First Citizens BancShares (NASDAQ:FCNCA) Hits New 52-Week High Following Better-Than-Expected Earnings

Key Points

• First Citizens BancShares exceeded earnings expectations, reporting quarterly EPS of $55.37 versus the $46.18 consensus estimate and revenue of $2.27 billion, slightly above forecasts.
• The stock reached a new 52-week high of $2,375.71 and was last up 7.8% at approximately $2,324.96, giving the bank a market capitalization of about $26.74 billion.
• Despite the strong results, analyst sentiment remains cautious: the stock has an average “Hold” rating and a consensus price target of $2,261, below its current trading level.

Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Get Free Report) hit a new 52-week high on Friday following a stronger than expected earnings report. The company traded as high as $2,375.71 and last traded at $2,324.9570, with a volume of 19,978 shares traded. The stock had previously closed at $2,196.76.

The bank reported $55.37 EPS for the quarter, beating analysts' consensus estimates of $46.18 by $9.19. First Citizens BancShares had a return on equity of 12.07% and a net margin of 16.28%. The business had revenue of $2.27 billion during the quarter, compared to the consensus estimate of $2.26 billion.

Analyst Ratings Changes

FCNCA has been the topic of several recent analyst reports. UBS Group assumed coverage on shares of First Citizens BancShares in a report on Monday, September 14th. They set a "neutral" rating and a $2,250.00 price objective on the stock. Citigroup restated a "neutral" rating on shares of First Citizens BancShares in a report on Thursday, October 1st. Barclays upped their price target on shares of First Citizens BancShares from $2,346.00 to $2,376.00 and gave the stock an "equal weight" rating in a research report on Monday, July 27th. JPMorgan Chase & Co. dropped their price target on shares of First Citizens BancShares from $2,450.00 to $2,300.00 and set a "neutral" rating for the company in a research report on Thursday, October 1st. Finally, Piper Sandler increased their price target on shares of First Citizens BancShares from $2,050.00 to $2,100.00 and gave the stock a "neutral" rating in a research note on Monday, July 27th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $2,261.00.

Insider Activity

In other news, Director Diane Morais acquired 50 shares of the business's stock in a transaction dated Wednesday, August 19th. The shares were bought at an average cost of $2,168.11 per share, for a total transaction of $108,405.50. Following the acquisition, the director directly owned 100 shares in the company, valued at $216,811. This trade represents a 100.00% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Olivia Britton Holding sold 7,000 shares of First Citizens BancShares stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $19.53, for a total transaction of $136,710.00. Following the transaction, the insider directly owned 15,000 shares in the company, valued at approximately $292,950. This trade represents a 31.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 14.63% of the company's stock.

Hedge Funds Weigh In On First Citizens BancShares

Several hedge funds and other institutional investors have recently made changes to their positions in FCNCA. Wedbush Securities Inc. boosted its position in shares of First Citizens BancShares by 0.5% in the third quarter. Wedbush Securities Inc. now owns 959 shares of the bank's stock worth $1,976,000 after buying an additional 5 shares during the period. Yousif Capital Management LLC grew its stake in shares of First Citizens BancShares by 8.8% in the third quarter. Yousif Capital Management LLC now owns 186 shares of the bank's stock valued at $383,000 after buying an additional 15 shares in the last quarter. Root Financial Partners LLC acquired a new stake in shares of First Citizens BancShares in the third quarter valued at about $80,000. Vest Financial LLC raised its holdings in shares of First Citizens BancShares by 2.9% during the 3rd quarter. Vest Financial LLC now owns 1,999 shares of the bank's stock valued at $4,118,000 after buying an additional 57 shares during the period. Finally, Axxcess Wealth Management LLC raised its holdings in shares of First Citizens BancShares by 5.2% during the 3rd quarter. Axxcess Wealth Management LLC now owns 1,196 shares of the bank's stock valued at $2,463,000 after buying an additional 59 shares during the period. Institutional investors and hedge funds own 78.01% of the company's stock.

First Citizens BancShares Trading Up 7.8%

The firm has a market capitalization of $26.74 billion, a PE ratio of 12.68, a P/E/G ratio of 1.59 and a beta of 0.58. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.00 and a current ratio of 1.00. The firm has a fifty day moving average of $2,132.90 and a 200 day moving average of $2,085.63.

First Citizens BancShares Company Profile

First Citizens BancShares, Inc is a bank holding company headquartered in Raleigh, North Carolina. Its principal subsidiary, First-Citizens Bank & Trust Company, provides banking and financial services to individuals, businesses, and institutions through a network of branches and digital banking channels.

The bank offers deposit accounts, consumer and residential lending, commercial and industrial loans, commercial real estate financing, equipment finance, treasury management, and payment services.

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