DA Davidson Weighs in on First Citizens BancShares, Inc.’s FY2024 Earnings (NASDAQ:FCNCA)

First Citizens BancShares, Inc. (NASDAQ:FCNCA) – Analysts at DA Davidson dropped their FY2024 EPS estimates for First Citizens BancShares in a report issued on Tuesday, April 16th. DA Davidson analyst M. Navas now forecasts that the bank will post earnings per share of $180.00 for the year, down from their prior estimate of $189.16. DA Davidson currently has a “Neutral” rating and a $1,650.00 target price on the stock. The consensus estimate for First Citizens BancShares’ current full-year earnings is $177.19 per share.

First Citizens BancShares (NASDAQ:FCNCA) last announced its earnings results on Friday, January 26th. The bank reported $46.58 earnings per share for the quarter, missing the consensus estimate of $48.49 by ($1.91). The firm 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 51.04% and a return on equity of 13.52%.

A number of other research firms have also recently issued reports on FCNCA. Wedbush reaffirmed an “outperform” rating and issued a $1,800.00 price target on shares of First Citizens BancShares in a report on Monday, January 29th. Barclays assumed coverage on shares of First Citizens BancShares in a report on Thursday, April 11th. They issued an “equal weight” rating and a $1,850.00 price target for the company. StockNews.com cut shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Wednesday, April 3rd. The Goldman Sachs Group assumed coverage on shares of First Citizens BancShares in a report on Thursday, March 21st. They issued a “buy” rating and a $1,950.00 price target for the company. Finally, UBS Group raised their target price on shares of First Citizens BancShares from $1,644.00 to $1,754.00 and gave the stock a “buy” rating in a report on Tuesday, January 30th. One research analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $1,768.63.

First Citizens BancShares Price Performance

Shares of FCNCA opened at $1,567.36 on Thursday. The company has a market cap of $22.76 billion, a price-to-earnings ratio of 2.00 and a beta of 0.89. First Citizens BancShares has a twelve month low of $945.32 and a twelve month high of $1,651.73. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 1.82. The company has a 50 day moving average of $1,564.36 and a two-hundred day moving average of $1,468.06.

Hedge Funds Weigh In On First Citizens BancShares

A number of institutional investors and hedge funds have recently bought and sold shares of FCNCA. Raymond James Financial Services Advisors Inc. boosted its holdings in First Citizens BancShares by 145.4% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 1,406 shares of the bank’s stock valued at $1,995,000 after purchasing an additional 833 shares during the last quarter. Nordea Investment Management AB boosted its holdings in First Citizens BancShares by 3,091.6% in the 4th quarter. Nordea Investment Management AB now owns 23,905 shares of the bank’s stock valued at $34,203,000 after purchasing an additional 23,156 shares during the last quarter. Reinhart Partners LLC. boosted its holdings in First Citizens BancShares by 11.7% in the 4th quarter. Reinhart Partners LLC. now owns 56,803 shares of the bank’s stock valued at $80,602,000 after purchasing an additional 5,952 shares during the last quarter. Legal & General Group Plc boosted its holdings in First Citizens BancShares by 49.1% in the 3rd quarter. Legal & General Group Plc now owns 47,287 shares of the bank’s stock valued at $65,261,000 after purchasing an additional 15,579 shares during the last quarter. Finally, Hsbc Holdings PLC boosted its holdings in First Citizens BancShares by 90.9% in the 3rd quarter. Hsbc Holdings PLC now owns 3,132 shares of the bank’s stock valued at $4,326,000 after purchasing an additional 1,491 shares during the last quarter. 61.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Frank B. Holding, Jr. bought 622 shares of the company’s stock in a transaction dated Tuesday, February 20th. The shares were acquired at an average price of $1,315.00 per share, for a total transaction of $817,930.00. Following the completion of the transaction, the chief executive officer now directly owns 97,609 shares in the company, valued at $128,355,835. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director Ellen R. Alemany sold 600 shares of the business’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $1,559.09, for a total transaction of $935,454.00. Following the transaction, the director now directly owns 4,842 shares in the company, valued at $7,549,113.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Frank B. Holding, Jr. purchased 622 shares of the stock in a transaction that occurred on Tuesday, February 20th. The shares were acquired at an average price of $1,315.00 per share, for a total transaction of $817,930.00. Following the completion of the transaction, the chief executive officer now directly owns 97,609 shares of the company’s stock, valued at approximately $128,355,835. The disclosure for this purchase can be found here. Insiders have purchased a total of 1,388 shares of company stock worth $1,825,220 over the last 90 days. 13.40% of the stock is currently owned by company insiders.

First Citizens BancShares Dividend Announcement

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

About First Citizens BancShares

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.