Q2 2024 EPS Estimates for First Citizens BancShares, Inc. (NASDAQ:FCNCA) Decreased by Wedbush

First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) - Equities researchers at Wedbush reduced their Q2 2024 earnings estimates for First Citizens BancShares in a research report issued on Thursday, April 25th. Wedbush analyst D. Chiaverini now expects that the bank will post earnings of $44.11 per share for the quarter, down from their prior estimate of $45.27. Wedbush has a "Outperform" rating and a $1,800.00 price objective on the stock. The consensus estimate for First Citizens BancShares' current full-year earnings is $179.92 per share. Wedbush also issued estimates for First Citizens BancShares' Q3 2024 earnings at $45.46 EPS, Q1 2025 earnings at $45.86 EPS and Q2 2025 earnings at $47.90 EPS.

A number of other equities research analysts have also issued reports on the company. Piper Sandler lowered First Citizens BancShares from an "overweight" rating to a "neutral" rating and upped their price target for the company from $1,850.00 to $1,950.00 in a research report on Friday. Keefe, Bruyette & Woods reaffirmed an "outperform" rating and issued a $2,100.00 target price (up from $1,900.00) on shares of First Citizens BancShares in a research note on Friday. UBS Group lifted their price target 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. The Goldman Sachs Group started coverage on shares of First Citizens BancShares in a report on Thursday, March 21st. They issued a "buy" rating and a $1,950.00 price objective for the company. Finally, Barclays lifted their target price on shares of First Citizens BancShares from $1,850.00 to $1,950.00 and gave the stock an "equal weight" rating in a research note on Friday. One analyst has rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, First Citizens BancShares currently has an average rating of "Hold" and an average price target of $1,829.90.

First Citizens BancShares Price Performance

NASDAQ FCNCA traded down $47.02 during mid-day trading on Monday, hitting $1,707.48. The stock had a trading volume of 104,315 shares, compared to its average volume of 82,315. First Citizens BancShares has a twelve month low of $945.32 and a twelve month high of $1,810.03. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.14 and a quick ratio of 1.14. The firm's 50 day moving average is $1,582.88 and its 200 day moving average is $1,481.54. The stock has a market capitalization of $24.79 billion, a price-to-earnings ratio of 9.48 and a beta of 0.89.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced 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). The firm had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.36 billion. First Citizens BancShares had a net margin of 18.22% and a return on equity of 15.75%.

First Citizens BancShares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Friday, May 31st will be given a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 0.38%. The ex-dividend date of this dividend is Thursday, May 30th. First Citizens BancShares's dividend payout ratio is presently 3.64%.

Insider Activity

In other First Citizens BancShares news, insider Hope Holding Bryant purchased 300 shares of the firm's stock in a transaction on Wednesday, February 21st. The stock was bought at an average cost of $1,315.00 per share, with a total value of $394,500.00. Following the acquisition, the insider now directly owns 1,978 shares of the company's stock, valued at $2,601,070. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Frank B. Holding, Jr. bought 622 shares of the company's stock in a transaction that occurred on Tuesday, February 20th. The shares were purchased at an average cost of $1,315.00 per share, with a total value of $817,930.00. Following the transaction, the chief executive officer now directly owns 97,609 shares of the company's stock, valued at approximately $128,355,835. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Hope Holding Bryant purchased 300 shares of First Citizens BancShares stock in a transaction that occurred on Wednesday, February 21st. The stock was bought at an average cost of $1,315.00 per share, with a total value of $394,500.00. Following the completion of the transaction, the insider now owns 1,978 shares of the company's stock, valued at $2,601,070. The disclosure for this purchase can be found here. In the last three months, insiders have bought 1,388 shares of company stock worth $1,825,220. 12.85% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On First Citizens BancShares

Several hedge funds have recently made changes to their positions in FCNCA. Lincoln National Corp increased its holdings in shares of First Citizens BancShares by 2.6% in the 4th quarter. Lincoln National Corp now owns 277 shares of the bank's stock valued at $393,000 after purchasing an additional 7 shares in the last quarter. Quadrant Capital Group LLC lifted its position in shares of First Citizens BancShares by 4.4% during the 4th quarter. Quadrant Capital Group LLC now owns 165 shares of the bank's stock valued at $234,000 after acquiring an additional 7 shares during the period. Envestnet Portfolio Solutions Inc. lifted its position in shares of First Citizens BancShares by 4.5% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 161 shares of the bank's stock valued at $229,000 after acquiring an additional 7 shares during the period. Park Avenue Securities LLC boosted its stake in shares of First Citizens BancShares by 1.6% during the 1st quarter. Park Avenue Securities LLC now owns 450 shares of the bank's stock worth $736,000 after acquiring an additional 7 shares in the last quarter. Finally, Lindbrook Capital LLC increased its stake in First Citizens BancShares by 53.3% in the 3rd quarter. Lindbrook Capital LLC now owns 23 shares of the bank's stock valued at $32,000 after purchasing an additional 8 shares in the last quarter. Institutional investors and hedge funds own 61.18% 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.