First Citizens BancShares, Inc. (NASDAQ:FCNCA) Forecasted to Post Q1 2024 Earnings of $42.92 Per Share

First Citizens BancShares, Inc. (NASDAQ:FCNCA) – Analysts at DA Davidson issued their Q1 2024 earnings per share (EPS) estimates for First Citizens BancShares in a note issued to investors on Tuesday, April 16th. DA Davidson analyst M. Navas expects that the bank will earn $42.92 per share for the quarter. DA Davidson currently has a “Neutral” rating and a $1,650.00 target price on the stock. The consensus estimate for First Citizens BancShares’ current full-year earnings is $178.72 per share.

Several other brokerages have also recently commented on FCNCA. The Goldman Sachs Group initiated coverage on First Citizens BancShares in a research report on Thursday, March 21st. They issued a “buy” rating and a $1,950.00 target price for the company. StockNews.com cut First Citizens BancShares from a “hold” rating to a “sell” rating in a research report on Wednesday, April 3rd. Wedbush reaffirmed an “outperform” rating and issued a $1,800.00 target price on shares of First Citizens BancShares in a research report on Monday, January 29th. UBS Group raised their target price on First Citizens BancShares from $1,644.00 to $1,754.00 and gave the stock a “buy” rating in a research report on Tuesday, January 30th. Finally, Barclays initiated coverage on First Citizens BancShares in a research report on Thursday, April 11th. They issued an “equal weight” rating and a $1,850.00 target price for the company. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $1,768.63.

First Citizens BancShares Stock Up 1.1 %

FCNCA opened at $1,550.00 on Wednesday. First Citizens BancShares has a 1-year low of $945.32 and a 1-year high of $1,651.73. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 1.82. The stock has a market capitalization of $22.51 billion, a price-to-earnings ratio of 1.98 and a beta of 0.89. The business has a 50 day moving average of $1,561.43 and a 200-day moving average of $1,465.85.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings data on Friday, January 26th. The bank reported $46.58 earnings per share for the quarter, missing the consensus estimate of $48.49 by ($1.91). First Citizens BancShares had a net margin of 51.04% and a return on equity of 13.52%. The business had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.36 billion.

Hedge Funds Weigh In On First Citizens BancShares

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in shares of First Citizens BancShares by 106.0% during the first quarter. Vanguard Group Inc. now owns 1,105,554 shares of the bank’s stock valued at $735,855,000 after acquiring an additional 568,929 shares during the period. Wellington Management Group LLP lifted its position in First Citizens BancShares by 30.9% during the 1st quarter. Wellington Management Group LLP now owns 594,276 shares of the bank’s stock valued at $395,550,000 after purchasing an additional 140,410 shares during the period. State Street Corp boosted its stake in shares of First Citizens BancShares by 53.7% in the 1st quarter. State Street Corp now owns 402,593 shares of the bank’s stock valued at $267,966,000 after purchasing an additional 140,626 shares during the last quarter. Invesco Ltd. grew its position in shares of First Citizens BancShares by 113.0% during the 1st quarter. Invesco Ltd. now owns 371,016 shares of the bank’s stock worth $246,949,000 after buying an additional 196,851 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in shares of First Citizens BancShares by 88.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 268,916 shares of the bank’s stock worth $179,001,000 after buying an additional 126,483 shares during the period. 61.18% of the stock is owned by institutional investors.

Insider Buying and Selling at First Citizens BancShares

In other news, Director Ellen R. Alemany sold 600 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $1,559.09, for a total value of $935,454.00. Following the transaction, the director now directly owns 4,842 shares of the company’s stock, valued at approximately $7,549,113.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, major shareholder Olivia Britton Holding purchased 466 shares of First Citizens BancShares stock in a transaction that occurred on Tuesday, February 20th. The shares were acquired at an average price of $1,315.00 per share, for a total transaction of $612,790.00. Following the transaction, the insider now directly owns 121,694 shares in the company, valued at $160,027,610. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Ellen R. Alemany sold 600 shares of the stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $1,559.09, for a total transaction of $935,454.00. Following the sale, the director now directly owns 4,842 shares in the company, valued at approximately $7,549,113.78. The disclosure for this sale can be found here. Insiders have bought a total of 1,388 shares of company stock worth $1,825,220 over the last ninety days. Corporate insiders own 12.85% of the company’s stock.

First Citizens BancShares Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Thursday, February 29th were issued a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 0.42%. The ex-dividend date was Wednesday, February 28th. First Citizens BancShares’s dividend payout ratio is currently 0.84%.

About First Citizens BancShares

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.