First Citizens BancShares (NASDAQ:FCNCA) Trading 7% Higher

First Citizens BancShares, Inc. (NASDAQ:FCNCA)’s stock price traded up 7% during trading on Thursday . The company traded as high as $1,767.01 and last traded at $1,754.15. 43,439 shares changed hands during mid-day trading, a decline of 46% from the average session volume of 80,008 shares. The stock had previously closed at $1,639.63.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. The Goldman Sachs Group assumed coverage on First Citizens BancShares in a report on Thursday, March 21st. They issued a “buy” rating and a $1,950.00 target price on the stock. Barclays assumed coverage on First Citizens BancShares in a report on Thursday, April 11th. They issued an “equal weight” rating and a $1,850.00 target price on the stock. DA Davidson reiterated a “neutral” rating and issued a $1,650.00 target price (up previously from $1,600.00) on shares of First Citizens BancShares in a report on Monday, April 15th. Wedbush reiterated an “outperform” rating and issued a $1,800.00 target price on shares of First Citizens BancShares in a report on Monday, January 29th. Finally, StockNews.com cut First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Wednesday, April 3rd. One research analyst has rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $1,768.63.

First Citizens BancShares Stock Performance

The company has a debt-to-equity ratio of 1.82, a current ratio of 1.14 and a quick ratio of 1.14. The stock has a market capitalization of $26.14 billion, a P/E ratio of 2.23 and a beta of 0.89. The company has a fifty day moving average of $1,572.77 and a two-hundred day moving average of $1,475.21.

First Citizens BancShares (NASDAQ:FCNCA) last posted its earnings results on Friday, January 26th. The bank reported $46.58 EPS for the quarter, missing the consensus estimate of $48.49 by ($1.91). 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 net margin of 51.04% and a return on equity of 13.52%. On average, equities analysts anticipate that First Citizens BancShares, Inc. will post 179.92 EPS for the current year.

Insider Buying and Selling

In other news, CEO Frank B. Holding, Jr. bought 622 shares of the business’s stock in a transaction on Tuesday, February 20th. The stock was purchased at an average cost of $1,315.00 per share, for a total transaction of $817,930.00. Following the completion of the transaction, the chief executive officer now directly owns 97,609 shares of the company’s stock, valued at approximately $128,355,835. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Ellen R. Alemany sold 600 shares of the stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $1,559.09, for a total transaction of $935,454.00. Following the completion of the sale, the director now owns 4,842 shares in the company, valued at approximately $7,549,113.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Frank B. Holding, Jr. acquired 622 shares of the business’s stock in a transaction dated Tuesday, February 20th. The shares were bought at an average price of $1,315.00 per share, with a total value of $817,930.00. Following the transaction, the chief executive officer now directly owns 97,609 shares in the company, valued at approximately $128,355,835. The disclosure for this purchase can be found here. Insiders acquired 1,388 shares of company stock valued at $1,825,220 in the last three months. 13.40% of the stock is currently owned by corporate insiders.

Institutional Trading of First Citizens BancShares

Several hedge funds and other institutional investors have recently modified their holdings of FCNCA. Norges Bank purchased a new stake in shares of First Citizens BancShares during the fourth quarter worth $180,039,000. Wellington Management Group LLP raised its holdings in shares of First Citizens BancShares by 21.1% during the fourth quarter. Wellington Management Group LLP now owns 239,563 shares of the bank’s stock worth $339,933,000 after acquiring an additional 41,793 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of First Citizens BancShares by 756.8% during the third quarter. AQR Capital Management LLC now owns 38,436 shares of the bank’s stock worth $53,046,000 after acquiring an additional 33,950 shares in the last quarter. FMR LLC raised its holdings in shares of First Citizens BancShares by 17.2% during the third quarter. FMR LLC now owns 189,186 shares of the bank’s stock worth $261,095,000 after acquiring an additional 27,729 shares in the last quarter. Finally, Point72 Asset Management L.P. raised its holdings in shares of First Citizens BancShares by 130.1% during the fourth quarter. Point72 Asset Management L.P. now owns 46,180 shares of the bank’s stock worth $65,528,000 after acquiring an additional 26,107 shares in the last quarter. Institutional investors and hedge funds own 61.18% of the company’s stock.

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.