Wed Sep 25 07:22:55 UTC 2024: ## First Citizens BancShares Stock Rating Downgraded by Wedbush

**Raleigh, NC – September 25, 2024** – Wedbush Securities has downgraded its rating on First Citizens BancShares (FCNCA) from “Outperform” to “Neutral,” citing market concerns. The brokerage also lowered its price target for the bank’s stock from $2,450.00 to $2,150.00.

This move comes amidst mixed signals from other research firms. Raymond James upgraded FCNCA to “Outperform” on July 2nd, while Piper Sandler maintained a “Neutral” rating but increased its price target to $2,150.00 on July 26th. Jefferies Financial Group initiated coverage with a “Buy” rating and a $2,005.00 price target on July 9th, and Barclays raised its price target to $2,250.00 while maintaining an “Equal Weight” rating on July 29th. Keefe, Bruyette & Woods upgraded FCNCA to “Outperform” and set a $2,300.00 price target on July 26th.

Overall, the current consensus among analysts is a “Hold” rating with an average price target of $1,962.90.

Despite the downgrade, First Citizens BancShares recently reported strong second-quarter earnings, exceeding analysts’ expectations. The bank recorded $50.87 earnings per share, beating the consensus estimate of $44.91. Revenue also surpassed expectations, reaching $3.77 billion compared to the predicted $2.30 billion.

In addition to the strong earnings report, the bank also announced a $3.50 billion stock buyback program, signifying management’s confidence in the company’s value.

The recent activity of institutional investors and hedge funds suggests a mixed outlook on FCNCA. Some firms, like PNC Financial Services Group and Wells Fargo & Company, increased their positions in the bank’s shares, while others, like Corient Private Wealth LLC and Franklin Resources Inc., also raised their stakes.

First Citizens BancShares operates as the holding company for First-Citizens Bank & Trust Company, offering a range of retail and commercial banking services. The company’s financial performance and stock price will be closely watched in the coming months.

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