First Citizens BancShares (NASDAQ:FCNCA) Announces Earnings Results, Beats Expectations By $3.11 EPS

Key Points

• First Citizens BancShares reported **earnings per share of $44.62**, exceeding estimates by **$2.06**, with a net margin of **16.37%** and a return on equity of **11.32%**.
• The company's stock price experienced an increase, trading at **$1,753.89**, with significant analyst activity including upgrades and downgrades affecting price targets.
• Insiders have been actively purchasing shares, with major shareholder Olivia Britton Holding increasing her position by **30.18%**, highlighting confidence in the company's future prospects.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) announced its earnings results on Thursday. The bank reported $44.62 EPS for the quarter, beating analysts' consensus estimates of $41.51 by $3.11, Zacks reports. First Citizens BancShares had a return on equity of 11.32% and a net margin of 16.37%.The firm had revenue of $2.25 billion for the quarter, compared to analysts' expectations of $2.21 billion.

First Citizens BancShares Trading Up 0.6%

Shares of FCNCA stock traded up $10.98 on Thursday, reaching $1,753.47. 124,319 shares of the stock were exchanged, compared to its average volume of 106,495. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.76. The stock has a market cap of $22.65 billion, a P/E ratio of 10.35 and a beta of 0.60. The firm has a 50 day moving average of $1,865.59 and a two-hundred day moving average of $1,878.64. First Citizens BancShares has a 1-year low of $1,473.62 and a 1-year high of $2,412.93.

Wall Street Analyst Weigh In

FCNCA has been the topic of several recent research reports. Citigroup restated an "outperform" rating on shares of First Citizens BancShares in a research report on Tuesday, October 7th. Piper Sandler set a $2,150.00 price target on shares of First Citizens BancShares and gave the stock a "neutral" rating in a research note on Monday, July 28th. UBS Group reiterated a "buy" rating and set a $2,410.00 price target on shares of First Citizens BancShares in a report on Wednesday, July 9th. Raymond James Financial set a $2,100.00 price objective on shares of First Citizens BancShares in a research note on Tuesday, October 7th. Finally, Cowen restated a "buy" rating on shares of First Citizens BancShares in a research report on Monday, July 28th. Nine analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, First Citizens BancShares presently has a consensus rating of "Moderate Buy" and an average price target of $2,227.69.

Insider Buying and Selling at First Citizens BancShares

In other news, major shareholder Olivia Britton Holding purchased 409 shares of the company's stock in a transaction on Thursday, August 7th. The stock was bought at an average cost of $1,630.00 per share, for a total transaction of $666,670.00. Following the completion of the purchase, the insider directly owned 1,764 shares of the company's stock, valued at $2,875,320. The trade was a 30.18% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Frank B. Holding, Jr. acquired 600 shares of the business's stock in a transaction dated Thursday, August 7th. The stock was purchased at an average price of $1,698.75 per share, for a total transaction of $1,019,250.00. Following the completion of the acquisition, the chief executive officer owned 32,300 shares in the company, valued at approximately $54,869,625. This trade represents a 1.89% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 1,494 shares of company stock valued at $2,485,986. Company insiders own 13.40% of the company's stock.

Institutional Investors Weigh In On First Citizens BancShares

Large investors have recently made changes to their positions in the business. Corient Private Wealth LLC grew its position in shares of First Citizens BancShares by 0.6% during the second quarter. Corient Private Wealth LLC now owns 1,049 shares of the bank's stock worth $2,051,000 after buying an additional 6 shares in the last quarter. SkyView Investment Advisors LLC raised its holdings in First Citizens BancShares by 1.5% in the second quarter. SkyView Investment Advisors LLC now owns 757 shares of the bank's stock valued at $1,481,000 after acquiring an additional 11 shares in the last quarter. Focus Partners Wealth boosted its stake in First Citizens BancShares by 5.2% during the 1st quarter. Focus Partners Wealth now owns 241 shares of the bank's stock valued at $447,000 after acquiring an additional 12 shares during the last quarter. Advisory Services Network LLC grew its holdings in First Citizens BancShares by 6.9% during the 2nd quarter. Advisory Services Network LLC now owns 248 shares of the bank's stock worth $495,000 after acquiring an additional 16 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its position in shares of First Citizens BancShares by 31.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 88 shares of the bank's stock worth $172,000 after purchasing an additional 21 shares during the last quarter. Institutional investors and hedge funds 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.