First Citizens BancShares (NASDAQ:FCNCA) Releases Earnings Results, Beats Estimates By $16.40 EPS

First Citizens BancShares (NASDAQ:FCNCA) issued its quarterly earnings data on Thursday. The bank reported $57.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $40.69 by $16.40, FiscalAI reports. The firm had revenue of $2.24 billion during the quarter, compared to the consensus estimate of $2.16 billion. First Citizens BancShares had a return on equity of 11.48% and a net margin of 15.62%.

First Citizens BancShares Stock Up 6.2%

FCNCA traded up $128.24 on Thursday, hitting $2,205.81. 71,155 shares of the company were exchanged, compared to its average volume of 90,334. The firm has a 50-day moving average price of $2,053.95 and a two-hundred day moving average price of $2,016.98. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.67. First Citizens BancShares has a twelve month low of $1,623.76 and a twelve month high of $2,232.21. The company has a market cap of $25.57 billion, a price-to-earnings ratio of 12.69, a price-to-earnings-growth ratio of 1.56 and a beta of 0.62.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on FCNCA. Wall Street Zen upgraded shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Saturday, June 27th. TD Cowen lowered their price objective on shares of First Citizens BancShares from $2,500.00 to $2,300.00 and set a “buy” rating for the company in a research report on Monday, April 27th. The Goldman Sachs Group lifted their target price on shares of First Citizens BancShares from $2,100.00 to $2,340.00 and gave the company a “neutral” rating in a report on Tuesday, July 7th. Citigroup cut First Citizens BancShares from a “neutral” rating to a “market perform” rating in a research note on Thursday, July 9th. Finally, 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 note on Wednesday, April 8th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and ten have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $2,247.08.

Insider Activity

In related news, CEO Frank B. Holding, Jr. acquired 5,940 shares of the stock in a transaction dated Tuesday, May 12th. The stock was acquired at an average cost of $1,726.82 per share, with a total value of $10,257,310.80. Following the completion of the transaction, the chief executive officer owned 38,111 shares in the company, valued at $65,810,837.02. This represents a 18.46% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In the last three months, insiders bought 7,190 shares of company stock valued at $12,573,868. Company insiders own 14.63% of the company’s stock.

Institutional Investors Weigh In On First Citizens BancShares

Hedge funds and other institutional investors have recently modified their holdings of the company. UMB Bank n.a. raised its stake in First Citizens BancShares by 50.0% in the fourth quarter. UMB Bank n.a. now owns 24 shares of the bank’s stock valued at $52,000 after buying an additional 8 shares in the last quarter. Jessup Wealth Management Inc purchased a new position in First Citizens BancShares in the fourth quarter valued at approximately $56,000. Quantbot Technologies LP acquired a new stake in First Citizens BancShares during the third quarter worth approximately $77,000. Los Angeles Capital Management LLC acquired a new position in shares of First Citizens BancShares in the 4th quarter valued at $84,000. Finally, Golden State Wealth Management LLC grew its position in shares of First Citizens BancShares by 1,600.0% in the 4th quarter. Golden State Wealth Management LLC now owns 51 shares of the bank’s stock valued at $110,000 after buying an additional 48 shares during the last quarter. 78.01% of the stock is currently owned by institutional investors and hedge funds.

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.