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

First Citizens BancShares (NASDAQ:FCNCA) is projected to release its results before the market opens on Friday, January 23rd. Analysts expect the company to announce earnings of $44.24 per share and revenue of $2.2369 billion for the quarter.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings results on Thursday, October 23rd. The bank reported $44.62 EPS for the quarter, beating the consensus estimate of $41.51 by $3.11. The firm had revenue of $2.25 billion during the quarter, compared to the consensus estimate of $2.21 billion. First Citizens BancShares had a net margin of 15.99% and a return on equity of 11.09%. On average, analysts expect First Citizens BancShares to post $168 EPS for the current fiscal year and $194 EPS for the next fiscal year.

First Citizens BancShares Stock Down 2.1%

FCNCA opened at $2,124.35 on Wednesday. The firm has a market capitalization of $26.43 billion, a P/E ratio of 12.56 and a beta of 0.69. First Citizens BancShares has a one year low of $1,473.62 and a one year high of $2,412.93. The company has a fifty day moving average price of $2,040.68 and a 200-day moving average price of $1,950.73. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.03 and a quick ratio of 1.03.

Insider Activity at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. bought 135 shares of the firm’s stock in a transaction that occurred on Wednesday, November 26th. The shares were bought at an average cost of $1,629.67 per share, with a total value of $220,005.45. Following the completion of the purchase, the chief executive officer directly owned 2,527 shares in the company, valued at $4,118,176.09. This represents a 5.64% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, Director Ellen R. Alemany purchased 300 shares of the stock in a transaction that occurred on Thursday, November 13th. The shares were purchased at an average price of $1,000.00 per share, with a total value of $300,000.00. Following the completion of the acquisition, the director directly owned 300 shares in the company, valued at $300,000. The trade was a ? increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 13.19% of the company’s stock.

Hedge Funds Weigh In On First Citizens BancShares

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Quantbot Technologies LP bought a new stake in First Citizens BancShares in the third quarter valued at $77,000. Quarry LP bought a new position in First Citizens BancShares in the 3rd quarter worth $116,000. EverSource Wealth Advisors LLC lifted its position in shares of First Citizens BancShares by 31.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 88 shares of the bank’s stock worth $172,000 after purchasing an additional 21 shares during the period. Federated Hermes Inc. lifted its position in shares of First Citizens BancShares by 43.8% in the 2nd quarter. Federated Hermes Inc. now owns 92 shares of the bank’s stock worth $180,000 after purchasing an additional 28 shares during the period. Finally, B. Riley Wealth Advisors Inc. bought a new stake in shares of First Citizens BancShares during the 2nd quarter valued at about $218,000. Institutional investors own 78.01% of the company’s stock.

Analyst Upgrades and Downgrades

FCNCA has been the topic of several recent analyst reports. Barclays raised their price target on First Citizens BancShares from $2,190.00 to $2,456.00 and gave the company an “equal weight” rating in a report on Monday, January 5th. Truist Financial upped their price objective on shares of First Citizens BancShares from $2,000.00 to $2,050.00 and gave the stock a “hold” rating in a research report on Tuesday, October 28th. The Goldman Sachs Group lowered shares of First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,300.00 target price for the company. in a research report on Tuesday, January 6th. UBS Group reiterated a “buy” rating and issued a $2,500.00 target price on shares of First Citizens BancShares in a research report on Tuesday, January 6th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of First Citizens BancShares in a research note on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $2,250.55.

About First Citizens BancShares

First Citizens BancShares, Inc is the bank holding company for First Citizens Bank, a full?service commercial bank headquartered in Raleigh, North Carolina. The company traces its roots to a community bank founded in 1898 and has grown into a diversified financial services organization that operates through its banking subsidiary to serve retail, commercial and institutional clients.

First Citizens offers a broad suite of banking products and services, including consumer and business deposit accounts, commercial and industrial lending, real estate and mortgage lending, treasury and cash management, and specialized lending solutions.