Tiger Brokers

BUZZ-First Citizens Bancshares rises after Piper Sandler upgrades to 'overweight'

Reuters
Mar 11, 2025
BUZZ-First Citizens Bancshares rises after Piper Sandler upgrades to 'overweight'

** Shares of First Citizens Bancshares FCNCA.O rise 1.8% to $1,762.5 in early trading

** Piper Sandler upgrades rating to "overweight" from "neutral"

** "FCNCA stands to benefit from a sizable share repurchase program that should become much more impactful at these lower prices" - Piper Sandler analysts said in a note

** In January, co's CEO Frank Holding said its solid capital and liquidity positions allowed it to buy back more than 460,000 shares of its Class A common stock for $963 million during Q4

** Nine brokerages rate company "buy" or higher, and five rate "hold"; median PT at $2,517.5 - LSEG data

** As of last close, stock is down 18% YTD

(Reporting by Ateev Bhandari in Bengaluru)

((Ateev.Bhandari@thomsonreuters.com;))

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