DA Davidson Weighs in on First Citizens BancShares, Inc.’s FY2024 Earnings (NASDAQ:FCNCA)

First Citizens BancShares, Inc. (NASDAQ:FCNCA) – DA Davidson lowered their FY2024 EPS estimates for shares of First Citizens BancShares in a report issued on Tuesday, April 16th. DA Davidson analyst M. Navas now anticipates that the bank will post earnings per share of $180.00 for the year, down from their previous forecast of $189.16. DA Davidson currently 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 $177.19 per share.

FCNCA has been the topic of several other reports. The Goldman Sachs Group assumed coverage on shares of First Citizens BancShares in a research note on Thursday, March 21st. They set a “buy” rating and a $1,950.00 price target on the stock. Wedbush reissued an “outperform” rating and issued a $1,800.00 target price on shares of First Citizens BancShares in a research report on Monday, January 29th. UBS Group raised their target price on shares of First Citizens BancShares from $1,644.00 to $1,754.00 and gave the stock a “buy” rating in a research report on Tuesday, January 30th. StockNews.com cut shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a research report on Wednesday, April 3rd. Finally, Barclays started coverage on shares of First Citizens BancShares in a research report on Thursday, April 11th. They issued an “equal weight” rating and a $1,850.00 target price on the stock. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $1,768.63.

First Citizens BancShares Price Performance

First Citizens BancShares stock opened at $1,567.36 on Thursday. First Citizens BancShares has a 12-month low of $945.32 and a 12-month high of $1,651.73. The stock has a market capitalization of $22.76 billion, a P/E ratio of 2.00 and a beta of 0.89. The firm’s 50-day moving average is $1,564.36 and its two-hundred day moving average is $1,468.06. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.14 and a quick ratio of 1.14.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings results on Friday, January 26th. The bank reported $46.58 earnings per share (EPS) for the quarter, missing the consensus estimate 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 analyst estimates of $2.36 billion.

Institutional Trading of First Citizens BancShares

Several institutional investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. increased its stake in First Citizens BancShares by 100.0% during the fourth quarter. Blue Trust Inc. now owns 20 shares of the bank’s stock valued at $27,000 after purchasing an additional 10 shares during the last quarter. GAMMA Investing LLC bought a new stake in First Citizens BancShares during the fourth quarter valued at $30,000. Mather Group LLC. bought a new stake in First Citizens BancShares during the first quarter valued at $31,000. Castleview Partners LLC bought a new stake in First Citizens BancShares during the second quarter valued at $31,000. Finally, Lindbrook Capital LLC increased its stake in First Citizens BancShares by 53.3% during the third quarter. Lindbrook Capital LLC now owns 23 shares of the bank’s stock valued at $32,000 after purchasing an additional 8 shares during the last quarter. 61.18% of the stock is owned by institutional investors and hedge funds.

Insider Activity at First Citizens BancShares

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 transaction of $935,454.00. Following the transaction, the director now directly owns 4,842 shares of the company’s stock, valued at $7,549,113.78. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 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 transaction of $935,454.00. Following the transaction, the director now directly owns 4,842 shares of the company’s stock, valued at $7,549,113.78. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Olivia Britton Holding purchased 466 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The stock was bought at an average cost of $1,315.00 per share, for a total transaction of $612,790.00. Following the completion of the acquisition, the insider now directly owns 121,694 shares of the company’s stock, valued at $160,027,610. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 1,388 shares of company stock worth $1,825,220. Company insiders own 13.40% of the company’s stock.

First Citizens BancShares Dividend Announcement

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

First Citizens BancShares Company Profile

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.