First Citizens BancShares, Inc. (NASDAQ:FCNCA) Expected to Post Quarterly Sales of $945.73 Million

Brokerages expect that First Citizens BancShares, Inc. (NASDAQ:FCNCA – Get Rating) will post $945.73 million in sales for the current fiscal quarter, according to Zacks. Two analysts have made estimates for First Citizens BancShares’ earnings, with estimates ranging from $936.80 million to $954.66 million. First Citizens BancShares reported sales of $480.54 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 96.8%. The company is expected to announce its next earnings report on Monday, January 1st.

According to Zacks, analysts expect that First Citizens BancShares will report full-year sales of $4.39 billion for the current financial year, with estimates ranging from $4.34 billion to $4.44 billion. For the next year, analysts forecast that the company will post sales of $4.08 billion, with estimates ranging from $3.99 billion to $4.18 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that cover First Citizens BancShares.

First Citizens BancShares (NASDAQ:FCNCA – Get Rating) last announced its quarterly earnings results on Thursday, April 28th. The bank reported $16.70 EPS for the quarter, beating analysts’ consensus estimates of $13.48 by $3.22. First Citizens BancShares had a return on equity of 15.76% and a net margin of 22.17%. The company had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same period in the prior year, the business posted $14.53 EPS.

Several equities analysts have recently issued reports on FCNCA shares. Zacks Investment Research raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Wednesday, May 25th. Piper Sandler decreased their target price on First Citizens BancShares from $1,000.00 to $900.00 in a research note on Friday, March 25th. Finally, StockNews.com upgraded First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Thursday, April 28th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, First Citizens BancShares presently has a consensus rating of “Buy” and an average target price of $964.00.

In other First Citizens BancShares news, Director Robert T. Newcomb bought 750 shares of the firm’s stock in a transaction that occurred on Thursday, May 5th. The stock was acquired at an average price of $669.55 per share, with a total value of $502,162.50. Following the completion of the transaction, the director now owns 1,000 shares in the company, valued at $669,550. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Craig L. Nix purchased 300 shares of the stock in a transaction on Friday, April 29th. The stock was acquired at an average price of $658.96 per share, for a total transaction of $197,688.00. Following the completion of the purchase, the chief financial officer now directly owns 805 shares in the company, valued at approximately $530,462.80. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 2,064 shares of company stock valued at $731,428. Company insiders own 13.40% of the company’s stock.

Large investors have recently added to or reduced their stakes in the stock. Arrowstreet Capital Limited Partnership bought a new position in shares of First Citizens BancShares in the third quarter valued at $2,361,000. Allspring Global Investments Holdings LLC acquired a new stake in First Citizens BancShares in the fourth quarter valued at $83,387,000. Davidson Kempner Capital Management LP grew its position in shares of First Citizens BancShares by 147.2% in the 4th quarter. Davidson Kempner Capital Management LP now owns 60,084 shares of the bank’s stock valued at $49,735,000 after acquiring an additional 35,777 shares during the period. Buckingham Strategic Partners acquired a new position in shares of First Citizens BancShares during the 4th quarter worth about $1,025,000. Finally, Janus Henderson Group PLC increased its stake in shares of First Citizens BancShares by 183.0% during the 3rd quarter. Janus Henderson Group PLC now owns 1,149 shares of the bank’s stock worth $969,000 after purchasing an additional 743 shares during the last quarter. 39.07% of the stock is currently owned by institutional investors and hedge funds.

Shares of NASDAQ:FCNCA opened at $687.43 on Tuesday. The company has a 50 day moving average price of $655.11 and a two-hundred day moving average price of $747.54. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.80 and a current ratio of 0.80. The company has a market capitalization of $10.99 billion, a PE ratio of 12.26 and a beta of 1.05. First Citizens BancShares has a 52 week low of $610.67 and a 52 week high of $947.71.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 15th. Investors of record on Tuesday, May 31st will be given a $0.47 dividend. The ex-dividend date is Friday, May 27th. This represents a $1.88 annualized dividend and a yield of 0.27%. First Citizens BancShares’s dividend payout ratio is currently 3.35%.

First Citizens BancShares Company Profile (Get Rating)

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.

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