First Citizens BancShares (FCNCA) Projected to Post Earnings on Thursday

Key Points

• First Citizens BancShares is projected to report earnings of $42.56 per share and revenue of $2.2123 billion on October 23rd, prior to market opening.
• The bank previously reported $44.78 EPS, exceeding estimates, and had a one-year stock high of $2,412.93.
• The company has a current dividend yield of 0.4% with a quarterly dividend of $1.95 paid on September 15th.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) is anticipated to issue its results before the market opens on Thursday, October 23rd. Analysts expect the company to announce earnings of $42.56 per share and revenue of $2.2123 billion for the quarter.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its earnings results on Friday, July 25th. The bank reported $44.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $39.08 by $5.70. First Citizens BancShares had a return on equity of 11.32% and a net margin of 16.37%.The firm had revenue of $2.38 billion for the quarter, compared to the consensus estimate of $2.21 billion. On average, analysts expect First Citizens BancShares to post $168 EPS for the current fiscal year and $194 EPS for the next fiscal year.

First Citizens BancShares Stock Performance

Shares of FCNCA opened at $1,746.26 on Thursday. The stock has a 50-day moving average of $1,879.68 and a two-hundred day moving average of $1,879.74. First Citizens BancShares has a one year low of $1,473.62 and a one year high of $2,412.93. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.04 and a current ratio of 1.04. The stock has a market cap of $22.56 billion, a P/E ratio of 10.30 and a beta of 0.60.

First Citizens BancShares Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Friday, August 29th were paid a $1.95 dividend. This represents a $7.80 annualized dividend and a dividend yield of 0.4%. The ex-dividend date was Friday, August 29th. First Citizens BancShares's dividend payout ratio (DPR) is presently 4.60%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Raymond James Financial set a $2,100.00 target price on First Citizens BancShares in a research report on Tuesday, October 7th. Truist Financial decreased their price objective on shares of First Citizens BancShares from $2,240.00 to $2,000.00 and set a "hold" rating for the company in a research note on Friday, October 3rd. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of First Citizens BancShares in a report on Wednesday, October 8th. The Goldman Sachs Group reduced their target price on shares of First Citizens BancShares from $2,250.00 to $1,950.00 and set a "buy" rating for the company in a report on Monday, October 6th. Finally, Citigroup restated an "outperform" rating on shares of First Citizens BancShares in a research report on Tuesday, October 7th. Nine research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $2,227.69.

Insider Activity at First Citizens BancShares

In other news, insider Hope Holding Bryant acquired 409 shares of the business's stock in a transaction on Thursday, August 7th. The stock was bought at an average price of $1,630.00 per share, with a total value of $666,670.00. Following the completion of the acquisition, the insider owned 1,764 shares of the company's stock, valued at approximately $2,875,320. This represents a 30.18% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Olivia Britton Holding acquired 409 shares of the firm's stock in a transaction on Thursday, August 7th. The stock was purchased at an average price of $1,630.00 per share, with a total value of $666,670.00. Following the transaction, the insider owned 1,764 shares of the company's stock, valued at approximately $2,875,320. This trade represents a 30.18% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 1,494 shares of company stock worth $2,485,986. 13.40% of the stock is owned by company insiders.

Institutional Trading of First Citizens BancShares

A number of institutional investors and hedge funds have recently made changes to their positions in FCNCA. Bank of America Corp DE lifted its position in shares of First Citizens BancShares by 15.7% during the 2nd quarter. Bank of America Corp DE now owns 65,101 shares of the bank's stock valued at $127,369,000 after buying an additional 8,826 shares in the last quarter. Orion Porfolio Solutions LLC raised its position in First Citizens BancShares by 2,057.4% during the second quarter. Orion Porfolio Solutions LLC now owns 47,506 shares of the bank's stock worth $92,944,000 after acquiring an additional 45,304 shares during the period. Goldman Sachs Group Inc. lifted its holdings in First Citizens BancShares by 1.9% during the first quarter. Goldman Sachs Group Inc. now owns 37,389 shares of the bank's stock valued at $69,324,000 after purchasing an additional 681 shares in the last quarter. Raymond James Financial Inc. grew its position in shares of First Citizens BancShares by 6.8% in the second quarter. Raymond James Financial Inc. now owns 21,283 shares of the bank's stock valued at $41,640,000 after purchasing an additional 1,352 shares during the period. Finally, Vident Advisory LLC grew its position in shares of First Citizens BancShares by 12.2% in the second quarter. Vident Advisory LLC now owns 14,630 shares of the bank's stock valued at $28,623,000 after purchasing an additional 1,587 shares during the period. 78.01% of the stock is currently owned by hedge funds and other institutional investors.

First Citizens BancShares Company Profile

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.

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