First Citizens BancShares (NASDAQ:FCNCA) Trading 5.7% Higher on Earnings Beat

Key Points

• First Citizens BancShares shares rose 5.7% after the company reported stronger-than-expected quarterly earnings, reaching as high as $2,209.36 in intraday trading.
• The bank posted EPS of $57.09, easily beating analyst estimates of $40.69, while revenue came in at $2.24 billion versus expectations of $2.16 billion.
• Despite the earnings beat, analysts remain cautious overall, with a consensus rating of “Hold” and an average price target of $2,247.08.

First Citizens BancShares, Inc. (NASDAQ:FCNCA - Get Free Report) shares shot up 5.7% during trading on Thursday following a stronger than expected earnings report. The company traded as high as $2,209.36 and last traded at $2,196.20. 67,234 shares traded hands during mid-day trading, a decline of 26% from the average session volume of 90,292 shares. The stock had previously closed at $2,077.57.

The bank reported $57.09 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $40.69 by $16.40. First Citizens BancShares had a return on equity of 11.48% and a net margin of 15.62%.The company had revenue of $2.24 billion during the quarter, compared to analyst estimates of $2.16 billion.

Analyst Upgrades and Downgrades

FCNCA has been the subject of several research analyst reports. JPMorgan Chase & Co. upped their price objective on First Citizens BancShares from $2,150.00 to $2,350.00 and gave the company a "neutral" rating in a report on Wednesday, July 1st. Fundamental Research set a $2,350.00 target price on shares of First Citizens BancShares in a report on Wednesday, July 1st. TD Cowen dropped their target price on shares of First Citizens BancShares from $2,500.00 to $2,300.00 and set a "buy" rating on the stock in a research report on Monday, April 27th. Piper Sandler set a $2,050.00 price target on shares of First Citizens BancShares in a report on Friday, April 24th. Finally, Weiss Ratings upgraded shares of First Citizens BancShares from a "hold (c)" rating to a "hold (c+)" rating in a research report on Wednesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and ten have given a Hold rating to the company. According to MarketBeat, First Citizens BancShares presently has a consensus rating of "Hold" and an average price target of $2,247.08.

Insider Transactions at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. acquired 5,940 shares of the business's stock in a transaction on Tuesday, May 12th. The stock was purchased at an average price of $1,726.82 per share, for a total transaction of $10,257,310.80. Following the transaction, the chief executive officer owned 38,111 shares in the company, valued at $65,810,837.02. This trade represents a 18.46% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have bought a total of 7,190 shares of company stock valued at $12,573,868 over the last three months. Corporate insiders own 14.63% of the company's stock.

Institutional Investors Weigh In On First Citizens BancShares

Several large investors have recently modified their holdings of FCNCA. Hilton Head Capital Partners LLC bought a new stake in shares of First Citizens BancShares during the fourth quarter worth $26,000. Harbor Investment Advisory LLC boosted its stake in First Citizens BancShares by 150.0% in the 4th quarter. Harbor Investment Advisory LLC now owns 15 shares of the bank's stock worth $32,000 after purchasing an additional 9 shares during the period. Reflection Asset Management bought a new position in First Citizens BancShares during the 4th quarter worth about $45,000. Global Assets Advisory LLC bought a new position in First Citizens BancShares during the 1st quarter worth about $45,000. Finally, UMB Bank n.a. raised its stake in shares of First Citizens BancShares by 50.0% in the 4th quarter. UMB Bank n.a. now owns 24 shares of the bank's stock valued at $52,000 after purchasing an additional 8 shares during the period. 78.01% of the stock is currently owned by institutional investors.

First Citizens BancShares Price Performance

The stock has a market cap of $25.54 billion, a price-to-earnings ratio of 12.66, a P/E/G ratio of 1.56 and a beta of 0.62. The company has a 50 day simple moving average of $2,053.95 and a 200-day simple moving average of $2,016.98. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.67.

First Citizens BancShares Company Profile

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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