FY2024 EPS Estimates for First Citizens BancShares, Inc. (NASDAQ:FCNCA) Lowered by DA Davidson

First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) - Investment analysts at DA Davidson reduced their FY2024 earnings estimates for First Citizens BancShares in a research report issued to clients and investors on Tuesday, April 16th. DA Davidson analyst M. Navas now forecasts that the bank will earn $180.00 per share for the year, down from their previous forecast of $189.16. DA Davidson has a "Neutral" rating and a $1,650.00 price target 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 posted its quarterly earnings results on Friday, January 26th. The bank reported $46.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $48.49 by ($1.91). The business had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.36 billion. First Citizens BancShares had a net margin of 51.04% and a return on equity of 13.52%.

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

First Citizens BancShares Stock Up 0.1 %

FCNCA stock traded up $1.91 during mid-day trading on Thursday, reaching $1,551.91. 65,761 shares of the company traded hands, compared to its average volume of 81,153. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 1.82. The firm's 50 day moving average price is $1,562.91 and its 200 day moving average price is $1,466.44. The stock has a market cap of $22.53 billion, a price-to-earnings ratio of 1.98 and a beta of 0.89. First Citizens BancShares has a fifty-two week low of $945.32 and a fifty-two week high of $1,651.73.

Institutional Investors Weigh In On First Citizens BancShares

Large investors have recently added to or reduced their stakes in the company. Blue Trust Inc. lifted its holdings in shares of First Citizens BancShares by 100.0% in the 4th quarter. Blue Trust Inc. now owns 20 shares of the bank's stock worth $27,000 after acquiring an additional 10 shares during the last quarter. GAMMA Investing LLC bought a new stake in First Citizens BancShares in the fourth quarter worth $30,000. Mather Group LLC. purchased a new stake in First Citizens BancShares during the first quarter valued at about $31,000. Castleview Partners LLC purchased a new stake in First Citizens BancShares during the second quarter valued at about $31,000. Finally, Lindbrook Capital LLC grew its stake in shares of First Citizens BancShares by 53.3% during the third quarter. Lindbrook Capital LLC now owns 23 shares of the bank's stock valued at $32,000 after buying an additional 8 shares during the last quarter. Hedge funds and other institutional investors own 61.18% of the company's stock.

Insider Activity

In other news, major shareholder Olivia Britton Holding purchased 466 shares of the business's stock in a transaction on Tuesday, February 20th. The stock was purchased at an average cost of $1,315.00 per share, with a total value of $612,790.00. Following the acquisition, the insider now directly owns 121,694 shares in the company, valued at $160,027,610. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Director Ellen R. Alemany sold 600 shares of the company's stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $1,559.09, for a total value of $935,454.00. Following the transaction, the director now directly owns 4,842 shares in the company, valued at $7,549,113.78. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Olivia Britton Holding bought 466 shares of the stock in a transaction that occurred on Tuesday, February 20th. The stock was bought at an average cost of $1,315.00 per share, for a total transaction of $612,790.00. Following the completion of the purchase, the insider now directly owns 121,694 shares of the company's stock, valued at $160,027,610. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 1,388 shares of company stock worth $1,825,220. 13.40% of the stock is owned by company insiders.

First Citizens BancShares Dividend Announcement

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

First Citizens BancShares Company Profile

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.