DA Davidson Weighs in on First Citizens BancShares, Inc.’s Q1 2024 Earnings (NASDAQ:FCNCA)

First Citizens BancShares, Inc. (NASDAQ:FCNCA) – DA Davidson issued their Q1 2024 earnings per share (EPS) estimates for shares of First Citizens BancShares in a report issued on Tuesday, April 16th. DA Davidson analyst M. Navas forecasts that the bank will post earnings of $42.92 per share for the quarter. DA Davidson currently has a “Neutral” rating and a $1,650.00 price objective on the stock. The consensus estimate for First Citizens BancShares’ current full-year earnings is $178.72 per share.

Several other equities research analysts have also commented on FCNCA. Barclays started coverage on First Citizens BancShares in a research report on Thursday, April 11th. They set an “equal weight” rating and a $1,850.00 target price on the stock. UBS Group upped their price target on First Citizens BancShares from $1,644.00 to $1,754.00 and gave the stock a “buy” rating in a research note on Tuesday, January 30th. StockNews.com downgraded First Citizens BancShares from a “hold” rating to a “sell” rating in a research note on Wednesday, April 3rd. Wedbush reaffirmed an “outperform” rating and set a $1,800.00 price target on shares of First Citizens BancShares in a research note on Monday, January 29th. Finally, The Goldman Sachs Group began coverage on First Citizens BancShares in a research note on Thursday, March 21st. They set a “buy” rating and a $1,950.00 price target on the stock. One investment analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $1,768.63.

First Citizens BancShares Trading Up 1.1 %

Shares of First Citizens BancShares stock traded up $17.49 on Wednesday, hitting $1,550.00. 57,134 shares of the company’s stock traded hands, compared to its average volume of 81,249. First Citizens BancShares has a one year low of $945.32 and a one year high of $1,651.73. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.14 and a quick ratio of 1.14. The company has a fifty day moving average of $1,560.11 and a two-hundred day moving average of $1,465.25. The company has a market capitalization of $22.51 billion, a price-to-earnings ratio of 1.95 and a beta of 0.89.

First Citizens BancShares (NASDAQ:FCNCA) last announced its earnings results on Friday, January 26th. The bank reported $46.58 EPS for the quarter, missing the consensus estimate of $48.49 by ($1.91). First Citizens BancShares had a net margin of 51.04% and a return on equity of 13.52%. The business had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.36 billion.

Hedge Funds Weigh In On First Citizens BancShares

Institutional investors and hedge funds have recently bought and sold shares of the company. Blue Trust Inc. grew its holdings 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 purchasing an additional 10 shares during the period. GAMMA Investing LLC bought a new position in First Citizens BancShares during the fourth quarter valued at $30,000. Mather Group LLC. bought a new position in First Citizens BancShares during the first quarter valued at $31,000. Castleview Partners LLC bought a new position in First Citizens BancShares during the second quarter valued at $31,000. Finally, Lindbrook Capital LLC grew its holdings in First Citizens BancShares by 53.3% during the third quarter. Lindbrook Capital LLC now owns 23 shares of the bank’s stock valued at $32,000 after purchasing an additional 8 shares during the period. 61.18% of the stock is owned by institutional investors.

Insider Transactions at First Citizens BancShares

In related news, insider Hope Holding Bryant acquired 300 shares of the stock in a transaction dated Wednesday, February 21st. The stock was purchased at an average cost of $1,315.00 per share, with a total value of $394,500.00. Following the completion of the purchase, the insider now directly owns 1,978 shares in the company, valued at approximately $2,601,070. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. In other First Citizens BancShares news, CEO Frank B. Holding, Jr. purchased 622 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The stock was bought at an average cost of $1,315.00 per share, with a total value of $817,930.00. Following the completion of the transaction, the chief executive officer now owns 97,609 shares of the company’s stock, valued at approximately $128,355,835. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Hope Holding Bryant purchased 300 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were acquired at an average cost of $1,315.00 per share, with a total value of $394,500.00. Following the completion of the transaction, the insider now directly owns 1,978 shares of the company’s stock, valued at approximately $2,601,070. The disclosure for this purchase can be found here. Insiders purchased a total of 1,388 shares of company stock valued at $1,825,220 over the last ninety days. 12.85% of the stock is currently owned by insiders.

First Citizens BancShares Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Thursday, February 29th were paid a $1.64 dividend. This represents a $6.56 annualized dividend and a dividend yield of 0.42%. The ex-dividend date was Wednesday, February 28th. First Citizens BancShares’s dividend payout ratio (DPR) is presently 0.84%.

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.