DA Davidson Downgrades First Citizens BancShares: Here's What You Need To Know

DA Davidson downgraded its rating of First Citizens BancShares FCNCA to Neutral with a price target of $950.00, changing its price target from $925.00 to $950.00.

Shares of First Citizens BancShares are trading down 0.43% over the last 24 hours, at $849.30 per share.

A move to $950.00 would account for a 11.86% increase from the current share price.

About First Citizens BancShares

First Citizens BancShares Inc is the bank holding company of First Citizens Bank & Trust Company. FCB was founded as the Bank of Smithfield in North Carolina and has expanded through both de novo branching and acquisitions. FCB currently operates in nearly half of the continental United States, but principally takes deposits in the Carolinas. The bank's operations have historically been influenced by the Holding family, which has traditionally held executive and director positions, as well as controlling a large percentage of its outstanding stock. FCB provides a wide range of retail and commercial banking services, including traditional lending and deposit-taking, as well as trust and wealth management. FCB's main source of revenue is net interest income.

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This article was generated by Benzinga's automated content engine and reviewed by an editor.