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Truist Securities has initiated coverage on First Citizens BancShares (NASDAQ:FCNCA) Tuesday, assigning a Hold rating to the company's stock with a price target of $2,303.00.
The new coverage highlights several factors influencing this position. "The stock has had a big run in 2024, with the stock™s NTM P/E at historical highs," the analysts said.
Additionally, the company's performance has been notably asset-sensitive, which is a key consideration in the current economic environment.
First Citizens BancShares has recently faced some challenges, particularly with the underperformance of the SVB portfolio. Despite these issues, Truist Securities recognizes the unique strengths of First Citizens, such as its owner-operator model led by the Holding family, a proven track record of successful mergers and acquisitions, especially with FDIC failed banks, and a national presence that still maintains community bank roots.
First Citizens, a bank holding company with assets totaling $221 billion and a market cap of $29 billion, is based in Raleigh, North Carolina. The company operates over 540 branches primarily in the mid-Atlantic region, but also extends to Florida, Texas, and California. The Holding family has maintained control of First Citizens since the 1960s, overseeing its growth through numerous acquisitions, including the recent acquisition of Silicon Valley Bank (SVB) assets from the FDIC.
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