First Citizens Bancshares rises after KBW upgrades to 'outperform'

First Citizens BancShares

14/01/2025 19:34

** Shares of regional lender First Citizens Bancshares
 FCNCA.O  rise as much as 2.8%; last up 2.3% at $2,134.03
    ** KBW upgrades FCNCA to "outperform" from "market perform";
assigns PT of $2,500, a 19.9% upside to stock's last close
    ** Brokerage says FCNCA remains a net beneficiary in a
higher-for-longer interest rate environment due to its
asset-sensitive balance sheet       
    ** Banks such as FCNCA are affected when rates move lower,
as assets like loans tend to reprice quicker than liabilities
like deposits
    ** Prospects that interest rates will remain
higher-for-longer have significantly increased recently after
last week's stronger-than-expected December jobs report 
    ** Eight of 14 brokerages rate the stock "buy" or higher and
six "hold"; with a median PT of $2,428, according to data
compiled by LSEG     
    ** FCNCA stock jumped 48.9% in 2024


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