First Citizens BancShares (NASDAQ:FCNCA) Announces Quarterly Earnings Results, Beats Expectations By $9.19 EPS

Key Points

• First Citizens BancShares beat earnings expectations: Quarterly EPS was $55.37, exceeding the $46.18 consensus by $9.19. Revenue reached $2.27 billion, broadly in line with the $2.26 billion estimate.
• Shares rallied following the results, rising $167.34 to $2,364.11 and nearing their 52-week high of $2,375.71. The bank reported a 12.07% return on equity and a 16.28% net margin.
• Analysts remain cautious despite the earnings beat: The consensus rating is “Hold,” with a target price of $2,261, below the current share price. Insider activity included a major shareholder sale and a director purchase.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) posted its quarterly earnings data on Friday. The bank reported $55.37 EPS for the quarter, topping the consensus estimate of $46.18 by $9.19, FiscalAI reports. First Citizens BancShares had a return on equity of 12.07% and a net margin of 16.28%. The company had revenue of $2.27 billion during the quarter, compared to analyst estimates of $2.26 billion.

First Citizens BancShares Price Performance

FCNCA traded up $167.34 during trading on Friday, reaching $2,364.11. The company's stock had a trading volume of 73,615 shares, compared to its average volume of 81,734. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.59. The firm has a fifty day simple moving average of $2,132.90 and a two-hundred day simple moving average of $2,085.63. First Citizens BancShares has a 1 year low of $1,735.03 and a 1 year high of $2,375.71. The company has a market cap of $26.69 billion, a price-to-earnings ratio of 12.66, a PEG ratio of 1.59 and a beta of 0.58.

Insider Activity at First Citizens BancShares

In other news, major shareholder Olivia Britton Holding sold 7,000 shares of the company's stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $19.53, for a total value of $136,710.00. Following the completion of the sale, the insider directly owned 15,000 shares in the company, valued at $292,950. This represents a 31.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Diane Morais purchased 50 shares of the business's stock in a transaction that occurred on Wednesday, August 19th. The stock was bought at an average cost of $2,168.11 per share, with a total value of $108,405.50. Following the acquisition, the director owned 100 shares of the company's stock, valued at approximately $216,811. The trade was a 100.00% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders own 14.63% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on FCNCA shares. UBS Group initiated coverage on First Citizens BancShares in a research report on Monday, September 14th. They issued a "neutral" rating and a $2,250.00 target price on the stock. Piper Sandler increased their price objective on First Citizens BancShares from $2,050.00 to $2,100.00 and gave the company a "neutral" rating in a research note on Monday, July 27th. Barclays raised their price objective on First Citizens BancShares from $2,346.00 to $2,376.00 and gave the company an "equal weight" rating in a report on Monday, July 27th. Truist Financial raised their price objective on First Citizens BancShares from $2,150.00 to $2,323.00 and gave the company a "hold" rating in a report on Tuesday, July 28th. Finally, Wall Street Zen raised shares of First Citizens BancShares from a "sell" rating to a "hold" rating in a research note on Saturday, June 27th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and eleven have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $2,261.00.

First Citizens BancShares Company Profile

First Citizens BancShares, Inc is a bank holding company headquartered in Raleigh, North Carolina. Its principal subsidiary, First-Citizens Bank & Trust Company, provides banking and financial services to individuals, businesses, and institutions through a network of branches and digital banking channels.

The bank offers deposit accounts, consumer and residential lending, commercial and industrial loans, commercial real estate financing, equipment finance, treasury management, and payment services.

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