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

First Citizens BancShares, Inc. (NASDAQ:FCNCA) – Stock analysts at DA Davidson issued their Q1 2024 EPS estimates for shares of First Citizens BancShares in a research note issued to investors 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 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 analysts have also issued reports on the stock. 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 objective on the stock. StockNews.com downgraded First Citizens BancShares from a “hold” rating to a “sell” rating in a research report on Wednesday, April 3rd. UBS Group upped their price target on First Citizens BancShares from $1,644.00 to $1,754.00 and gave the company a “buy” rating in a report on Tuesday, January 30th. Wedbush reissued an “outperform” rating and issued a $1,800.00 price objective on shares of First Citizens BancShares in a report on Monday, January 29th. Finally, Barclays assumed coverage on First Citizens BancShares in a report on Thursday, April 11th. They issued an “equal weight” rating and a $1,850.00 price objective for the company. One analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $1,768.63.

First Citizens BancShares Trading Up 1.1 %

Shares of FCNCA stock traded up $17.49 on Wednesday, hitting $1,550.00. 57,134 shares of the stock traded hands, compared to its average volume of 81,249. The firm’s 50-day moving average price is $1,560.11 and its two-hundred day moving average price is $1,465.25. The company has a debt-to-equity ratio of 1.82, a quick ratio of 1.14 and a current ratio of 1.14. The stock has a market capitalization of $22.51 billion, a PE ratio of 1.95 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.

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

First Citizens BancShares Dividend Announcement

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

Insiders Place Their Bets

In other First Citizens BancShares news, major shareholder Olivia Britton Holding acquired 466 shares of the business’s stock in a transaction on Tuesday, February 20th. The stock was purchased at an average price of $1,315.00 per share, for a total transaction of $612,790.00. Following the completion of the transaction, the insider now owns 121,694 shares of the company’s stock, valued at approximately $160,027,610. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, major shareholder Olivia Britton Holding purchased 466 shares of the company’s stock in a transaction dated Tuesday, February 20th. The stock was acquired at an average price of $1,315.00 per share, for a total transaction of $612,790.00. Following the completion of the transaction, the insider now directly owns 121,694 shares in the company, valued at approximately $160,027,610. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Frank B. Holding, Jr. purchased 622 shares of the company’s stock in a transaction dated Tuesday, February 20th. The stock was purchased at an average price of $1,315.00 per share, with a total value of $817,930.00. Following the transaction, the chief executive officer now owns 97,609 shares of the company’s stock, valued at $128,355,835. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 1,388 shares of company stock worth $1,825,220. 12.85% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in FCNCA. Mather Group LLC. acquired a new stake in First Citizens BancShares in the 1st quarter worth about $31,000. Blue Trust Inc. boosted its stake in First Citizens BancShares by 100.0% in the 4th quarter. Blue Trust Inc. now owns 20 shares of the bank’s stock worth $27,000 after buying an additional 10 shares during the last quarter. GAMMA Investing LLC acquired a new stake in First Citizens BancShares in the 4th quarter worth about $30,000. Lindbrook Capital LLC boosted its stake in First Citizens BancShares by 53.3% in the 3rd quarter. Lindbrook Capital LLC now owns 23 shares of the bank’s stock worth $32,000 after buying an additional 8 shares during the last quarter. Finally, Castleview Partners LLC purchased a new position in shares of First Citizens BancShares in the 2nd quarter worth about $31,000. Hedge funds and other institutional investors own 61.18% of the company’s stock.

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.