DA Davidson Brokers Lower Earnings Estimates for First Citizens BancShares, Inc. (NASDAQ:FCNCA)

First Citizens BancShares, Inc. (NASDAQ:FCNCA) – DA Davidson decreased their FY2024 earnings per share estimates for shares of First Citizens BancShares in a report released on Tuesday, April 16th. DA Davidson analyst M. Navas now expects that the bank will post earnings per share of $180.00 for the year, down from their previous estimate of $189.16. DA Davidson has a “Neutral” rating and a $1,650.00 price target on the stock. The consensus estimate for First Citizens BancShares’ current full-year earnings is $178.72 per share.

A number of other research analysts have also recently weighed in on the company. Barclays assumed coverage on First Citizens BancShares in a research report on Thursday, April 11th. They set an “equal weight” rating and a $1,850.00 price objective on the stock. Wedbush reissued an “outperform” rating and issued a $1,800.00 price target on shares of First Citizens BancShares in a report on Monday, January 29th. StockNews.com cut First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Wednesday, April 3rd. The Goldman Sachs Group assumed coverage on First Citizens BancShares in a report on Thursday, March 21st. They issued a “buy” rating and a $1,950.00 price target on the stock. Finally, UBS Group boosted their price target on First Citizens BancShares from $1,644.00 to $1,754.00 and gave the stock a “buy” rating in a report on Tuesday, January 30th. One analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $1,768.63.

First Citizens BancShares Stock Up 0.1 %

FCNCA stock opened at $1,551.91 on Thursday. First Citizens BancShares has a twelve month low of $945.32 and a twelve month high of $1,651.73. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 1.82. The stock has a market cap of $22.53 billion, a P/E ratio of 1.98 and a beta of 0.89. The business’s 50-day moving average price is $1,562.91 and its 200-day moving average price is $1,466.44.

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

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 company. Vanguard Group Inc. grew its position in shares of First Citizens BancShares by 106.0% during the 1st quarter. Vanguard Group Inc. now owns 1,105,554 shares of the bank’s stock worth $735,855,000 after buying an additional 568,929 shares in the last quarter. Wellington Management Group LLP boosted its position in First Citizens BancShares by 30.9% during the first quarter. Wellington Management Group LLP now owns 594,276 shares of the bank’s stock valued at $395,550,000 after purchasing an additional 140,410 shares in the last quarter. State Street Corp boosted its position in First Citizens BancShares by 53.7% during the first quarter. State Street Corp now owns 402,593 shares of the bank’s stock valued at $267,966,000 after purchasing an additional 140,626 shares in the last quarter. Invesco Ltd. boosted its position in First Citizens BancShares by 113.0% during the first quarter. Invesco Ltd. now owns 371,016 shares of the bank’s stock valued at $246,949,000 after purchasing an additional 196,851 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in First Citizens BancShares by 88.8% during the first quarter. Dimensional Fund Advisors LP now owns 268,916 shares of the bank’s stock valued at $179,001,000 after purchasing an additional 126,483 shares in the last quarter. Institutional investors own 61.18% of the company’s stock.

Insider Activity

In related news, Director Ellen R. Alemany sold 600 shares of the business’s stock in a transaction on 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 transaction, the director now owns 4,842 shares in the company, valued at approximately $7,549,113.78. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Ellen R. Alemany sold 600 shares of the business’s stock in a transaction on 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 transaction, the director now owns 4,842 shares in the company, valued at approximately $7,549,113.78. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Hope Holding Bryant acquired 300 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The shares were acquired at an average price of $1,315.00 per share, with a total value of $394,500.00. Following the acquisition, the insider now owns 1,978 shares in the company, valued at $2,601,070. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 1,388 shares of company stock valued at $1,825,220. 13.40% of the stock is currently owned by insiders.

First Citizens BancShares Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Thursday, February 29th were given a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a dividend yield of 0.42%. The ex-dividend date of this dividend was Wednesday, February 28th. First Citizens BancShares’s dividend payout ratio is currently 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.