First Citizens BancShares (NASDAQ:FCNCA) Posts Quarterly Earnings Results, Beats Expectations By $16.40 EPS

First Citizens BancShares (NASDAQ:FCNCA) issued its quarterly earnings results on Thursday. The bank reported $57.09 earnings per share for the quarter, topping the consensus estimate of $40.69 by $16.40, FiscalAI reports. The company had revenue of $2.24 billion for the quarter, compared to analysts’ expectations of $2.16 billion. First Citizens BancShares had a return on equity of 11.48% and a net margin of 15.62%.

First Citizens BancShares Stock Performance

NASDAQ FCNCA traded up $75.36 on Thursday, reaching $2,152.93. 51,295 shares of the stock were exchanged, compared to its average volume of 90,133. First Citizens BancShares has a one year low of $1,623.76 and a one year high of $2,232.21. The firm has a market capitalization of $24.95 billion, a PE ratio of 12.37, a PEG ratio of 1.56 and a beta of 0.62. The company’s 50-day simple moving average is $2,053.95 and its two-hundred day simple moving average is $2,016.98. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.67.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. JPMorgan Chase & Co. upped their target price on shares of First Citizens BancShares from $2,150.00 to $2,350.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 1st. Citigroup lowered shares of First Citizens BancShares from a “neutral” rating to a “market perform” rating in a research note on Thursday, July 9th. Zacks Research upgraded shares of First Citizens BancShares from a “strong sell” rating to a “hold” rating in a report on Monday, March 30th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $2,300.00 target price on shares of First Citizens BancShares in a report on Thursday, July 9th. Finally, The Goldman Sachs Group upped their price target on First Citizens BancShares from $2,100.00 to $2,340.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 7th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $2,247.08.

Insider Buying and Selling at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. acquired 5,940 shares of the firm’s stock in a transaction dated Tuesday, May 12th. The shares were purchased at an average cost of $1,726.82 per share, for a total transaction of $10,257,310.80. Following the transaction, the chief executive officer directly owned 38,111 shares of the company’s stock, valued at approximately $65,810,837.02. This trade represents a 18.46% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have purchased 7,190 shares of company stock valued at $12,573,868 in the last three months. Corporate insiders own 14.63% of the company’s stock.

Institutional Trading of First Citizens BancShares

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Corient Private Wealth LLC boosted its position in shares of First Citizens BancShares by 0.6% during the 2nd quarter. Corient Private Wealth LLC now owns 1,049 shares of the bank’s stock worth $2,051,000 after purchasing an additional 6 shares during the period. Parallel Advisors LLC raised its position in First Citizens BancShares by 8.0% in the fourth quarter. Parallel Advisors LLC now owns 95 shares of the bank’s stock valued at $204,000 after purchasing an additional 7 shares during the period. Principal Securities Inc. lifted its stake in First Citizens BancShares by 2.9% during the fourth quarter. Principal Securities Inc. now owns 251 shares of the bank’s stock worth $539,000 after purchasing an additional 7 shares in the last quarter. Smartleaf Asset Management LLC lifted its stake in First Citizens BancShares by 13.8% during the fourth quarter. Smartleaf Asset Management LLC now owns 66 shares of the bank’s stock worth $143,000 after purchasing an additional 8 shares in the last quarter. Finally, UMB Bank n.a. boosted its position in shares of First Citizens BancShares by 50.0% during the fourth quarter. UMB Bank n.a. now owns 24 shares of the bank’s stock worth $52,000 after buying an additional 8 shares during the period. Institutional investors own 78.01% of the company’s stock.

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.