DA Davidson Brokers Cut Earnings Estimates for First Citizens BancShares, Inc. (NASDAQ:FCNCA)

First Citizens BancShares, Inc. (NASDAQ:FCNCA) – Research analysts at DA Davidson dropped their FY2024 earnings per share estimates for shares of First Citizens BancShares in a research report issued on Tuesday, April 16th. DA Davidson analyst M. Navas now anticipates that the bank will post earnings per share of $180.00 for the year, down from their prior estimate of $189.16. DA Davidson has a “Neutral” rating and a $1,650.00 price objective on the stock. The consensus estimate for First Citizens BancShares’ current full-year earnings is $178.72 per share.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings data on Friday, January 26th. The bank reported $46.58 earnings per share for the quarter, missing analysts’ consensus estimates of $48.49 by ($1.91). The firm had revenue of $2.45 billion during the quarter, compared to analysts’ expectations of $2.36 billion. First Citizens BancShares had a net margin of 51.04% and a return on equity of 13.52%.

FCNCA has been the topic of several other research reports. StockNews.com lowered First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Wednesday, April 3rd. Barclays initiated coverage on First Citizens BancShares in a report on Thursday, April 11th. They set an “equal weight” rating and a $1,850.00 price target on the stock. Wedbush reiterated an “outperform” rating and set a $1,800.00 price target on shares of First Citizens BancShares in a report on Monday, January 29th. UBS Group lifted their price target on First Citizens BancShares from $1,644.00 to $1,754.00 and gave the stock a “buy” rating in a report on Tuesday, January 30th. Finally, The Goldman Sachs Group initiated coverage on First Citizens BancShares in a report on Thursday, March 21st. They set a “buy” rating and a $1,950.00 price target on the stock. One analyst has rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $1,768.63.

First Citizens BancShares Trading Up 1.1 %

Shares of FCNCA stock opened at $1,550.00 on Thursday. First Citizens BancShares has a fifty-two week low of $945.32 and a fifty-two week high of $1,651.73. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.14 and a current ratio of 1.14. The stock’s fifty day moving average is $1,561.43 and its two-hundred day moving average is $1,465.85. The firm has a market capitalization of $22.51 billion, a P/E ratio of 1.98 and a beta of 0.89.

First Citizens BancShares Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Thursday, February 29th were issued a $1.64 dividend. The ex-dividend date was Wednesday, February 28th. This represents a $6.56 annualized dividend and a yield of 0.42%. First Citizens BancShares’s dividend payout ratio (DPR) is currently 0.84%.

Insider Activity at First Citizens BancShares

In other news, insider Hope Holding Bryant bought 300 shares of the company’s stock in a transaction on Wednesday, February 21st. The stock was bought at an average cost of $1,315.00 per share, with a total value of $394,500.00. Following the transaction, the insider now directly owns 1,978 shares in the company, valued at approximately $2,601,070. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, major shareholder Olivia Britton Holding bought 466 shares of the company’s stock in a transaction on Tuesday, February 20th. The stock was bought at an average cost of $1,315.00 per share, with a total value of $612,790.00. Following the transaction, the insider now directly owns 121,694 shares in the company, valued at approximately $160,027,610. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Hope Holding Bryant bought 300 shares of the company’s stock in a transaction on Wednesday, February 21st. The stock was purchased at an average cost of $1,315.00 per share, with a total value of $394,500.00. Following the completion of the transaction, the insider now owns 1,978 shares in the company, valued at $2,601,070. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 1,388 shares of company stock worth $1,825,220. Company insiders own 12.85% of the company’s stock.

Hedge Funds Weigh In On First Citizens BancShares

A number of institutional investors and hedge funds have recently made changes to their positions in FCNCA. Raymond James & Associates grew its position in shares of First Citizens BancShares by 19.9% during the first quarter. Raymond James & Associates now owns 2,959 shares of the bank’s stock worth $1,970,000 after buying an additional 491 shares in the last quarter. Raymond James Financial Services Advisors Inc. acquired a new position in shares of First Citizens BancShares during the first quarter worth about $207,000. US Bancorp DE grew its position in shares of First Citizens BancShares by 277.0% during the first quarter. US Bancorp DE now owns 475 shares of the bank’s stock worth $317,000 after buying an additional 349 shares in the last quarter. Cetera Advisor Networks LLC grew its position in shares of First Citizens BancShares by 21.0% during the first quarter. Cetera Advisor Networks LLC now owns 513 shares of the bank’s stock worth $341,000 after buying an additional 89 shares in the last quarter. Finally, MetLife Investment Management LLC acquired a new position in First Citizens BancShares in the first quarter valued at approximately $162,000. 61.18% of the stock is owned by institutional investors and hedge funds.

About First Citizens BancShares

First Citizens BancShares, Inc operates as the holding company for First-Citizens Bank & Trust Company that provides retail and commercial banking services to individuals, businesses, and professionals. The company's deposit products include checking, savings, money market, and time deposit accounts.