First Citizens BancShares (FCNCA) to Release Earnings on Friday

First Citizens BancShares (NASDAQ:FCNCA) is expected to be announcing its results before the market opens on Friday, January 23rd. Analysts expect the company to announce earnings of $44.24 per share and revenue of $2.2369 billion for the quarter.

First Citizens BancShares (NASDAQ:FCNCA) last posted its earnings results on Thursday, October 23rd. The bank reported $44.62 EPS for the quarter, topping analysts’ consensus estimates of $41.51 by $3.11. The business had revenue of $2.25 billion during the quarter, compared to the consensus estimate of $2.21 billion. First Citizens BancShares had a net margin of 15.99% and a return on equity of 11.09%. On average, analysts expect First Citizens BancShares to post $168 EPS for the current fiscal year and $194 EPS for the next fiscal year.

First Citizens BancShares Price Performance

NASDAQ FCNCA opened at $2,160.13 on Friday. The stock has a market capitalization of $26.87 billion, a price-to-earnings ratio of 12.77 and a beta of 0.69. First Citizens BancShares has a 1-year low of $1,473.62 and a 1-year high of $2,412.93. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.03 and a quick ratio of 1.03. The business’s fifty day moving average price is $2,020.43 and its 200-day moving average price is $1,950.01.

First Citizens BancShares Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Friday, November 28th were issued a $2.10 dividend. This is a positive change from First Citizens BancShares’s previous quarterly dividend of $1.95. This represents a $8.40 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend was Friday, November 28th. First Citizens BancShares’s dividend payout ratio is currently 4.97%.

Insider Buying and Selling

In other news, CEO Frank B. Holding, Jr. bought 135 shares of the company’s stock in a transaction that occurred on Wednesday, November 26th. The stock was bought at an average price of $1,629.67 per share, with a total value of $220,005.45. Following the acquisition, the chief executive officer owned 2,527 shares of the company’s stock, valued at approximately $4,118,176.09. This represents a 5.64% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Ellen R. Alemany purchased 300 shares of the business’s stock in a transaction on Thursday, November 13th. The stock was acquired at an average price of $1,000.00 per share, with a total value of $300,000.00. Following the purchase, the director directly owned 300 shares in the company, valued at $300,000. This represents a ∞ increase in their position. The SEC filing for this purchase provides additional information. Corporate insiders own 13.40% of the company’s stock.

Institutional Trading of First Citizens BancShares

Institutional investors have recently made changes to their positions in the business. Orion Porfolio Solutions LLC raised its position 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 purchasing an additional 45,304 shares during the period. Marshall Wace LLP raised its holdings in First Citizens BancShares by 824.0% during the 3rd quarter. Marshall Wace LLP now owns 29,310 shares of the bank’s stock valued at $52,440,000 after buying an additional 26,138 shares during the period. Qube Research & Technologies Ltd lifted its position in First Citizens BancShares by 252.4% in the third quarter. Qube Research & Technologies Ltd now owns 33,234 shares of the bank’s stock worth $59,461,000 after buying an additional 23,804 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in First Citizens BancShares by 344.6% during the third quarter. Arrowstreet Capital Limited Partnership now owns 25,156 shares of the bank’s stock worth $45,008,000 after buying an additional 19,498 shares during the period. Finally, Danske Bank A S purchased a new position in First Citizens BancShares during the third quarter worth $19,296,000. Hedge funds and other institutional investors own 78.01% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Wall Street Zen downgraded First Citizens BancShares from a “hold” rating to a “sell” rating in a research note on Sunday, September 28th. Raymond James Financial upgraded shares of First Citizens BancShares from an “outperform” rating to a “strong-buy” rating and increased their price objective for the stock from $2,100.00 to $2,200.00 in a research note on Thursday, November 20th. Barclays boosted their target price on shares of First Citizens BancShares from $2,190.00 to $2,456.00 and gave the company an “equal weight” rating in a research report on Monday, January 5th. JPMorgan Chase & Co. increased their price target on shares of First Citizens BancShares from $2,300.00 to $2,500.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 16th. Finally, UBS Group reissued a “buy” rating and set a $2,500.00 price objective on shares of First Citizens BancShares in a research report on Tuesday, January 6th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $2,250.55.

About First Citizens BancShares

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.