DA Davidson Has Negative Outlook for FCNCA FY2024 Earnings

First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) - DA Davidson reduced their FY2024 earnings per share (EPS) estimates for shares of First Citizens BancShares in a research note issued on Thursday, November 21st. DA Davidson analyst M. Navas now anticipates that the bank will post earnings of $187.75 per share for the year, down from their previous estimate of $192.50. The consensus estimate for First Citizens BancShares' current full-year earnings is $189.06 per share. DA Davidson also issued estimates for First Citizens BancShares' Q4 2024 earnings at $39.44 EPS.

Several other equities research analysts have also issued reports on the stock. Piper Sandler lifted their price target on shares of First Citizens BancShares from $1,950.00 to $2,150.00 and gave the company a "neutral" rating in a report on Friday, July 26th. StockNews.com upgraded shares of First Citizens BancShares from a "sell" rating to a "hold" rating in a research report on Thursday, November 14th. Wedbush reduced their price objective on shares of First Citizens BancShares from $2,150.00 to $2,000.00 and set a "neutral" rating on the stock in a research note on Friday, October 25th. Barclays upped their price target on First Citizens BancShares from $1,950.00 to $2,250.00 and gave the company an "equal weight" rating in a research report on Monday, July 29th. Finally, Keefe, Bruyette & Woods upped their target price on First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an "outperform" rating in a report on Friday, July 26th. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $2,025.90.

First Citizens BancShares Stock Performance

Shares of First Citizens BancShares stock traded up $34.77 on Friday, hitting $2,359.00. The stock had a trading volume of 64,386 shares, compared to its average volume of 87,419. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.68. The business's 50 day moving average is $2,005.59 and its two-hundred day moving average is $1,886.58. First Citizens BancShares has a twelve month low of $1,363.97 and a twelve month high of $2,363.90. The stock has a market cap of $33.00 billion, a price-to-earnings ratio of 13.44 and a beta of 0.80.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its quarterly earnings data on Thursday, October 24th. The bank reported $45.87 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $47.40 by ($1.53). The business had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.36 billion. First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.63%. During the same quarter last year, the business earned $55.92 earnings per share.

Institutional Trading of First Citizens BancShares

A number of hedge funds have recently made changes to their positions in FCNCA. Toronto Dominion Bank raised its holdings in First Citizens BancShares by 3,577.5% during the 2nd quarter. Toronto Dominion Bank now owns 35,010 shares of the bank's stock valued at $58,943,000 after buying an additional 34,058 shares during the last quarter. FMR LLC increased its position in First Citizens BancShares by 11.6% during the 3rd quarter. FMR LLC now owns 323,532 shares of the bank's stock valued at $595,607,000 after buying an additional 33,713 shares in the last quarter. Zurich Insurance Group Ltd FI raised its position in shares of First Citizens BancShares by 225.2% in the 2nd quarter. Zurich Insurance Group Ltd FI now owns 42,159 shares of the bank's stock worth $70,979,000 after purchasing an additional 29,194 shares during the last quarter. International Assets Investment Management LLC boosted its stake in First Citizens BancShares by 183,992.3% during the 3rd quarter. International Assets Investment Management LLC now owns 23,932 shares of the bank's stock valued at $440,580,000 after purchasing an additional 23,919 shares during the last quarter. Finally, Thrivent Financial for Lutherans raised its holdings in shares of First Citizens BancShares by 6,773.9% during the second quarter. Thrivent Financial for Lutherans now owns 23,921 shares of the bank's stock valued at $40,274,000 after purchasing an additional 23,573 shares during the last quarter. 61.18% of the stock is owned by institutional investors.

First Citizens BancShares announced that its Board of Directors has initiated a share repurchase plan on Thursday, July 25th that allows the company to buyback $3.50 billion in shares. This buyback authorization allows the bank to reacquire up to 12.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board of directors believes its stock is undervalued.

First Citizens BancShares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be given a $1.95 dividend. This represents a $7.80 annualized dividend and a dividend yield of 0.33%. This is a boost from First Citizens BancShares's previous quarterly dividend of $1.64. The ex-dividend date is Friday, November 29th. First Citizens BancShares's dividend payout ratio is 4.47%.

First Citizens BancShares Company Profile

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.