Brokers Set Expectations for First Citizens BancShares, Inc.’s Q2 2024 Earnings (NASDAQ:FCNCA)

First Citizens BancShares, Inc. (NASDAQ:FCNCA) – Wedbush lowered their Q2 2024 earnings per share estimates for First Citizens BancShares in a research note issued 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 estimate of $45.27. Wedbush 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.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings results on Friday, January 26th. The bank reported $46.58 earnings per share for the quarter, missing analysts’ consensus estimates of $48.49 by ($1.91). The firm had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.36 billion. First Citizens BancShares had a net margin of 18.22% and a return on equity of 15.75%.

A number of other analysts have also recently weighed in on FCNCA. Piper Sandler cut shares of First Citizens BancShares from an “overweight” rating to a “neutral” rating and increased their target price for the stock from $1,850.00 to $1,950.00 in a report on Friday. StockNews.com cut shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Wednesday, April 3rd. UBS Group upped their target price on First Citizens BancShares from $1,644.00 to $1,754.00 and gave the company a “buy” rating in a report on Tuesday, January 30th. Barclays raised their price target 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. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and set a $2,100.00 price objective (up from $1,900.00) on shares of First Citizens BancShares in a research note on Friday. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $1,829.90.

First Citizens BancShares Stock Performance

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

First Citizens BancShares Announces Dividend

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

Insider Activity at First Citizens BancShares

In related news, major shareholder Olivia Britton Holding acquired 466 shares of the 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 completion of the purchase, the insider now directly owns 121,694 shares of the company’s stock, valued at $160,027,610. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other First Citizens BancShares news, major shareholder Olivia Britton Holding acquired 466 shares of First Citizens BancShares stock in a transaction dated Tuesday, February 20th. The stock was bought at an average price of $1,315.00 per share, for a total transaction of $612,790.00. Following the transaction, the insider now owns 121,694 shares in the company, valued at approximately $160,027,610. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Ellen R. Alemany sold 600 shares of the company’s stock in a transaction 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 completion of the transaction, 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 purchased 1,388 shares of company stock worth $1,825,220 in the last 90 days. Corporate insiders own 13.40% of the company’s stock.

Institutional Investors Weigh In On First Citizens BancShares

Institutional investors and hedge funds have recently modified their holdings of the stock. Blue Trust Inc. raised its position in First Citizens BancShares by 100.0% during the fourth quarter. Blue Trust Inc. now owns 20 shares of the bank’s stock valued at $27,000 after buying an additional 10 shares during the period. GAMMA Investing LLC acquired a new stake in First Citizens BancShares in the fourth quarter valued at approximately $30,000. Mather Group LLC. bought a new stake in First Citizens BancShares in the first quarter worth approximately $31,000. Lindbrook Capital LLC increased its stake in shares of First Citizens BancShares by 53.3% during the 3rd quarter. Lindbrook Capital LLC now owns 23 shares of the bank’s stock worth $32,000 after purchasing an additional 8 shares during the last quarter. Finally, Principal Securities Inc. bought a new position in shares of First Citizens BancShares during the 4th quarter valued at $43,000. 61.18% of the stock is owned by institutional investors and hedge funds.

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.