Wedbush Weighs in on First Citizens BancShares, Inc.’s Q2 2024 Earnings (NASDAQ:FCNCA)

First Citizens BancShares, Inc. (NASDAQ:FCNCA) – Stock analysts at Wedbush reduced their Q2 2024 earnings estimates for First Citizens BancShares in a research report issued on Thursday, April 25th. Wedbush analyst D. Chiaverini now forecasts that the bank will post earnings per share of $44.11 for the quarter, down from their previous forecast of $45.27. Wedbush has a “Outperform” rating and a $1,800.00 price objective on the stock. The consensus estimate for First Citizens BancShares’ current full-year earnings is $179.92 per share. Wedbush also issued estimates for First Citizens BancShares’ Q3 2024 earnings at $45.46 EPS, Q1 2025 earnings at $45.86 EPS and Q2 2025 earnings at $47.90 EPS.

Other equities research analysts also recently issued research reports about the stock. The Goldman Sachs Group started coverage on shares of First Citizens BancShares in a research report on Thursday, March 21st. They set a “buy” rating and a $1,950.00 price target for the company. UBS Group lifted their target price on shares of First Citizens BancShares from $1,644.00 to $1,754.00 and gave the stock a “buy” rating in a research report on Tuesday, January 30th. StockNews.com raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Monday. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $2,100.00 target price (up previously from $1,900.00) on shares of First Citizens BancShares in a research report on Friday. Finally, DA Davidson reissued a “neutral” rating and set a $1,650.00 price objective (up previously from $1,600.00) on shares of First Citizens BancShares in a research report on Monday, April 15th. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, First Citizens BancShares has an average rating of “Moderate Buy” and an average target price of $1,829.90.

First Citizens BancShares Price Performance

FCNCA stock opened at $1,707.48 on Monday. The firm has a 50 day moving average price of $1,586.73 and a 200-day moving average price of $1,484.07. First Citizens BancShares has a 52-week low of $945.32 and a 52-week high of $1,810.03. The firm has a market capitalization of $24.79 billion, a price-to-earnings ratio of 9.48 and a beta of 0.89. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.14 and a current ratio of 1.14.

First Citizens BancShares (NASDAQ:FCNCA) last released 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). First Citizens BancShares had a net margin of 18.22% and a return on equity of 15.75%. The business had revenue of $2.45 billion for the quarter, compared to analysts’ expectations of $2.36 billion.

First Citizens BancShares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Friday, May 31st will be issued a dividend of $1.64 per share. The ex-dividend date of this dividend is Thursday, May 30th. This represents a $6.56 annualized dividend and a yield of 0.38%. First Citizens BancShares’s payout ratio is 3.64%.

Insiders Place Their Bets

In related news, major shareholder Olivia Britton Holding bought 466 shares of the company’s stock in a transaction on Tuesday, February 20th. The shares were acquired at an average cost of $1,315.00 per share, for a total transaction of $612,790.00. Following the purchase, the insider now directly owns 121,694 shares of the company’s stock, valued at $160,027,610. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, major shareholder Olivia Britton Holding bought 466 shares of the company’s stock in a transaction on Tuesday, February 20th. The shares were acquired at an average cost of $1,315.00 per share, for a total transaction of $612,790.00. Following the purchase, the insider now directly owns 121,694 shares of the company’s stock, valued at $160,027,610. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Ellen R. Alemany sold 600 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $1,559.09, for a total transaction of $935,454.00. Following the completion of the sale, the director now directly owns 4,842 shares of the company’s stock, valued at approximately $7,549,113.78. The disclosure for this sale can be found here. Insiders have purchased 1,388 shares of company stock worth $1,825,220 in the last three months. Corporate insiders own 12.85% of the company’s stock.

Institutional Investors Weigh In On First Citizens BancShares

Hedge funds have recently modified their holdings of the business. Blue Trust Inc. lifted its position in First Citizens BancShares by 100.0% during the fourth quarter. Blue Trust Inc. now owns 20 shares of the bank’s stock valued at $27,000 after acquiring an additional 10 shares during the last quarter. GAMMA Investing LLC purchased a new position in shares of First Citizens BancShares in the fourth quarter worth $30,000. Mather Group LLC. purchased a new position in shares of First Citizens BancShares in the first quarter worth $31,000. Lindbrook Capital LLC raised its holdings in shares of First Citizens BancShares by 53.3% in the third quarter. Lindbrook Capital LLC now owns 23 shares of the bank’s stock worth $32,000 after buying an additional 8 shares during the last quarter. Finally, Principal Securities Inc. purchased a new position in shares of First Citizens BancShares in the fourth quarter worth $43,000. 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.