First Citizens BancShares, Inc. to Post Q2 2024 Earnings of $44.11 Per Share, Wedbush Forecasts (NASDAQ:FCNCA)

First Citizens BancShares, Inc. (NASDAQ:FCNCA) – Equities research analysts at Wedbush lowered their Q2 2024 EPS estimates for shares of First Citizens BancShares in a report released on Thursday, April 25th. Wedbush analyst D. Chiaverini now expects that the bank will post earnings per share of $44.11 for the quarter, down from their prior forecast of $45.27. Wedbush currently has a “Outperform” rating and a $1,800.00 price target on the stock. The consensus estimate for First Citizens BancShares’ current full-year earnings is $179.92 per share. Wedbush also issued estimates for First Citizens BancShares’ Q3 2024 earnings at $45.46 EPS, Q1 2025 earnings at $45.86 EPS and Q2 2025 earnings at $47.90 EPS.

Several other research analysts have also weighed in on the company. Barclays lifted their target price on First Citizens BancShares from $1,850.00 to $1,950.00 and gave the stock an “equal weight” rating in a report on Friday. UBS Group increased 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 note on Tuesday, January 30th. The Goldman Sachs Group assumed coverage on shares of First Citizens BancShares in a report on Thursday, March 21st. They set a “buy” rating and a $1,950.00 target price on the stock. StockNews.com cut shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Wednesday, April 3rd. Finally, DA Davidson restated a “neutral” rating and set a $1,650.00 price objective (up from $1,600.00) on shares of First Citizens BancShares in a report on Monday, April 15th. One analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $1,829.90.

First Citizens BancShares Price Performance

Shares of FCNCA stock opened at $1,754.50 on Monday. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 1.82. First Citizens BancShares has a 12-month low of $945.32 and a 12-month high of $1,810.03. The firm has a fifty day moving average of $1,582.88 and a 200-day moving average of $1,481.54. The firm has a market capitalization of $25.48 billion, a price-to-earnings ratio of 9.74 and a beta of 0.89.

First Citizens BancShares (NASDAQ:FCNCA) last posted its earnings results 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). The firm had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.36 billion. First Citizens BancShares had a return on equity of 15.75% and a net margin of 18.22%.

First Citizens BancShares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Friday, May 31st will be issued a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 0.37%. The ex-dividend date of this dividend is Friday, May 31st. First Citizens BancShares’s payout ratio is 3.64%.

Insider Buying and Selling

In other First Citizens BancShares news, major shareholder Olivia Britton Holding purchased 466 shares of the business’s stock in a transaction on Tuesday, February 20th. The shares were purchased at an average cost of $1,315.00 per share, with a total value of $612,790.00. Following the transaction, the insider now directly owns 121,694 shares of the company’s stock, valued at approximately $160,027,610. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, insider Hope Holding Bryant acquired 300 shares of the company’s stock in a transaction dated Wednesday, February 21st. The shares were bought at an average price of $1,315.00 per share, for a total transaction of $394,500.00. Following the purchase, the insider now directly owns 1,978 shares in the company, valued at approximately $2,601,070. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Olivia Britton Holding acquired 466 shares of the business’s stock in a transaction dated Tuesday, February 20th. The stock was bought at an average cost of $1,315.00 per share, with a total value of $612,790.00. Following the acquisition, the insider now owns 121,694 shares in the company, valued at approximately $160,027,610. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 1,388 shares of company stock worth $1,825,220. 13.40% of the stock is owned by insiders.

Institutional Trading of First Citizens BancShares

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Mather Group LLC. bought a new position in shares of First Citizens BancShares in the 1st quarter valued at about $31,000. Blue Trust Inc. grew its holdings in First Citizens BancShares by 100.0% during the fourth quarter. Blue Trust Inc. now owns 20 shares of the bank’s stock worth $27,000 after purchasing an additional 10 shares during the period. GAMMA Investing LLC acquired a new position in First Citizens BancShares during the fourth quarter worth approximately $30,000. Lindbrook Capital LLC raised its stake in First Citizens BancShares by 53.3% in the third quarter. Lindbrook Capital LLC now owns 23 shares of the bank’s stock valued at $32,000 after buying an additional 8 shares during the period. Finally, Principal Securities Inc. acquired a new stake in shares of First Citizens BancShares in the fourth quarter valued at approximately $43,000. 61.18% of the stock is owned by institutional investors.

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.