First Citizens BancShares, Inc. to Post FY2024 Earnings of $180.00 Per Share, DA Davidson Forecasts (NASDAQ:FCNCA)

First Citizens BancShares, Inc. (NASDAQ:FCNCA) – Stock analysts at DA Davidson decreased their FY2024 earnings estimates for First Citizens BancShares in a research report issued to clients and investors on Tuesday, April 16th. DA Davidson analyst M. Navas now forecasts that the bank will post earnings of $180.00 per share for the year, down from their previous estimate of $189.16. DA Davidson has a “Neutral” rating and a $1,650.00 price objective on the stock. The consensus estimate for First Citizens BancShares’ current full-year earnings is $178.72 per share.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly 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). First Citizens BancShares had a return on equity of 13.52% and a net margin of 51.04%. The company had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.36 billion.

A number of other analysts have also commented on the stock. Barclays initiated 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 for the company. StockNews.com lowered shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a research report on Wednesday, April 3rd. The Goldman Sachs Group initiated coverage on shares of First Citizens BancShares in a research report on Thursday, March 21st. They set a “buy” rating and a $1,950.00 target price for the company. Wedbush restated an “outperform” rating and set a $1,800.00 target price on shares of First Citizens BancShares in a research report on Monday, January 29th. Finally, UBS Group boosted their target price on shares of First Citizens BancShares from $1,644.00 to $1,754.00 and gave the company a “buy” rating in a research report on Tuesday, January 30th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $1,768.63.

First Citizens BancShares Stock Performance

Shares of FCNCA stock opened at $1,550.00 on Thursday. The company has a 50 day moving average price of $1,561.43 and a 200-day moving average price of $1,465.85. First Citizens BancShares has a 52 week low of $945.32 and a 52 week high of $1,651.73. The firm has a market capitalization of $22.51 billion, a PE ratio of 1.98 and a beta of 0.89. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 1.82.

First Citizens BancShares Announces Dividend

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

Insiders Place Their Bets

In other news, Director Ellen R. Alemany sold 600 shares of the business’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $1,559.09, for a total value of $935,454.00. Following the transaction, the director now owns 4,842 shares of the company’s stock, valued at $7,549,113.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Frank B. Holding, Jr. bought 622 shares of the stock in a transaction dated Tuesday, February 20th. The shares were purchased at an average price of $1,315.00 per share, with a total value of $817,930.00. Following the completion of the acquisition, the chief executive officer now owns 97,609 shares of the company’s stock, valued at $128,355,835. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Ellen R. Alemany sold 600 shares of the business’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $1,559.09, for a total transaction of $935,454.00. Following the completion of the transaction, the director now directly owns 4,842 shares in the company, valued at approximately $7,549,113.78. The disclosure for this sale can be found here. Insiders bought a total of 1,388 shares of company stock worth $1,825,220 over the last three months. 12.85% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On First Citizens BancShares

A number of hedge funds have recently bought and sold shares of FCNCA. Mather Group LLC. bought a new position in First Citizens BancShares during the first quarter valued at $31,000. Blue Trust Inc. grew its holdings in shares of First Citizens BancShares by 100.0% in the fourth quarter. Blue Trust Inc. now owns 20 shares of the bank’s stock worth $27,000 after purchasing an additional 10 shares during the last quarter. GAMMA Investing LLC bought a new position in shares of First Citizens BancShares in the fourth quarter worth about $30,000. Lindbrook Capital LLC grew its holdings in shares of First Citizens BancShares by 53.3% in the third quarter. Lindbrook Capital LLC now owns 23 shares of the bank’s stock worth $32,000 after purchasing an additional 8 shares during the last quarter. Finally, Castleview Partners LLC bought a new position in shares of First Citizens BancShares in the second quarter worth about $31,000. Hedge funds and other institutional investors 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.