On September 30, 2023, investment analysts at Citigroup initiated coverage on shares of First Citizens BancShares (NASDAQ: FCNCA) in a report released by FlyOnTheWall. In their report, the brokerage gave a “neutral” rating to the bank’s stock.
First Citizens BancShares stock opened at $1,370.60 on Friday. The company has a current ratio and quick ratio of 1.20, indicating its ability to meet short-term liabilities with its current assets. Additionally, it has a debt-to-equity ratio of 2.10. Over the past year, First Citizens BancShares had a low of $505.84 and a high of $1,512.07. With a market capitalization of $19.90 billion and a price-to-earnings (PE) ratio of 1.86, the firm appears to be well-established in the market.
Looking at its moving averages, First Citizens Bancshares has a 50-day simple moving average (SMA) of $1,389.66 and a 200-day SMA of $1,204.59.
In terms of investment activity, several institutional investors and hedge funds have adjusted their stakes in FCNCA recently. Raymond James & Associates increased its holdings by 19.9% during the first quarter and now owns 2,959 shares valued at approximately $1,970,000 after purchasing an additional 491 shares. Raymond James Financial Services Advisors Inc., on the other hand,
added a new stake in First Citizens BancShares worth $207,000 during the first quarter.
Similarly impressive growth was seen from US Bancorp DE which raised its stake by 277% in Q1 to own 475 shares now valued at around $317k followed by Cetera Advisor Networks LLC with holdings totaling to about
513 shares having an estimated worth value of around $341k.
MetLife Investment Management LLC also decided to enter the First Citizens BancShares realm during the first quarter with a new stake valued at $162,000.
Combining these recent investments, institutional investors currently own 62.73% of the company’s stock.
In terms of financial performance, First Citizens BancShares last announced its earnings results on Thursday, August 3rd. The bank reported an impressive earnings per share (EPS) of $52.60 for the quarter. This exceeded analysts’ consensus estimates of $45.91 by an unexpected margin of $6.69. Additionally, the bank generated revenue of $2.62 billion for the quarter while analysts had predicted $2.31 billion.
With a return on equity (ROE) of 12.69% and a net margin reaching 60.22%, First Citizens Bancshares demonstrated its ability to generate profits and maximize shareholder value.
Looking forward, analysts predict that First Citizens BancShares will post an EPS of 164.75 for the current fiscal year.
In summary, Citigroup’s neutral rating on shares of First Citizens BancShares indicates that they view the bank as having relatively stable prospects in the market. With strong financial performance and growing interest from institutional investors, it remains to be seen how First Citizens BancShares will continue to navigate its position in the banking industry over time.
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Positive Ratings and Insider Confidence: First Citizens BancShares Stands Out in the Financial Industry
First Citizens BancShares, a leading banking and financial services company, has recently received attention from various analysts and industry experts. According to reports released by these analysts, the stock of First Citizens BancShares has garnered positive ratings and reviews.
One such report came from Atlantic Securities on June 28th. They initiated coverage on the shares of First Citizens BancShares with an “overweight” rating and set a price target of $1,775.00 for the company. This recommendation indicates their belief that the stock will outperform others in its sector.
JPMorgan Chase & Co. also started coverage on First Citizens BancShares on September 20th, giving it an “overweight” rating as well, along with a price target of $1,850.00. These positive assessments from reputed firms highlight the confidence placed in the growth potential of the company.
StockNews.com joined in on August 17th with a research note stating their “hold” rating on shares of First Citizens BancShares. While not quite as bullish as some of the other analysts, this still represents a moderate stance towards the stock’s performance.
UBS Group increased their price target for First Citizens BancShares from $1,490.00 to $1,780.00 on August 7th, while maintaining a “buy” rating for the stock. This suggests they believe in the upward trajectory of its value.
Overall consensus among these investment analysts is divided between three hold ratings and three buy ratings for First Citizens BancShares’ stock performance. Bloomberg data reveals that these evaluations lead to an average rating of “Moderate Buy,” with an average price target of $1,607.50.
In other news regarding First Citizens BancShares, CEO Frank B. Holding Jr., made headlines when he purchased 110 shares of the company’s stock on September 19th at an average price of $1,150.00 per share. This transaction amounted to a total of $126,500.00 and demonstrates Holding’s confidence in the company’s future prospects. Following this purchase, the CEO now owns 97,442 shares in the company, valued at approximately $112,058,300. The details of this acquisition were disclosed in a filing with the Securities and Exchange Commission (SEC).
Additionally, Chairman Ellen R. Alemany made news by selling 1,500 shares of First Citizens BancShares’ stock on August 7th. The shares were sold at an average price of $1,500.28 each, totaling $2,250,420.00. After the sale, Alemany retains ownership of 17,097 shares in the company with an approximate value of $25,650,287.16.
These recent insider transactions further highlight the confidence held by influential figures within First Citizens BancShares regarding its future success and potential growth.
In conclusion, First Citizens BancShares has received positive ratings from various experts and institutions within the financial industry. These ratings reflect their belief in the company’s ability to perform well within its sector and potentially deliver returns for investors. In addition to these evaluations, recent insider transactions demonstrate strong support from key figures within First Citizens BancShares itself. It will be interesting to monitor how these developments impact the company’s progress moving forward.
References:
– Atlantic Securities report on June 28th
– JPMorgan Chase & Co.’s research note on September 20th
– StockNews.com research note on August 17th
– UBS Group’s report on August 7th
– Bloomberg data
– Filing with SEC for CEO’s purchase of shares
– Chairman’s sale disclosure
