The Goldman Sachs Group Lowers First Citizens BancShares (NASDAQ:FCNCA) Price Target to $2,200.00

First Citizens BancShares (NASDAQ:FCNCA) had its price objective reduced by investment analysts at The Goldman Sachs Group from $2,535.00 to $2,200.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the bank’s stock. The Goldman Sachs Group’s price objective would indicate a potential upside of 16.90% from the company’s current price.

A number of other brokerages have also issued reports on FCNCA. UBS Group started coverage on First Citizens BancShares in a research report on Tuesday, December 17th. They issued a “buy” rating and a $2,700.00 target price on the stock. Deutsche Bank Aktiengesellschaft started coverage on First Citizens BancShares in a research report on Monday, December 9th. They issued a “buy” rating and a $2,600.00 target price on the stock. Keefe, Bruyette & Woods upped their target price on First Citizens BancShares from $2,500.00 to $2,600.00 and gave the company an “outperform” rating in a research report on Monday, January 27th. Truist Financial upped their target price on First Citizens BancShares from $2,303.00 to $2,384.00 and gave the company a “hold” rating in a research report on Wednesday, January 29th. Finally, StockNews.com raised First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Saturday, February 1st. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $2,288.08.

First Citizens BancShares Stock Performance

First Citizens BancShares stock opened at $1,881.93 on Tuesday. The stock’s 50 day moving average price is $2,061.95 and its 200 day moving average price is $2,057.59. The firm has a market capitalization of $25.55 billion, a PE ratio of 9.93, a price-to-earnings-growth ratio of 0.94 and a beta of 0.81. 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 has a one year low of $1,518.00 and a one year high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings results on Friday, January 24th. The bank reported $45.10 EPS for the quarter, topping the consensus estimate of $39.32 by $5.78. First Citizens BancShares had a return on equity of 13.22% and a net margin of 18.55%. As a group, sell-side analysts expect that First Citizens BancShares will post 167.59 EPS for the current fiscal year.

Insider Activity at First Citizens BancShares

In related news, CFO Craig L. Nix acquired 17 shares of the stock in a transaction that occurred on Friday, March 7th. The stock was purchased at an average cost of $1,881.13 per share, for a total transaction of $31,979.21. Following the purchase, the chief financial officer now directly owns 1,141 shares in the company, valued at $2,146,369.33. This represents a 1.51 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 13.40% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Financial Life Planners bought a new position in shares of First Citizens BancShares in the fourth quarter worth $33,000. Hemington Wealth Management grew its stake in shares of First Citizens BancShares by 60.0% in the fourth quarter. Hemington Wealth Management now owns 16 shares of the bank’s stock worth $33,000 after purchasing an additional 6 shares in the last quarter. Duncker Streett & Co. Inc. bought a new position in shares of First Citizens BancShares in the fourth quarter worth $36,000. Mather Group LLC. grew its stake in shares of First Citizens BancShares by 38.5% in the fourth quarter. Mather Group LLC. now owns 18 shares of the bank’s stock worth $38,000 after purchasing an additional 5 shares in the last quarter. Finally, Asset Planning Inc bought a new position in shares of First Citizens BancShares in the fourth quarter worth $38,000. 78.01% of the stock is currently 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.