First Citizens BancShares, Inc. (NASDAQ:FCNCA) Expected to Announce Quarterly Sales of $945.73 Million

Brokerages expect that First Citizens BancShares, Inc. (NASDAQ:FCNCAGet Rating) will post $945.73 million in sales for the current quarter, Zacks reports. Two analysts have provided estimates for First Citizens BancShares’ earnings, with estimates ranging from $936.80 million to $954.66 million. First Citizens BancShares posted sales of $480.54 million in the same quarter last year, which suggests a positive year over year growth rate of 96.8%. The company is expected to issue its next earnings report on Monday, January 1st.

According to Zacks, analysts expect that First Citizens BancShares will report full-year sales of $4.39 billion for the current financial year, with estimates ranging from $4.34 billion to $4.44 billion. For the next financial year, analysts expect that the company will post sales of $4.08 billion, with estimates ranging from $3.99 billion to $4.18 billion. Zacks’ sales averages are an average based on a survey of analysts that that provide coverage for First Citizens BancShares.

First Citizens BancShares (NASDAQ:FCNCAGet Rating) last announced its earnings results on Thursday, April 28th. The bank reported $18.95 earnings per share for the quarter, beating the consensus estimate of $13.32 by $5.63. First Citizens BancShares had a return on equity of 11.95% and a net margin of 22.17%. During the same quarter in the prior year, the business posted $14.53 earnings per share.

Several research firms recently weighed in on FCNCA. upgraded shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Thursday, April 28th. Zacks Investment Research downgraded First Citizens BancShares from a “hold” rating to a “sell” rating in a research report on Friday, April 29th. Finally, Piper Sandler lowered their price objective on First Citizens BancShares from $1,000.00 to $900.00 in a research report on Friday, March 25th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $964.00.

In other news, Director Harold Lee Durham, Jr. bought 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 23rd. The stock was acquired at an average price of $24.60 per share, for a total transaction of $49,200.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider West Ludwig purchased 150 shares of First Citizens BancShares stock in a transaction on Thursday, February 24th. The stock was purchased at an average price of $725.86 per share, for a total transaction of $108,879.00. The disclosure for this purchase can be found here. Insiders have acquired 4,214 shares of company stock worth $889,507 over the last ninety days. Company insiders own 13.40% of the company’s stock.

Several institutional investors have recently modified their holdings of the stock. Arrowstreet Capital Limited Partnership acquired a new position in First Citizens BancShares in the third quarter valued at approximately $2,361,000. Allspring Global Investments Holdings LLC acquired a new position in First Citizens BancShares in the fourth quarter valued at about $83,387,000. Buckingham Strategic Partners bought a new position in First Citizens BancShares during the fourth quarter worth about $1,025,000. Janus Henderson Group PLC grew its position in shares of First Citizens BancShares by 183.0% during the 3rd quarter. Janus Henderson Group PLC now owns 1,149 shares of the bank’s stock worth $969,000 after buying an additional 743 shares during the period. Finally, OLD Mission Capital LLC bought a new stake in shares of First Citizens BancShares in the 4th quarter valued at about $2,014,000. 39.07% of the stock is owned by institutional investors and hedge funds.

Shares of First Citizens BancShares stock traded down $20.73 during midday trading on Tuesday, hitting $629.55. The company had a trading volume of 3,330 shares, compared to its average volume of 108,546. First Citizens BancShares has a 1-year low of $610.67 and a 1-year high of $947.71. The business’s 50 day simple moving average is $666.02 and its two-hundred day simple moving average is $762.17. The stock has a market cap of $10.06 billion, a PE ratio of 11.60 and a beta of 1.06. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.80 and a quick ratio of 0.80.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 15th. Shareholders of record on Tuesday, May 31st will be paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 0.30%. The ex-dividend date of this dividend is Friday, May 27th. First Citizens BancShares’s dividend payout ratio is 3.35%.

First Citizens BancShares Company Profile (Get Rating)

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.

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Earnings History and Estimates for First Citizens BancShares (NASDAQ:FCNCA)

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