First Citizens BancShares, Inc. Forecasted to Post Q2 2024 Earnings of $44.11 Per Share (NASDAQ:FCNCA)

First Citizens BancShares, Inc. (NASDAQ:FCNCA) – Investment analysts at Wedbush decreased their Q2 2024 earnings per share estimates for First Citizens BancShares in a report issued on Thursday, April 25th. Wedbush analyst D. Chiaverini now forecasts that the bank will earn $44.11 per share for the quarter, down from their previous estimate of $45.27. Wedbush currently has a “Outperform” rating and a $1,800.00 target price on the stock. The consensus estimate for First Citizens BancShares’ current full-year earnings is $179.92 per share. Wedbush also issued estimates for First Citizens BancShares’ Q3 2024 earnings at $45.46 EPS, Q1 2025 earnings at $45.86 EPS and Q2 2025 earnings at $47.90 EPS.

Several other equities analysts have also recently issued reports on FCNCA. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $2,100.00 price target (up previously from $1,900.00) on shares of First Citizens BancShares in a report on Friday, April 26th. Barclays raised their price target on First Citizens BancShares from $1,850.00 to $1,950.00 and gave the company an “equal weight” rating in a report on Friday, April 26th. DA Davidson reissued a “neutral” rating and issued a $1,650.00 target price (up previously from $1,600.00) on shares of First Citizens BancShares in a research note on Monday, April 15th. StockNews.com raised First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Monday. Finally, UBS Group increased their target price on First Citizens BancShares from $1,644.00 to $1,754.00 and gave the company a “buy” rating in a research note on Tuesday, January 30th. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, First Citizens BancShares currently has an average rating of “Moderate Buy” and a consensus target price of $1,829.90.

First Citizens BancShares Price Performance

First Citizens BancShares stock opened at $1,686.76 on Monday. The business’s 50-day simple moving average is $1,590.27 and its 200 day simple moving average is $1,486.43. The stock has a market cap of $24.49 billion, a price-to-earnings ratio of 9.36 and a beta of 0.89. First Citizens BancShares has a 12-month low of $945.32 and a 12-month high of $1,810.03. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 1.82.

First Citizens BancShares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Friday, May 31st will be given a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a dividend yield of 0.39%. The ex-dividend date is Thursday, May 30th. First Citizens BancShares’s dividend payout ratio is currently 3.64%.

Insider Transactions at First Citizens BancShares

In other news, major shareholder Olivia Britton Holding acquired 466 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The stock was acquired at an average cost of $1,315.00 per share, for a total transaction of $612,790.00. Following the completion of the acquisition, the insider now owns 121,694 shares in the company, valued at $160,027,610. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Ellen R. Alemany sold 1,000 shares of the stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $1,757.27, for a total transaction of $1,757,270.00. Following the completion of the transaction, the director now directly owns 1,335 shares in the company, valued at $2,345,955.45. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Olivia Britton Holding acquired 466 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The shares were purchased at an average price of $1,315.00 per share, with a total value of $612,790.00. Following the completion of the acquisition, the insider now owns 121,694 shares of the company’s stock, valued at approximately $160,027,610. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 1,388 shares of company stock valued at $1,825,220 and have sold 2,600 shares valued at $4,458,964. 12.85% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of FCNCA. Raymond James Financial Services Advisors Inc. grew its stake in First Citizens BancShares by 145.4% in the fourth 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 in the last quarter. IFM Investors Pty Ltd bought a new position in First Citizens BancShares in the first quarter valued at approximately $3,695,000. Mackenzie Financial Corp grew its stake in First Citizens BancShares by 89.3% in the fourth quarter. Mackenzie Financial Corp now owns 1,914 shares of the bank’s stock valued at $2,716,000 after purchasing an additional 903 shares in the last quarter. Nordea Investment Management AB grew its stake in First Citizens BancShares by 3,091.6% in the fourth 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 in the last quarter. Finally, Reinhart Partners LLC. grew its stake in First Citizens BancShares by 11.7% in the fourth 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 in the last quarter. 61.18% of the stock is currently owned by institutional investors.

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.