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

First Citizens BancShares (NASDAQ:FCNCA) is projected to release 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 posted 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 firm had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $2.20 billion. First Citizens BancShares had a net margin of 15.62% and a return on equity of 11.48%. During the same period in the prior year, the company posted $37.79 earnings per share. 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 Price Performance

Shares of NASDAQ:FCNCA opened at $2,070.62 on Thursday. First Citizens BancShares has a 52 week low of $1,623.76 and a 52 week high of $2,232.21. The company has a 50-day moving average price of $2,036.95 and a 200 day moving average price of $2,019.04. The company has a market cap of $24.00 billion, a P/E ratio of 11.91, a PEG ratio of 1.56 and a beta of 0.62. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.67.

First Citizens BancShares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, May 29th were paid a dividend of $2.10 per share. This represents a $8.40 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend was Friday, May 29th. First Citizens BancShares’s dividend payout ratio is 4.83%.

Insider Buying and Selling at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. acquired 528 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The stock was purchased at an average cost of $1,813.37 per share, with a total value of $957,459.36. Following the purchase, the chief executive officer directly owned 64,100 shares of the company’s stock, valued at approximately $116,237,017. This trade represents a 0.83% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. In the last 90 days, insiders purchased 7,190 shares of company stock valued at $12,573,868. Corporate insiders own 14.63% of the company’s stock.

Institutional Trading of First Citizens BancShares

Several large investors have recently bought and sold shares of FCNCA. UMB Bank n.a. increased its holdings in First Citizens BancShares by 50.0% during the 4th quarter. UMB Bank n.a. now owns 24 shares of the bank’s stock valued at $52,000 after acquiring an additional 8 shares in the last quarter. Jessup Wealth Management Inc purchased a new stake in shares of First Citizens BancShares in the fourth quarter valued at about $56,000. Quantbot Technologies LP acquired a new stake in shares of First Citizens BancShares in the third quarter valued at approximately $77,000. Los Angeles Capital Management LLC acquired a new stake in shares of First Citizens BancShares in the fourth quarter valued at approximately $84,000. Finally, Golden State Wealth Management LLC increased its stake in shares of First Citizens BancShares by 1,600.0% during the 4th quarter. Golden State Wealth Management LLC now owns 51 shares of the bank’s stock worth $110,000 after purchasing an additional 48 shares in the last quarter. Institutional investors and hedge funds own 78.01% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on FCNCA shares. The Goldman Sachs Group lifted their price target on First Citizens BancShares from $2,100.00 to $2,340.00 and gave the company a “neutral” rating in a research note on Tuesday, July 7th. Deutsche Bank Aktiengesellschaft cut First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,154.00 price objective for the company. in a research report on Wednesday, April 8th. Wall Street Zen raised First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Saturday, June 27th. Weiss Ratings upgraded shares of First Citizens BancShares from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, July 8th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $2,300.00 price target on shares of First Citizens BancShares in a research note on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and ten have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $2,247.08.

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.