First Citizens BancShares (NASDAQ:FCNCA) Announces Quarterly Earnings Results

Key Points

• First Citizens BancShares reported earnings of $44.78 per share for the quarter, exceeding the consensus estimate by $5.70, alongside a revenue of $2.38 billion.
• The bank's stock price reached $2,096.04, down 0.8% during trading, against a market capitalization of $27.86 billion.
• Analysts have issued a mixed rating for the stock, with a consensus rating of "Moderate Buy" and an average price target of $2,299.50.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) released its quarterly earnings results on Friday. The bank reported $44.78 earnings per share for the quarter, topping the consensus estimate of $39.08 by $5.70, Zacks reports. The company had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.21 billion. First Citizens BancShares had a return on equity of 11.98% and a net margin of 17.10%.

First Citizens BancShares Trading Down 0.8%

FCNCA stock traded down $17.79 during trading on Friday, reaching $2,096.04. 97,295 shares of the stock traded hands, compared to its average volume of 76,223. The business's 50 day moving average price is $1,953.13 and its 200-day moving average price is $1,939.52. First Citizens BancShares has a 52-week low of $1,473.62 and a 52-week high of $2,412.93. The company has a debt-to-equity ratio of 1.77, a current ratio of 1.04 and a quick ratio of 1.04. The firm has a market capitalization of $27.86 billion, a PE ratio of 12.00, a P/E/G ratio of 0.97 and a beta of 0.64.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. UBS Group reissued a "buy" rating and set a $2,410.00 price target on shares of First Citizens BancShares in a research report on Wednesday, July 9th. Jefferies Financial Group assumed coverage on First Citizens BancShares in a research report on Wednesday, May 21st. They set a "hold" rating and a $2,050.00 price target for the company. Barclays dropped their price target on First Citizens BancShares from $2,568.00 to $2,400.00 and set an "equal weight" rating for the company in a research report on Friday, April 25th. Wall Street Zen downgraded First Citizens BancShares from a "hold" rating to a "sell" rating in a research report on Monday, April 28th. Finally, TD Cowen assumed coverage on First Citizens BancShares in a research report on Thursday, May 15th. They set a "buy" rating and a $2,400.00 price target for the company. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $2,299.50.

Insider Transactions at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. purchased 350 shares of the stock in a transaction on Friday, May 2nd. The stock was purchased at an average price of $1,610.00 per share, with a total value of $563,500.00. Following the completion of the transaction, the chief executive officer owned 2,758 shares in the company, valued at approximately $4,440,380. The trade was a 14.53% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 13.40% of the company's stock.

Institutional Investors Weigh In On First Citizens BancShares

A number of institutional investors have recently added to or reduced their stakes in FCNCA. Goldman Sachs Group Inc. lifted its stake in shares of 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 purchasing an additional 681 shares in the last quarter. Empowered Funds LLC lifted its stake in shares of 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 purchasing an additional 164 shares in the last quarter. Finally, Focus Partners Wealth lifted its stake in shares of 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 purchasing an additional 12 shares in the last quarter. Hedge funds and other institutional investors own 78.01% 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.