First Citizens BancShares, Inc. (NASDAQ:FCNCA) Forecasted to Post Q1 2024 Earnings of $42.92 Per Share

First Citizens BancShares, Inc. (NASDAQ:FCNCA) – Research analysts at DA Davidson issued their Q1 2024 earnings per share (EPS) estimates for First Citizens BancShares in a report released on Tuesday, April 16th. DA Davidson analyst M. Navas expects that the bank will post earnings of $42.92 per share for the quarter. 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.

Other analysts also recently issued reports about the company. StockNews.com downgraded First Citizens BancShares from a “hold” rating to a “sell” rating in a research report on Wednesday, April 3rd. UBS Group upped their price objective on 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. The Goldman Sachs Group initiated coverage on First Citizens BancShares in a research report on Thursday, March 21st. They issued a “buy” rating and a $1,950.00 price objective on the stock. Wedbush restated an “outperform” rating and issued a $1,800.00 price objective on shares of First Citizens BancShares in a research report on Monday, January 29th. Finally, Barclays started coverage on First Citizens BancShares in a research report on Thursday, April 11th. They set an “equal weight” rating and a $1,850.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, First Citizens BancShares currently has an average rating of “Hold” and an average price target of $1,768.63.

First Citizens BancShares Stock Up 1.1 %

Shares of NASDAQ:FCNCA opened at $1,550.00 on Wednesday. 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 has a 52-week low of $945.32 and a 52-week high of $1,651.73. The stock’s fifty day simple moving average is $1,561.43 and its 200-day simple moving average is $1,465.85. The company has a market capitalization of $22.51 billion, a P/E ratio of 1.98 and a beta of 0.89.

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

Institutional Investors Weigh In On First Citizens BancShares

A number of large investors have recently modified their holdings of the stock. Lincoln National Corp grew its stake in shares of First Citizens BancShares by 2.6% in the fourth quarter. Lincoln National Corp now owns 277 shares of the bank’s stock valued at $393,000 after buying an additional 7 shares in the last quarter. Envestnet Portfolio Solutions Inc. boosted its holdings in First Citizens BancShares by 4.5% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 161 shares of the bank’s stock valued at $229,000 after purchasing an additional 7 shares during the last quarter. Quadrant Capital Group LLC boosted its holdings in First Citizens BancShares by 4.4% in the fourth quarter. Quadrant Capital Group LLC now owns 165 shares of the bank’s stock valued at $234,000 after purchasing an additional 7 shares during the last quarter. Park Avenue Securities LLC boosted its holdings in First Citizens BancShares by 1.6% in the first quarter. Park Avenue Securities LLC now owns 450 shares of the bank’s stock valued at $736,000 after purchasing an additional 7 shares during the last quarter. Finally, Lindbrook Capital LLC boosted its holdings in First Citizens BancShares by 53.3% in 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. Institutional investors and hedge funds own 61.18% of the company’s stock.

Insider Buying and Selling

In other First Citizens BancShares news, Director Ellen R. Alemany sold 600 shares of the company’s stock in a transaction dated 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 sale, the director now directly owns 4,842 shares in the company, valued at $7,549,113.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other First Citizens BancShares news, Director Ellen R. Alemany sold 600 shares of the company’s stock in a transaction dated 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 sale, the director now directly owns 4,842 shares in the company, valued at $7,549,113.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Frank B. Holding, Jr. purchased 622 shares of the company’s stock in a transaction on 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 purchase, the chief executive officer now directly owns 97,609 shares of the company’s stock, valued at $128,355,835. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 1,388 shares of company stock worth $1,825,220. 12.85% of the stock is owned by company insiders.

First Citizens BancShares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Thursday, February 29th were given a dividend of $1.64 per share. 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 dividend payout ratio (DPR) is presently 0.84%.

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.