday,Briefing.com Automated Import reports. They presently have a $2,500.00 price target on the bank’s stock, up from their prior price target of $2,100.00. Keefe, Bruyette & Woods’ price target would indicate a potential upside of 13.13% from the stock’s previous close.

FCNCA has been the topic of several other research reports. Wedbush dropped their target price on shares of First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating on the stock in a report on Friday, October 25th. The Goldman Sachs Group boosted their target price on shares of First Citizens BancShares from $2,025.00 to $2,625.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. StockNews.com upgraded shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Thursday, November 14th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating on the stock in a report on Friday, October 25th. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, First Citizens BancShares currently has a consensus rating of “Hold” and an average target price of $2,113.40.

First Citizens BancShares Stock Performance

NASDAQ FCNCA opened at $2,209.89 on Wednesday. The firm’s fifty day moving average price is $2,068.18 and its two-hundred day moving average price is $1,920.18. The stock has a market cap of $30.91 billion, a PE ratio of 12.66 and a beta of 0.83. First Citizens BancShares has a fifty-two week low of $1,363.97 and a fifty-two week high of $2,388.78. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.08 and a current ratio of 1.08.

First Citizens BancShares (NASDAQ:FCNCA) last posted its earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share for the quarter, missing analysts’ consensus estimates of $47.40 by ($1.53). The company had revenue of $2.45 billion for 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 period in the previous year, the firm posted $55.92 EPS. On average, equities analysts expect that First Citizens BancShares will post 187.88 EPS for the current fiscal year.

Institutional Investors Weigh In On First Citizens BancShares

Institutional investors have recently added to or reduced their stakes in the company. Tidal Investments LLC grew its position in shares of First Citizens BancShares by 95.6% during the 3rd quarter. Tidal Investments LLC now owns 1,158 shares of the bank’s stock valued at $2,132,000 after acquiring an additional 566 shares during the period. Wilmington Savings Fund Society FSB bought a new position in shares of First Citizens BancShares during the 3rd quarter valued at approximately $5,400,000. SkyView Investment Advisors LLC lifted its stake in shares of First Citizens BancShares by 3.4% during the 3rd quarter. SkyView Investment Advisors LLC now owns 735 shares of the bank’s stock valued at $1,353,000 after buying an additional 24 shares in the last quarter. TD Private Client Wealth LLC lifted its stake in shares of First Citizens BancShares by 1.0% during the 3rd quarter. TD Private Client Wealth LLC now owns 1,007 shares of the bank’s stock valued at $1,854,000 after buying an additional 10 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky purchased a new stake in shares of First Citizens BancShares during the 3rd quarter valued at approximately $6,259,000. 61.18% of the stock is owned by institutional investors.

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.