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 note issued to investors on Tuesday,Zacks.com reports.

FCNCA has been the subject of a number of other research reports. The Goldman Sachs Group lifted their price objective on First Citizens BancShares from $2,025.00 to $2,625.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of First Citizens BancShares in a report on Monday, December 9th. They set a “buy” rating and a $2,600.00 price target for the company. UBS Group began coverage on shares of First Citizens BancShares in a research note on Tuesday. They set a “buy” rating and a $2,700.00 price objective on the stock. StockNews.com raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Thursday, November 14th. Finally, Wedbush reduced their price target on First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating on the stock in a research note on Friday, October 25th. Seven analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $2,243.64.

First Citizens BancShares Stock Performance

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

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings data on Thursday, October 24th. The bank reported $45.87 earnings per share for the quarter, missing the consensus estimate of $47.40 by ($1.53). The firm had revenue of $2.45 billion during 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 13.63%. During the same period in the previous year, the business earned $55.92 earnings per share. Analysts expect that First Citizens BancShares will post 187.88 earnings per share for the current fiscal year.

Institutional Investors Weigh In On First Citizens BancShares

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. FMR LLC increased its position in shares of First Citizens BancShares by 11.6% during the third quarter. FMR LLC now owns 323,532 shares of the bank’s stock valued at $595,607,000 after purchasing an additional 33,713 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in First Citizens BancShares by 15.0% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 58,529 shares of the bank’s stock valued at $107,749,000 after buying an additional 7,613 shares during the period. Reinhart Partners LLC. raised its stake in shares of First Citizens BancShares by 0.7% in the 3rd quarter. Reinhart Partners LLC. now owns 56,798 shares of the bank’s stock valued at $104,562,000 after buying an additional 416 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of First Citizens BancShares by 2.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 47,156 shares of the bank’s stock valued at $86,812,000 after acquiring an additional 1,339 shares in the last quarter. Finally, Zurich Insurance Group Ltd FI increased its stake in First Citizens BancShares by 225.2% in the second quarter. Zurich Insurance Group Ltd FI now owns 42,159 shares of the bank’s stock valued at $70,979,000 after acquiring an additional 29,194 shares during the period. 78.01% of the stock is currently 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.