The Goldman Sachs Group Has Lowered Expectations for First Citizens BancShares (NASDAQ:FCNCA) Stock Price

First Citizens BancShares (NASDAQ:FCNCA) had its price objective dropped by stock 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 target would indicate a potential upside of 21.11% from the stock’s current price.

Other equities analysts also recently issued research reports about the company. Citigroup downgraded First Citizens BancShares from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Piper Sandler raised shares of First Citizens BancShares from a “neutral” rating to an “overweight” rating and set a $2,250.00 price target on the stock in a research note on Tuesday, March 11th. Keefe, Bruyette & Woods boosted their price objective on shares of 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. JPMorgan Chase & Co. raised their target price on shares of First Citizens BancShares from $2,550.00 to $2,600.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 7th. Finally, UBS Group initiated coverage on First Citizens BancShares in a report on Tuesday, December 17th. They issued a “buy” rating and a $2,700.00 price target for the company. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, First Citizens BancShares has a consensus rating of “Moderate Buy” and an average target price of $2,288.08.

First Citizens BancShares Price Performance

FCNCA stock traded down $20.14 during trading on Tuesday, reaching $1,816.53. The company’s stock had a trading volume of 16,809 shares, compared to its average volume of 83,366. First Citizens BancShares has a 1 year low of $1,518.00 and a 1 year high of $2,412.93. The company’s fifty day moving average is $2,071.82 and its 200-day moving average is $2,060.21. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.68. The company has a market capitalization of $24.66 billion, a P/E ratio of 9.59, a price-to-earnings-growth ratio of 0.94 and a beta of 0.81.

First Citizens BancShares (NASDAQ:FCNCA) last announced its earnings results on Friday, January 24th. The bank reported $45.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $39.32 by $5.78. First Citizens BancShares had a net margin of 18.55% and a return on equity of 13.22%. On average, research analysts expect that First Citizens BancShares will post 167.59 earnings per share for the current fiscal year.

Insider Activity at First Citizens BancShares

In related news, CFO Craig L. Nix acquired 17 shares of First Citizens BancShares stock in a transaction on Friday, March 7th. The stock was acquired at an average price of $1,881.13 per share, for a total transaction of $31,979.21. Following the purchase, the chief financial officer now owns 1,141 shares of the company’s stock, valued at approximately $2,146,369.33. This represents a 1.51 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 13.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of FCNCA. Financial Life Planners purchased a new position in shares of First Citizens BancShares in the 4th quarter valued at about $33,000. Hemington Wealth Management increased its position 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 valued at $33,000 after buying an additional 6 shares in the last quarter. Duncker Streett & Co. Inc. purchased a new stake in shares of First Citizens BancShares in the fourth quarter valued at approximately $36,000. Mather Group LLC. raised its stake in shares of First Citizens BancShares by 38.5% during the 4th quarter. Mather Group LLC. now owns 18 shares of the bank’s stock worth $38,000 after buying an additional 5 shares during the period. Finally, Asset Planning Inc purchased a new position in shares of First Citizens BancShares during the 4th quarter valued at approximately $38,000. 78.01% of the stock is currently owned by hedge funds and other 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.