UBS Group Initiates Coverage on First Citizens BancShares (NASDAQ:FCNCA)

Equities researchers at UBS Group assumed coverage on shares of First Citizens BancShares (NASDAQ:FCNCA) in a research note issued to investors on Tuesday, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $2,700.00 price target on the bank’s stock. UBS Group’s price objective points to a potential upside of 33.05% from the stock’s previous close.

Several other equities research analysts also recently commented on FCNCA. Wedbush lowered their target price on shares of 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. The Goldman Sachs Group raised 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 note on Tuesday, November 26th. Citigroup raised First Citizens BancShares from a “hold” rating to a “strong-buy” rating in a research note on Monday, December 9th. Keefe, Bruyette & Woods lowered First Citizens BancShares from an “outperform” rating to a “market perform” rating and raised their price target for the stock from $2,100.00 to $2,500.00 in a research report on Wednesday, December 4th. Finally, StockNews.com upgraded First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Thursday, November 14th. Six equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $2,243.64.

First Citizens BancShares Stock Down 3.7 %

NASDAQ:FCNCA opened at $2,029.36 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 12-month low of $1,363.97 and a 12-month high of $2,388.78. The stock’s fifty day simple moving average is $2,120.38 and its 200-day simple moving average is $1,946.78. The firm has a market capitalization of $28.39 billion, a P/E ratio of 11.63 and a beta of 0.83.

First Citizens BancShares (NASDAQ:FCNCA) last issued its earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share (EPS) 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 quarter last year, the business posted $55.92 EPS. Equities research analysts expect that First Citizens BancShares will post 187.88 earnings per share for the current year.

Institutional Investors Weigh In On First Citizens BancShares

Several hedge funds have recently added to or reduced their stakes in the business. B. Riley Wealth Advisors Inc. acquired a new position in shares of First Citizens BancShares in the third quarter valued at $203,000. Tidal Investments LLC boosted its holdings 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 worth $2,132,000 after buying an additional 566 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in First Citizens BancShares in the 3rd quarter valued at about $5,400,000. SkyView Investment Advisors LLC grew its stake in First Citizens BancShares by 3.4% in 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 during the last quarter. Finally, TD Private Client Wealth LLC raised its holdings in First Citizens BancShares by 1.0% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,007 shares of the bank’s stock valued at $1,854,000 after acquiring an additional 10 shares during the period. Institutional investors and hedge funds own 78.01% of the company’s stock.

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.