First Citizens BancShares (FCNCA) Expected to Announce Quarterly Earnings on Thursday

First Citizens BancShares (NASDAQ:FCNCA) is projected to announce its results before the market opens on Thursday, October 23rd. Analysts expect the company to announce earnings of $42.56 per share and revenue of $2.2123 billion for the quarter.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings results on Friday, July 25th. The bank reported $44.78 earnings per share for the quarter, beating analysts’ consensus estimates of $39.08 by $5.70. First Citizens BancShares had a net margin of 16.37% and a return on equity of 11.32%. The company had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.21 billion. On average, analysts expect First Citizens BancShares to post $168 EPS for the current fiscal year and $194 EPS for the next fiscal year.

First Citizens BancShares Stock Up 0.7%

NASDAQ FCNCA opened at $1,758.89 on Wednesday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.76. First Citizens BancShares has a 1-year low of $1,473.62 and a 1-year high of $2,412.93. The company has a 50 day moving average of $1,868.84 and a 200-day moving average of $1,879.59. The company has a market cap of $22.73 billion, a price-to-earnings ratio of 10.38 and a beta of 0.60.

Insiders Place Their Bets

In related news, CEO Frank B. Holding, Jr. bought 600 shares of the firm’s stock in a transaction on Thursday, August 7th. The shares were purchased at an average price of $1,698.75 per share, with a total value of $1,019,250.00. Following the completion of the purchase, the chief executive officer owned 32,300 shares in the company, valued at $54,869,625. This represents a 1.89% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, major shareholder Olivia Britton Holding bought 409 shares of the firm’s stock in a transaction on Thursday, August 7th. The shares were bought at an average cost of $1,630.00 per share, for a total transaction of $666,670.00. Following the purchase, the insider owned 1,764 shares of the company’s stock, valued at approximately $2,875,320. The trade was a 30.18% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 1,494 shares of company stock valued at $2,485,986. 13.19% of the stock is currently owned by insiders.

Institutional Trading of First Citizens BancShares

A number of hedge funds and other institutional investors have recently modified their holdings of FCNCA. EverSource Wealth Advisors LLC grew its stake in shares of First Citizens BancShares by 31.3% during the second quarter. EverSource Wealth Advisors LLC now owns 88 shares of the bank’s stock worth $172,000 after buying an additional 21 shares during the last quarter. Federated Hermes Inc. grew its stake in shares of First Citizens BancShares by 43.8% in the second quarter. Federated Hermes Inc. now owns 92 shares of the bank’s stock worth $180,000 after purchasing an additional 28 shares during the last quarter. B. Riley Wealth Advisors Inc. bought a new stake in shares of First Citizens BancShares in the second quarter worth $218,000. Flow Traders U.S. LLC bought a new stake in shares of First Citizens BancShares in the second quarter worth $260,000. Finally, Chapman Financial Group LLC bought a new stake in shares of First Citizens BancShares in the second quarter worth $293,000. Institutional investors own 78.01% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on FCNCA shares. Weiss Ratings reiterated a “buy (b-)” rating on shares of First Citizens BancShares in a research report on Wednesday, October 8th. Piper Sandler set a $2,150.00 price target on shares of First Citizens BancShares and gave the company a “neutral” rating in a research report on Monday, July 28th. Raymond James Financial set a $2,100.00 price objective on shares of First Citizens BancShares in a research report on Tuesday, October 7th. UBS Group restated a “buy” rating and set a $2,410.00 price objective on shares of First Citizens BancShares in a research report on Wednesday, July 9th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of First Citizens BancShares from $2,100.00 to $2,250.00 and gave the company an “overweight” rating in a research report on Tuesday, July 1st. Nine investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, First Citizens BancShares currently has an average rating of “Moderate Buy” and an average target price of $2,227.69.

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.