First Citizens BancShares, Inc. to Post FY2024 Earnings of $192.50 Per Share, DA Davidson Forecasts (NASDAQ:FCNCA)

First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) - Research analysts at DA Davidson decreased their FY2024 earnings estimates for First Citizens BancShares in a research report issued on Thursday, October 3rd. DA Davidson analyst M. Navas now forecasts that the bank will post earnings of $192.50 per share for the year, down from their prior forecast of $195.85. The consensus estimate for First Citizens BancShares' current full-year earnings is $200.92 per share. DA Davidson also issued estimates for First Citizens BancShares' FY2025 earnings at $180.85 EPS.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its quarterly earnings data on Thursday, July 25th. The bank reported $50.87 EPS for the quarter, beating the consensus estimate of $44.91 by $5.96. The business had revenue of $3.77 billion for the quarter, compared to the consensus estimate of $2.30 billion. First Citizens BancShares had a net margin of 18.19% and a return on equity of 14.84%. During the same period in the prior year, the firm earned $52.60 EPS.

FCNCA has been the topic of several other research reports. Keefe, Bruyette & Woods upped their price objective on First Citizens BancShares from $2,100.00 to $2,300.00 and gave the stock an "outperform" rating in a research report on Friday, July 26th. Barclays raised their price target on shares of 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. Piper Sandler increased their target price on shares of First Citizens BancShares from $1,950.00 to $2,150.00 and gave the stock a "neutral" rating in a research note on Friday, July 26th. StockNews.com cut First Citizens BancShares from a "hold" rating to a "sell" rating in a research report on Monday. Finally, Jefferies Financial Group initiated coverage on First Citizens BancShares in a report on Tuesday, July 9th. They issued a "buy" rating and a $2,005.00 price target for the company. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $2,012.11.

First Citizens BancShares Stock Performance

First Citizens BancShares stock traded down $4.64 during midday trading on Monday, hitting $1,945.48. 74,266 shares of the company were exchanged, compared to its average volume of 86,724. The business has a fifty day simple moving average of $1,942.79 and a two-hundred day simple moving average of $1,787.12. The company has a debt-to-equity ratio of 1.72, a quick ratio of 1.08 and a current ratio of 1.08. The firm has a market capitalization of $28.27 billion, a PE ratio of 10.80 and a beta of 0.81. First Citizens BancShares has a fifty-two week low of $1,290.60 and a fifty-two week high of $2,174.80.

Hedge Funds Weigh In On First Citizens BancShares

Institutional investors and hedge funds have recently made changes to their positions in the stock. Nordea Investment Management AB increased its stake in shares of First Citizens BancShares by 21.6% during the 1st quarter. Nordea Investment Management AB now owns 29,077 shares of the bank's stock valued at $47,866,000 after acquiring an additional 5,172 shares during the last quarter. BNP Paribas Financial Markets grew its stake in shares of First Citizens BancShares by 19.4% during the first quarter. BNP Paribas Financial Markets now owns 3,492 shares of the bank's stock valued at $5,709,000 after acquiring an additional 568 shares in the last quarter. Bessemer Group Inc. increased its holdings in First Citizens BancShares by 2,583.3% during the 1st quarter. Bessemer Group Inc. now owns 805 shares of the bank's stock worth $1,316,000 after purchasing an additional 775 shares during the last quarter. Virtu Financial LLC acquired a new stake in First Citizens BancShares in the fourth quarter valued at $2,376,000. Finally, Sei Investments Co. raised its stake in First Citizens BancShares by 67.5% during the first quarter. Sei Investments Co. now owns 6,067 shares of the bank's stock valued at $9,921,000 after buying an additional 2,444 shares in the last quarter. 61.18% of the stock is owned by institutional investors and hedge funds.

First Citizens BancShares announced that its board has authorized a stock 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 stock through open market purchases. Stock buyback plans are typically an indication that the company's board of directors believes its shares are undervalued.

First Citizens BancShares Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were paid a $1.64 dividend. The ex-dividend date was Friday, August 30th. This represents a $6.56 annualized dividend and a yield of 0.34%. First Citizens BancShares's dividend payout ratio is currently 3.64%.

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.