First Citizens Bancshares falls after KBW downgrades to 'market perform'

First Citizens BancShares

04/12/2024 19:43

** Regional lender First Citizens Bancshares'  FCNCA.O 
stock falls as much as 3.2%; last down 1.3% at $2,181.30
    ** KBW downgrades company's shares to "market perform" from
"outperform"
    ** Brokerage says FCNCA shares are now trading at a premium
after a "monster" move in the stock resulting in a more balanced
risk/reward 
    ** KBW says bank's balance sheet is positioned well to
withstand a higher-for-longer interest rate environment, but
believes that is mostly reflected in the improved valuation 
    ** 6 of 12 brokerages rate the stock "buy" or higher and 6
"hold"; median PT $2,300 - LSEG
    ** As of last close, FCNCA shares up 55.7% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com))