DA Davidson Brokers Lower Earnings Estimates for First Citizens BancShares, Inc. (NASDAQ:FCNCA)

First Citizens BancShares, Inc. (NASDAQ:FCNCA) – Equities research analysts at DA Davidson decreased their FY2024 EPS estimates for First Citizens BancShares in a research note issued on Tuesday, April 16th. DA Davidson analyst M. Navas now anticipates that the bank will earn $180.00 per share for the year, down from their prior forecast of $189.16. DA Davidson has a “Neutral” rating and a $1,650.00 price objective on the stock. The consensus estimate for First Citizens BancShares’ current full-year earnings is $178.72 per share.

First Citizens BancShares (NASDAQ:FCNCA) last posted its earnings results on Friday, January 26th. The bank reported $46.58 EPS for the quarter, missing analysts’ consensus estimates of $48.49 by ($1.91). The company had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.36 billion. First Citizens BancShares had a net margin of 51.04% and a return on equity of 13.52%.

Several other brokerages have also recently issued reports on FCNCA. StockNews.com cut shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a research report on Wednesday, April 3rd. Wedbush reissued an “outperform” rating and set a $1,800.00 price target on shares of First Citizens BancShares in a research report on Monday, January 29th. The Goldman Sachs Group began coverage on shares of First Citizens BancShares in a research report on Thursday, March 21st. They set a “buy” rating and a $1,950.00 price target on the stock. UBS Group increased their price target on shares of 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 assumed coverage on shares of First Citizens BancShares in a research report on Thursday, April 11th. They set an “equal weight” rating and a $1,850.00 price target on the stock. One analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $1,768.63.

First Citizens BancShares Stock Up 0.1 %

Shares of FCNCA opened at $1,551.91 on Thursday. The stock has a market capitalization of $22.53 billion, a PE ratio of 1.98 and a beta of 0.89. First Citizens BancShares has a 1 year low of $945.32 and a 1 year high of $1,651.73. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.14 and a current ratio of 1.14. The company’s 50-day simple moving average is $1,562.91 and its 200-day simple moving average is $1,466.44.

Hedge Funds Weigh In On First Citizens BancShares

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position 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 worth $735,855,000 after acquiring an additional 568,929 shares during the last quarter. Wellington Management Group LLP grew its position in shares of First Citizens BancShares by 30.9% during the first quarter. Wellington Management Group LLP now owns 594,276 shares of the bank’s stock worth $395,550,000 after acquiring an additional 140,410 shares during the last quarter. State Street Corp grew its position in shares of First Citizens BancShares by 53.7% during the first quarter. State Street Corp now owns 402,593 shares of the bank’s stock worth $267,966,000 after acquiring 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 first quarter. Invesco Ltd. now owns 371,016 shares of the bank’s stock worth $246,949,000 after acquiring an additional 196,851 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of First Citizens BancShares by 88.8% during the first quarter. Dimensional Fund Advisors LP now owns 268,916 shares of the bank’s stock worth $179,001,000 after acquiring an additional 126,483 shares during the last quarter. 61.18% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other First Citizens BancShares news, Director Ellen R. Alemany sold 600 shares of the stock in a transaction that occurred on Wednesday, March 20th. The shares were 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 in the company, valued at $7,549,113.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other First Citizens BancShares news, Director Ellen R. Alemany sold 600 shares of the stock in a transaction that occurred on Wednesday, March 20th. The shares were 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 in the company, valued at $7,549,113.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Frank B. Holding, Jr. purchased 622 shares of the company’s stock in a transaction on Tuesday, February 20th. The stock was bought at an average price of $1,315.00 per share, for a total transaction of $817,930.00. Following the completion of the purchase, the chief executive officer now directly owns 97,609 shares of the company’s stock, valued at $128,355,835. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 1,388 shares of company stock worth $1,825,220. Company insiders own 13.40% of the company’s stock.

First Citizens BancShares Announces Dividend

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

First Citizens BancShares Company Profile

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.