First Citizens BancShares, Inc. Expected to Post Q1 2024 Earnings of $42.92 Per Share (NASDAQ:FCNCA)

First Citizens BancShares, Inc. (NASDAQ:FCNCA) – Investment analysts at DA Davidson issued their Q1 2024 earnings estimates for First Citizens BancShares in a report issued on Tuesday, April 16th. DA Davidson analyst M. Navas expects that the bank will earn $42.92 per share for the quarter. DA Davidson currently 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.

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

First Citizens BancShares Stock Up 0.1 %

FCNCA stock opened at $1,551.91 on Wednesday. The company’s 50 day moving average price is $1,562.91 and its 200 day moving average price is $1,466.44. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.14 and a current ratio of 1.14. First Citizens BancShares has a fifty-two week low of $945.32 and a fifty-two week high of $1,651.73. The firm has a market capitalization of $22.53 billion, a price-to-earnings ratio of 1.98 and a beta of 0.89.

First Citizens BancShares (NASDAQ:FCNCA) last released its earnings results on Friday, January 26th. The bank reported $46.58 earnings per share for the quarter, missing analysts’ consensus estimates of $48.49 by ($1.91). First Citizens BancShares had a return on equity of 13.52% and a net margin of 51.04%. The firm had revenue of $2.45 billion for the quarter, compared to analysts’ expectations of $2.36 billion.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Lincoln National Corp increased its position in shares of First Citizens BancShares by 2.6% in the fourth quarter. Lincoln National Corp now owns 277 shares of the bank’s stock valued at $393,000 after buying an additional 7 shares in the last quarter. Quadrant Capital Group LLC increased its position in First Citizens BancShares by 4.4% during the 4th quarter. Quadrant Capital Group LLC now owns 165 shares of the bank’s stock worth $234,000 after purchasing an additional 7 shares in the last quarter. Envestnet Portfolio Solutions Inc. increased its position in First Citizens BancShares by 4.5% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 161 shares of the bank’s stock worth $229,000 after purchasing an additional 7 shares in the last quarter. Park Avenue Securities LLC increased its position in 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 purchasing an additional 7 shares in the last quarter. Finally, Lindbrook Capital LLC increased its position in First Citizens BancShares by 53.3% during the 3rd quarter. Lindbrook Capital LLC now owns 23 shares of the bank’s stock worth $32,000 after purchasing an additional 8 shares in the last quarter. Hedge funds and other institutional investors own 61.18% of the company’s stock.

Insider Buying and Selling

In other First Citizens BancShares news, Director Ellen R. Alemany sold 600 shares of the stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $1,559.09, for a total value of $935,454.00. Following the completion of the transaction, the director now owns 4,842 shares in the company, valued at $7,549,113.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other First Citizens BancShares news, Director Ellen R. Alemany sold 600 shares of the stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $1,559.09, for a total value of $935,454.00. Following the completion of the transaction, the director now owns 4,842 shares in the company, valued at $7,549,113.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Hope Holding Bryant acquired 300 shares of the business’s stock in a transaction on Wednesday, February 21st. The stock was acquired at an average price of $1,315.00 per share, with a total value of $394,500.00. Following the transaction, the insider now directly owns 1,978 shares of the company’s stock, valued at approximately $2,601,070. The disclosure for this purchase can be found here. Insiders purchased a total of 1,388 shares of company stock valued at $1,825,220 over the last three months. 13.40% of the stock is currently owned by company insiders.

First Citizens BancShares Announces Dividend

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

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.