First Citizens BancShares (FCNCA) to Release Earnings on Thursday

Key Points

• First Citizens will report results before the open on Thursday, April 23; analysts expect $43.31 EPS and $2.1972 billion in revenue, with consensus forecasts of $168 EPS for the current fiscal year and $194 for the next.
• In the prior quarter the bank beat estimates, reporting $51.27 EPS versus a consensus of $44.24 and revenue of $2.44 billion versus $2.24 billion.
• Shares trade near $1,987 with a market cap of $23.72 billion and a P/E around 12; the company pays a quarterly dividend of $2.10 (0.4% yield) and carries an average analyst target of $2,227 with a "Moderate Buy" consensus.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) will likely be posting its results before the market opens on Thursday, April 23rd. Analysts expect First Citizens BancShares to post earnings of $43.31 per share and revenue of $2.1972 billion for the quarter.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its quarterly earnings results on Friday, January 23rd. The bank reported $51.27 earnings per share for the quarter, beating analysts' consensus estimates of $44.24 by $7.03. The company had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.24 billion. First Citizens BancShares had a net margin of 15.21% and a return on equity of 11.18%. 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 Trading Down 0.2%

Shares of NASDAQ:FCNCA opened at $1,987.01 on Thursday. The business's 50 day simple moving average is $1,943.13 and its 200 day simple moving average is $1,947.90. First Citizens BancShares has a 1 year low of $1,623.76 and a 1 year high of $2,232.21. The company has a debt-to-equity ratio of 1.72, a current ratio of 1.03 and a quick ratio of 1.03. The company has a market capitalization of $23.72 billion, a P/E ratio of 11.99, a P/E/G ratio of 1.49 and a beta of 0.65.

First Citizens BancShares Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 16th. Stockholders of record on Friday, February 27th were issued a dividend of $2.10 per share. This represents a $8.40 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend was Friday, February 27th. First Citizens BancShares's dividend payout ratio is 5.07%.

Analysts Set New Price Targets

A number of research analysts recently commented on FCNCA shares. Deutsche Bank Aktiengesellschaft cut First Citizens BancShares from a "buy" rating to a "hold" rating and set a $2,154.00 price target on the stock. in a research report on Wednesday, April 8th. Wall Street Zen raised First Citizens BancShares from a "sell" rating to a "hold" rating in a research note on Saturday, February 28th. Piper Sandler boosted their price target on First Citizens BancShares from $2,000.00 to $2,100.00 and gave the company a "neutral" rating in a research note on Thursday, January 29th. Barclays dropped their price target on First Citizens BancShares from $2,456.00 to $2,346.00 and set an "equal weight" rating for the company in a research note on Monday, January 26th. Finally, UBS Group set a $2,325.00 price target on First Citizens BancShares in a research note on Wednesday, February 4th. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and eight have given a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $2,227.08.

Insider Buying and Selling

In related news, CEO Frank B. Holding, Jr. purchased 134 shares of the company's stock in a transaction that occurred on Friday, March 13th. The stock was acquired at an average price of $1,550.00 per share, with a total value of $207,700.00. Following the completion of the purchase, the chief executive officer directly owned 2,749 shares in the company, valued at $4,260,950. This trade represents a 5.12% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders bought a total of 258 shares of company stock valued at $404,236 over the last three months. 14.63% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of FCNCA. Goldman Sachs Group Inc. raised its stake 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 worth $69,324,000 after acquiring an additional 681 shares in the last quarter. Empowered Funds LLC raised its stake in First Citizens BancShares by 71.9% during the first quarter. Empowered Funds LLC now owns 392 shares of the bank's stock worth $727,000 after acquiring an additional 164 shares in the last quarter. Focus Partners Wealth raised its stake in First Citizens BancShares by 5.2% during the first quarter. Focus Partners Wealth now owns 241 shares of the bank's stock worth $447,000 after acquiring an additional 12 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in First Citizens BancShares by 31.3% during the second quarter. EverSource Wealth Advisors LLC now owns 88 shares of the bank's stock worth $172,000 after acquiring an additional 21 shares in the last quarter. Finally, Flow Traders U.S. LLC acquired a new position in First Citizens BancShares during the second quarter worth about $260,000. Institutional investors and hedge funds own 78.01% of the company's stock.

About First Citizens BancShares

First Citizens BancShares, Inc is the bank holding company for First Citizens Bank, a full‑service commercial bank headquartered in Raleigh, North Carolina. The company traces its roots to a community bank founded in 1898 and has grown into a diversified financial services organization that operates through its banking subsidiary to serve retail, commercial and institutional clients.

First Citizens offers a broad suite of banking products and services, including consumer and business deposit accounts, commercial and industrial lending, real estate and mortgage lending, treasury and cash management, and specialized lending solutions.

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