First Citizens BancShares, Inc. Expected to Post Q1 2024 Earnings of $42.92 Per Share (NASDAQ:FCNCA)

First Citizens BancShares, Inc. (NASDAQ:FCNCA) – Analysts at DA Davidson issued their Q1 2024 EPS estimates for shares of First Citizens BancShares in a research note issued to investors on Tuesday, April 16th. DA Davidson analyst M. Navas anticipates that the bank will post earnings per share of $42.92 for the quarter. DA Davidson has a “Neutral” rating and a $1,650.00 price target 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 issued its earnings results on Friday, January 26th. The bank reported $46.58 earnings per share (EPS) for the quarter, missing the consensus estimate 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 return on equity of 13.52% and a net margin of 51.04%.

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

First Citizens BancShares Stock Up 0.1 %

Shares of First Citizens BancShares stock opened at $1,551.91 on Wednesday. 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 has a market capitalization of $22.53 billion, a PE ratio of 1.98 and a beta of 0.89. First Citizens BancShares has a 52-week low of $945.32 and a 52-week high of $1,651.73. The company has a 50-day simple moving average of $1,562.91 and a two-hundred day simple moving average of $1,466.44.

First Citizens BancShares Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Thursday, February 29th were given a dividend of $1.64 per share. The ex-dividend date of this dividend 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 0.84%.

Insider Activity at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. bought 622 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The stock was bought at an average cost of $1,315.00 per share, for a total transaction of $817,930.00. Following the completion of the transaction, the chief executive officer now owns 97,609 shares of the company’s stock, valued at approximately $128,355,835. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Frank B. Holding, Jr. purchased 622 shares of the stock in a transaction on Tuesday, February 20th. The shares were acquired at an average price of $1,315.00 per share, with a total value of $817,930.00. Following the completion of the acquisition, the chief executive officer now directly owns 97,609 shares of the company’s stock, valued at $128,355,835. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Olivia Britton Holding purchased 466 shares of the stock in a transaction on Tuesday, February 20th. The shares were purchased at an average cost of $1,315.00 per share, for a total transaction of $612,790.00. Following the acquisition, the insider now directly owns 121,694 shares of the company’s stock, valued at $160,027,610. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 1,388 shares of company stock worth $1,825,220. 13.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On First Citizens BancShares

Several large investors have recently added to or reduced their stakes in the company. Raymond James & Associates lifted its holdings in shares of First Citizens BancShares by 19.9% in 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. purchased a new position in shares of First Citizens BancShares in the first quarter worth $207,000. US Bancorp DE lifted its holdings in shares of First Citizens BancShares by 277.0% in 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 lifted its holdings in shares of First Citizens BancShares by 21.0% in 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 purchased a new position in shares of First Citizens BancShares in the first quarter worth $162,000. Hedge funds and other institutional investors own 61.18% of the company’s stock.

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.