First Citizens BancShares (NASDAQ:FCNCA) Stock Price Up 5.7% After Strong Earnings

First Citizens BancShares, Inc. (NASDAQ:FCNCA)’s stock price traded up 5.7% during trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $2,209.36 and last traded at $2,196.20. Approximately 67,234 shares changed hands during mid-day trading, a decline of 26% from the average daily volume of 90,292 shares. The stock had previously closed at $2,077.57.

The bank reported $57.09 earnings per share for the quarter, topping the consensus estimate of $40.69 by $16.40. First Citizens BancShares had a net margin of 15.62% and a return on equity of 11.48%. The company had revenue of $2.24 billion during the quarter, compared to analysts’ expectations of $2.16 billion.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Piper Sandler set a $2,050.00 target price on First Citizens BancShares in a research note on Friday, April 24th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $2,300.00 price objective on shares of First Citizens BancShares in a research note on Thursday, July 9th. Fundamental Research set a $2,350.00 price objective on shares of First Citizens BancShares in a research note on Wednesday, July 1st. Weiss Ratings upgraded shares of First Citizens BancShares from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, July 8th. Finally, Zacks Research raised First Citizens BancShares from a “strong sell” rating to a “hold” rating in a research report on Monday, March 30th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $2,247.08.

Insider Buying and Selling at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. acquired 528 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The stock was bought at an average cost of $1,813.37 per share, for a total transaction of $957,459.36. Following the acquisition, the chief executive officer directly owned 64,100 shares in the company, valued at approximately $116,237,017. The trade was a 0.83% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Insiders have purchased a total of 7,190 shares of company stock worth $12,573,868 over the last ninety days. 14.63% of the stock is owned by company insiders.

Institutional Investors Weigh In On First Citizens BancShares

A number of large investors have recently added to or reduced their stakes in the stock. Hilton Head Capital Partners LLC purchased a new position in shares of First Citizens BancShares during the 4th quarter worth $26,000. Harbor Investment Advisory LLC raised its position in First Citizens BancShares by 150.0% in the 4th quarter. Harbor Investment Advisory LLC now owns 15 shares of the bank’s stock worth $32,000 after purchasing an additional 9 shares during the period. Reflection Asset Management bought a new position in shares of First Citizens BancShares during the fourth quarter valued at approximately $45,000. Global Assets Advisory LLC purchased a new stake in shares of First Citizens BancShares in the first quarter worth approximately $45,000. Finally, Allworth Financial LP lifted its stake in shares of First Citizens BancShares by 21.7% during the 3rd quarter. Allworth Financial LP now owns 28 shares of the bank’s stock worth $51,000 after acquiring an additional 5 shares during the last quarter. Institutional investors own 78.01% of the company’s stock.

First Citizens BancShares Trading Up 6.1%

The stock has a fifty day moving average of $2,053.95 and a 200-day moving average of $2,016.98. The company has a market cap of $25.54 billion, a PE ratio of 12.66, a PEG ratio of 1.56 and a beta of 0.62. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.00 and a current ratio of 1.00.

First Citizens BancShares Company Profile

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.