JPMorgan Lowers First Citizens BancShares Price Target by Over $150

Financial holding company First Citizens BancShares (NASDAQ:FCNCA) received a reduced price target from JPMorgan Chase & Co. to $2,300.00 from its previous estimate of $2,450.00 in a research note issued on Thursday. This change reflects a potential upside of 14.00% from the current stock price.

The firm currently has a 'neutral' rating on the bank's stock and joins other analysts who have also commented on the stock with varying predictions. Piper Sandler increased their target to $2,100.00 from $2,050.00 while Barclays boosted theirs to $2,376.00 from $2,346.00.

The company recently reported earnings per share of $57.09 for the quarter, beating analyst estimates by $56.68. Revenue reached $2.43 billion compared to estimated $2.16 billion. First Citizens BancShares has a net margin of 16.28% and a return on equity of 12.07%. The company's stock price closed at $2,017.57 after trading down $42.63 during mid-day trading on Thursday.