First Citizens BancShares (FCNCA) Set to Release Quarterly Earnings on Friday

Key Points

• First Citizens BancShares is expected to report quarterly earnings before the market opens Friday, October 23. Analysts forecast $46.18 in earnings per share and $2.26 billion in revenue.
• The bank’s previous quarter exceeded expectations, reporting $57.09 EPS and $2.43 billion in revenue versus estimates of $2.16 billion. Analysts project full-year EPS of $193.20 and next-year EPS of $202.36.
• Shares recently traded around $2,097, while analysts maintain a consensus “Hold” rating and an average price target of $2,261. The company pays a quarterly dividend of $2.10 per share, yielding approximately 0.4%.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) will likely be posting its results before the market opens on Friday, October 23rd. Analysts expect the company to announce earnings of $46.18 per share and revenue of $2.26 billion for the quarter.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The bank reported $57.09 earnings per share for the quarter, beating analysts' consensus estimates of $0.41 by $56.68. The business had revenue of $2.43 billion during the quarter, compared to analyst estimates of $2.16 billion. First Citizens BancShares had a net margin of 16.28% and a return on equity of 12.07%. On average, analysts expect First Citizens BancShares to post $193.20 EPS for the current fiscal year and $202.36 EPS for the next fiscal year.

First Citizens BancShares Stock Up 2.0%

Shares of First Citizens BancShares stock opened at $2,097.20 on Friday. 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 stock has a market capitalization of $23.68 billion, a PE ratio of 10.39, a price-to-earnings-growth ratio of 1.52 and a beta of 0.58. First Citizens BancShares has a 52-week low of $1,623.76 and a 52-week high of $2,296.30. The company has a 50-day simple moving average of $2,144.15 and a two-hundred day simple moving average of $2,076.88.

First Citizens BancShares Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Monday, August 31st were issued a dividend of $2.10 per share. The ex-dividend date was Monday, August 31st. This represents a $8.40 dividend on an annualized basis and a dividend yield of 0.4%. First Citizens BancShares's dividend payout ratio is presently 4.49%.

Insider Buying and Selling

In other news, major shareholder Olivia Britton Holding sold 7,000 shares of the stock in a transaction on Tuesday, September 15th. The stock was 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 of the company's stock, valued at $292,950. This represents a 31.82% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Diane E. Morais purchased 50 shares of the company's stock in a transaction dated Wednesday, August 19th. The stock was purchased at an average price of $2,168.11 per share, for a total transaction of $108,405.50. Following the completion of the purchase, the director owned 100 shares in the company, valued at approximately $216,811. The trade was a 100.00% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders own 14.63% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Barclays raised their price target on shares of First Citizens BancShares from $2,346.00 to $2,376.00 and gave the company an "equal weight" rating in a research report on Monday, July 27th. Weiss Ratings lowered shares of First Citizens BancShares from a "buy (b)" rating to a "buy (b-)" rating in a report on Friday, October 2nd. Piper Sandler upped their price objective on First Citizens BancShares from $2,050.00 to $2,100.00 and gave the company a "neutral" rating in a research report on Monday, July 27th. Citigroup reiterated a "neutral" rating on shares of First Citizens BancShares in a research note on Thursday, October 1st. Finally, Truist Financial increased their target price on First Citizens BancShares from $2,150.00 to $2,323.00 and gave the company a "hold" rating in a research note on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and eleven have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $2,261.00.

About First Citizens BancShares

First Citizens BancShares, Inc is a financial holding company headquartered in Raleigh, North Carolina. Through its principal subsidiary, First-Citizens Bank & Trust Company, the company provides banking and financial services to individuals, businesses, nonprofit organizations and government entities.

Its offerings include consumer and commercial deposit accounts, residential and commercial real estate lending, business loans, treasury management, wealth management and investment services.

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