DA Davidson Weighs in on First Citizens BancShares, Inc.'s Q1 2024 Earnings (NASDAQ:FCNCA)

First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) - Analysts at DA Davidson issued their Q1 2024 earnings per share estimates for First Citizens BancShares in a research report issued to clients and investors on Tuesday, April 16th. DA Davidson analyst M. Navas expects that the bank will earn $42.92 per share for the quarter. DA Davidson currently has a "Neutral" rating and a $1,650.00 target price on the stock. The consensus estimate for First Citizens BancShares' current full-year earnings is $178.72 per share.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its earnings results on Friday, January 26th. The bank reported $46.58 EPS for the quarter, missing analysts' consensus estimates of $48.49 by ($1.91). First Citizens BancShares had a net margin of 51.04% and a return on equity of 13.52%. The business had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.36 billion.

Several other brokerages have also recently issued reports on FCNCA. StockNews.com cut First Citizens BancShares from a "hold" rating to a "sell" rating in a research note on Wednesday, April 3rd. The Goldman Sachs Group started coverage on First Citizens BancShares in a research note on Thursday, March 21st. They issued a "buy" rating and a $1,950.00 price objective on the stock. Barclays initiated coverage on First Citizens BancShares in a research note on Thursday, April 11th. They issued an "equal weight" rating and a $1,850.00 price objective on the stock. Wedbush restated an "outperform" rating and set a $1,800.00 target price on shares of First Citizens BancShares in a report on Monday, January 29th. Finally, UBS Group upped their target price on First Citizens BancShares from $1,644.00 to $1,754.00 and gave the stock a "buy" rating in a report on Tuesday, January 30th. One analyst has rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $1,768.63.

First Citizens BancShares Trading Up 1.1 %

NASDAQ:FCNCA traded up $17.49 during midday trading on Wednesday, hitting $1,550.00. The stock had a trading volume of 57,842 shares, compared to its average volume of 81,361. First Citizens BancShares has a one year low of $945.32 and a one year high of $1,651.73. The company has a market capitalization of $22.51 billion, a price-to-earnings ratio of 1.98 and a beta of 0.89. The stock has a 50-day moving average of $1,561.43 and a 200 day moving average of $1,465.85. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 1.82.

Institutional Investors Weigh In On First Citizens BancShares

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Mather Group LLC. acquired a new stake in shares of First Citizens BancShares during the 1st quarter valued at about $31,000. Blue Trust Inc. grew its position in shares of First Citizens BancShares by 100.0% during the 4th quarter. Blue Trust Inc. now owns 20 shares of the bank's stock valued at $27,000 after acquiring an additional 10 shares during the period. GAMMA Investing LLC acquired a new stake in shares of First Citizens BancShares during the 4th quarter valued at about $30,000. Lindbrook Capital LLC boosted its holdings in First Citizens BancShares by 53.3% in the 3rd quarter. Lindbrook Capital LLC now owns 23 shares of the bank's stock worth $32,000 after buying an additional 8 shares during the last quarter. Finally, Castleview Partners LLC acquired a new stake in First Citizens BancShares in the 2nd quarter worth about $31,000. 61.18% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, major shareholder Olivia Britton Holding bought 466 shares of First Citizens BancShares stock in a transaction that occurred on Tuesday, February 20th. The stock was bought at an average price of $1,315.00 per share, for a total transaction of $612,790.00. Following the purchase, the insider now directly owns 121,694 shares of the company's stock, valued at approximately $160,027,610. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other First Citizens BancShares news, Director Ellen R. Alemany sold 600 shares of the stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $1,559.09, for a total transaction of $935,454.00. Following the sale, the director now directly owns 4,842 shares of the company's stock, valued at approximately $7,549,113.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Olivia Britton Holding purchased 466 shares of the business's stock in a transaction on Tuesday, February 20th. The shares were bought at an average cost of $1,315.00 per share, for a total transaction of $612,790.00. Following the completion of the transaction, the insider now directly owns 121,694 shares in the company, valued at approximately $160,027,610. The disclosure for this purchase can be found here. Insiders bought 1,388 shares of company stock worth $1,825,220 in the last 90 days. Insiders own 12.85% of the company's stock.

First Citizens BancShares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Thursday, February 29th were issued a dividend of $1.64 per share. The ex-dividend date of this dividend was Wednesday, February 28th. This represents a $6.56 annualized dividend and a dividend yield of 0.42%. First Citizens BancShares's dividend payout ratio is presently 0.84%.

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.