First Citizens BancShares (NASDAQ:FCNCA) Announces Earnings Results, Beats Expectations By $9.19 EPS

First Citizens BancShares (NASDAQ:FCNCA) released its earnings results on Friday. The bank reported $55.37 earnings per share for the quarter, topping analysts’ consensus estimates of $46.18 by $9.19, FiscalAI reports. The company had revenue of $2.27 billion during the quarter, compared to the consensus estimate of $2.26 billion. First Citizens BancShares had a return on equity of 12.07% and a net margin of 16.28%.

First Citizens BancShares Trading Up 8.6%

FCNCA traded up $189.43 on Friday, hitting $2,386.19. 88,275 shares of the company were exchanged, compared to its average volume of 81,788. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.00 and a current ratio of 1.00. The firm has a fifty day simple moving average of $2,132.90 and a two-hundred day simple moving average of $2,085.63. The stock has a market capitalization of $26.94 billion, a PE ratio of 12.77, a price-to-earnings-growth ratio of 1.59 and a beta of 0.58. First Citizens BancShares has a 12 month low of $1,735.03 and a 12 month high of $2,386.70.

Wall Street Analysts Forecast Growth

Several research firms have commented on FCNCA. Fundamental Research set a $2,350.00 price target on shares of First Citizens BancShares in a research note on Wednesday, July 1st. UBS Group began coverage on shares of First Citizens BancShares in a report on Monday, September 14th. They issued a “neutral” rating and a $2,250.00 price objective for the company. Barclays upped their price objective on shares of First Citizens BancShares from $2,346.00 to $2,376.00 and gave the company an “equal weight” rating in a research note on Monday, July 27th. Truist Financial increased their target price on shares of First Citizens BancShares from $2,150.00 to $2,323.00 and gave the company a “hold” rating in a report on Tuesday, July 28th. Finally, Wall Street Zen upgraded shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Saturday, June 27th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $2,261.00.

Insider Activity at First Citizens BancShares

In related news, Director Diane Morais acquired 50 shares of the company’s stock in a transaction dated Wednesday, August 19th. The stock was purchased at an average price of $2,168.11 per share, with a total value of $108,405.50. Following the completion of the purchase, the director owned 100 shares in the company, valued at $216,811. This trade represents a 100.00% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Olivia Britton Holding sold 7,000 shares of the stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $19.53, for a total value of $136,710.00. Following the sale, the insider directly owned 15,000 shares of the company’s stock, valued at approximately $292,950. This trade represents a 31.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 14.63% of the company’s stock.

First Citizens BancShares Company Profile

First Citizens BancShares, Inc is a bank holding company headquartered in Raleigh, North Carolina. Its principal subsidiary, First-Citizens Bank & Trust Company, provides banking and financial services to individuals, businesses, and institutions through a network of branches and digital banking channels.

The bank offers deposit accounts, consumer and residential lending, commercial and industrial loans, commercial real estate financing, equipment finance, treasury management, and payment services.