First Citizens BancShares (FCNCA) to Announce Quarterly Earnings on Thursday

First Citizens BancShares (NASDAQ:FCNCA) is anticipated to post its results before the market opens on Thursday, July 23rd. Analysts expect the company to announce earnings of $40.69 per share and revenue of $2.1922 billion for the quarter.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings results on Thursday, April 23rd. The bank reported $44.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $43.31 by $1.55. The business had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.20 billion. First Citizens BancShares had a return on equity of 11.48% and a net margin of 15.62%.During the same quarter last year, the business posted $37.79 EPS. On average, analysts expect First Citizens BancShares to post $177 EPS for the current fiscal year and $202 EPS for the next fiscal year.

First Citizens BancShares Stock Down 0.2%

First Citizens BancShares stock opened at $2,071.16 on Wednesday. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.00 and a current ratio of 1.00. First Citizens BancShares has a one year low of $1,623.76 and a one year high of $2,232.21. The company has a 50-day simple moving average of $2,050.59 and a 200-day simple moving average of $2,017.46. The firm has a market capitalization of $24.00 billion, a P/E ratio of 11.91, a P/E/G ratio of 1.57 and a beta of 0.62.

Insiders Place Their Bets

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. bought 5,940 shares of the company’s stock in a transaction that occurred on Tuesday, May 12th. The shares were acquired at an average cost of $1,726.82 per share, for a total transaction of $10,257,310.80. Following the acquisition, the chief executive officer directly owned 38,111 shares of the company’s stock, valued at $65,810,837.02. This trade represents a 18.46% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Insiders bought a total of 7,190 shares of company stock worth $12,573,868 over the last ninety days. Company insiders own 14.63% of the company’s stock.

Institutional Investors Weigh In On First Citizens BancShares

Large investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP boosted its position in shares of First Citizens BancShares by 0.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 124,061 shares of the bank’s stock valued at $266,273,000 after purchasing an additional 492 shares during the period. Morgan Stanley raised its holdings in First Citizens BancShares by 31.8% during the 4th quarter. Morgan Stanley now owns 123,048 shares of the bank’s stock worth $264,087,000 after buying an additional 29,681 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in First Citizens BancShares by 11.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 122,317 shares of the bank’s stock worth $262,514,000 after buying an additional 12,303 shares during the period. Bank of America Corp DE lifted its stake in First Citizens BancShares by 15.7% during the second quarter. Bank of America Corp DE now owns 65,101 shares of the bank’s stock valued at $127,369,000 after buying an additional 8,826 shares in the last quarter. Finally, Orion Porfolio Solutions LLC lifted its stake in First Citizens BancShares by 2,057.4% during the second quarter. Orion Porfolio Solutions LLC now owns 47,506 shares of the bank’s stock valued at $92,944,000 after buying an additional 45,304 shares in the last quarter. 78.01% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have issued reports on FCNCA. Wall Street Zen raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Saturday, June 27th. Piper Sandler set a $2,050.00 price target on shares of First Citizens BancShares in a research note on Friday, April 24th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $2,300.00 price target on shares of First Citizens BancShares in a report on Thursday, July 9th. TD Cowen reduced their price objective on First Citizens BancShares from $2,500.00 to $2,300.00 and set a “buy” rating for the company in a research report on Monday, April 27th. Finally, Weiss Ratings raised First Citizens BancShares from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $2,247.08.

First Citizens BancShares Company Profile

First Citizens BancShares, Inc is the bank holding company for First Citizens Bank, a full‑service commercial bank headquartered in Raleigh, North Carolina. The company traces its roots to a community bank founded in 1898 and has grown into a diversified financial services organization that operates through its banking subsidiary to serve retail, commercial and institutional clients.

First Citizens offers a broad suite of banking products and services, including consumer and business deposit accounts, commercial and industrial lending, real estate and mortgage lending, treasury and cash management, and specialized lending solutions.