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

First Citizens BancShares (NASDAQ:FCNCA) is expected to release its results before the market opens on Friday, October 23rd. Analysts expect First Citizens BancShares to announce earnings of $46.18 per share and revenue of $2.26 billion for the quarter.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings data on Thursday, July 23rd. The bank reported $57.09 earnings per share for the quarter, topping the consensus estimate of $0.41 by $56.68. First Citizens BancShares had a net margin of 16.28% and a return on equity of 12.07%. The firm had revenue of $2.43 billion during the quarter, compared to analysts’ expectations of $2.16 billion. 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 1.1%

NASDAQ:FCNCA opened at $2,120.39 on Wednesday. The stock’s fifty day moving average price is $2,136.87 and its two-hundred day moving average price is $2,081.91. First Citizens BancShares has a 52-week low of $1,727.10 and a 52-week high of $2,296.30. 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 company has a market cap of $23.95 billion, a price-to-earnings ratio of 11.34, a P/E/G ratio of 1.55 and a beta of 0.58.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Piper Sandler lifted their target price on First Citizens BancShares from $2,050.00 to $2,100.00 and gave the company a “neutral” rating in a research note on Monday, July 27th. Jefferies Financial Group restated a “hold” rating and set a $2,300.00 target price on shares of First Citizens BancShares in a research report on Thursday, July 23rd. Citigroup reiterated a “neutral” rating on shares of First Citizens BancShares in a report on Thursday, October 1st. UBS Group assumed coverage on First Citizens BancShares in a research report on Monday, September 14th. They issued a “neutral” rating and a $2,250.00 price objective for the company. Finally, Weiss Ratings raised First Citizens BancShares from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $2,261.00.

Insider Activity at First Citizens BancShares

In related news, major shareholder Olivia Britton Holding sold 7,000 shares of the stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $19.53, for a total value of $136,710.00. Following the transaction, the insider directly owned 15,000 shares in the company, valued at $292,950. This represents a 31.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Diane Morais acquired 50 shares of First Citizens BancShares stock in a transaction on Wednesday, August 19th. The stock was acquired at an average cost 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 of the company’s stock, valued at approximately $216,811. The trade was a 100.00% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 14.63% of the company’s stock.

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.