First Citizens BancShares (NASDAQ:FCNCA) Issues Earnings Results

First Citizens BancShares (NASDAQ:FCNCA) issued its quarterly earnings results on Thursday. The bank reported $44.86 earnings per share for the quarter, beating the consensus estimate of $43.31 by $1.55, FiscalAI reports. The business had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.20 billion. First Citizens BancShares had a net margin of 15.21% and a return on equity of 11.18%. During the same quarter in the previous year, the firm earned $37.79 earnings per share.

First Citizens BancShares Price Performance

FCNCA stock traded down $17.48 during mid-day trading on Thursday, hitting $2,028.37. The company had a trading volume of 56,670 shares, compared to its average volume of 100,211. The company has a market capitalization of $24.21 billion, a price-to-earnings ratio of 12.27, a P/E/G ratio of 1.53 and a beta of 0.65. First Citizens BancShares has a 12-month low of $1,623.76 and a 12-month high of $2,232.21. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.72. The company has a 50-day moving average price of $1,932.66 and a 200 day moving average price of $1,957.13.

Insider Buying and Selling at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. acquired 134 shares of the business’s stock in a transaction dated Friday, March 13th. The stock was purchased at an average price of $1,550.00 per share, for a total transaction of $207,700.00. Following the completion of the transaction, the chief executive officer directly owned 2,749 shares in the company, valued at approximately $4,260,950. This trade represents a 5.12% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders bought a total of 258 shares of company stock worth $404,236 in the last ninety days. Company insiders own 14.63% of the company’s stock.

Hedge Funds Weigh In On First Citizens BancShares

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its stake in First Citizens BancShares by 0.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 124,061 shares of the bank’s stock worth $266,273,000 after acquiring an additional 492 shares during the last quarter. Morgan Stanley boosted its position in shares of First Citizens BancShares by 31.8% during the 4th quarter. Morgan Stanley now owns 123,048 shares of the bank’s stock valued at $264,087,000 after acquiring an additional 29,681 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of First Citizens BancShares by 11.2% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 122,317 shares of the bank’s stock valued at $262,514,000 after purchasing an additional 12,303 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of First Citizens BancShares by 15.7% in the second quarter. Bank of America Corp DE now owns 65,101 shares of the bank’s stock valued at $127,369,000 after purchasing an additional 8,826 shares in the last quarter. Finally, Orion Porfolio Solutions LLC increased its position in First Citizens BancShares by 2,057.4% in the second quarter. Orion Porfolio Solutions LLC now owns 47,506 shares of the bank’s stock worth $92,944,000 after purchasing an additional 45,304 shares during the last quarter. 78.01% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Wall Street Zen upgraded shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Saturday, February 28th. Barclays cut their price target on First Citizens BancShares from $2,456.00 to $2,346.00 and set an “equal weight” rating for the company in a research note on Monday, January 26th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $2,200.00 price objective (down from $2,450.00) on shares of First Citizens BancShares in a research report on Wednesday, April 1st. Citigroup reaffirmed an “outperform” rating on shares of First Citizens BancShares in a research note on Thursday, April 9th. Finally, Deutsche Bank Aktiengesellschaft downgraded First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,154.00 target price on the stock. in a research note on Wednesday, April 8th. Two research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $2,227.08.

About First Citizens BancShares

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.