First Citizens BancShares, Inc. Forecasted to Post Q2 2024 Earnings of $44.11 Per Share (NASDAQ:FCNCA)

First Citizens BancShares, Inc. (NASDAQ:FCNCA) – Equities researchers at Wedbush dropped their Q2 2024 EPS estimates for First Citizens BancShares in a note issued to investors on Thursday, April 25th. Wedbush analyst D. Chiaverini now expects that the bank will post earnings per share of $44.11 for the quarter, down from their previous forecast of $45.27. Wedbush has a “Outperform” rating and a $1,800.00 price objective on the stock. The consensus estimate for First Citizens BancShares’ current full-year earnings is $179.92 per share. Wedbush also issued estimates for First Citizens BancShares’ Q3 2024 earnings at $45.46 EPS, Q1 2025 earnings at $45.86 EPS and Q2 2025 earnings at $47.90 EPS.

Several other equities research analysts have also recently issued reports on the stock. UBS Group raised their price objective 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. Barclays raised their price objective on shares of First Citizens BancShares from $1,850.00 to $1,950.00 and gave the stock an “equal weight” rating in a research report on Friday, April 26th. StockNews.com upgraded shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Monday. Keefe, Bruyette & Woods restated an “outperform” rating and set a $2,100.00 price objective (up from $1,900.00) on shares of First Citizens BancShares in a research report on Friday, April 26th. Finally, DA Davidson restated a “neutral” rating and set a $1,650.00 price objective (up from $1,600.00) on shares of First Citizens BancShares in a research report on Monday, April 15th. Six analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $1,829.90.

First Citizens BancShares Stock Performance

NASDAQ:FCNCA opened at $1,686.76 on Monday. The company’s 50-day moving average price is $1,590.27 and its 200-day moving average price is $1,486.43. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 1.82. The company has a market cap of $24.49 billion, a P/E ratio of 9.36 and a beta of 0.89. First Citizens BancShares has a twelve month low of $945.32 and a twelve month high of $1,810.03.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of First Citizens BancShares during the 4th quarter valued at about $180,039,000. Wellington Management Group LLP increased its stake in shares of First Citizens BancShares by 21.1% during the 4th quarter. Wellington Management Group LLP now owns 239,563 shares of the bank’s stock valued at $339,933,000 after acquiring an additional 41,793 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of First Citizens BancShares by 756.8% during the 3rd quarter. AQR Capital Management LLC now owns 38,436 shares of the bank’s stock valued at $53,046,000 after acquiring an additional 33,950 shares during the last quarter. FMR LLC increased its stake in shares of First Citizens BancShares by 17.2% during the 3rd quarter. FMR LLC now owns 189,186 shares of the bank’s stock valued at $261,095,000 after acquiring an additional 27,729 shares during the last quarter. Finally, Point72 Asset Management L.P. increased its position in First Citizens BancShares by 130.1% during the 4th quarter. Point72 Asset Management L.P. now owns 46,180 shares of the bank’s stock worth $65,528,000 after purchasing an additional 26,107 shares in the last quarter. 61.18% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other First Citizens BancShares news, major shareholder Olivia Britton Holding bought 466 shares of the business’s stock in a transaction dated Tuesday, February 20th. The shares were acquired at an average cost of $1,315.00 per share, with a total value of $612,790.00. Following the acquisition, the insider now directly owns 121,694 shares of the company’s stock, valued at approximately $160,027,610. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, major shareholder Olivia Britton Holding purchased 466 shares of the stock in a transaction dated Tuesday, February 20th. The shares were acquired at an average cost of $1,315.00 per share, with a total value of $612,790.00. Following the purchase, the insider now directly owns 121,694 shares in the company, valued at approximately $160,027,610. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Ellen R. Alemany sold 1,000 shares of the company’s stock in a transaction on Monday, April 29th. The stock was sold at an average price of $1,757.27, for a total transaction of $1,757,270.00. Following the transaction, the director now directly owns 1,335 shares in the company, valued at $2,345,955.45. The disclosure for this sale can be found here. In the last ninety days, insiders have acquired 1,388 shares of company stock valued at $1,825,220 and have sold 2,600 shares valued at $4,458,964. Corporate insiders own 12.85% of the company’s stock.

First Citizens BancShares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Friday, May 31st will be issued a $1.64 dividend. The ex-dividend date is Thursday, May 30th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 0.39%. First Citizens BancShares’s payout ratio is 3.64%.

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.