First Citizens BancShares, Inc. to Post FY2024 Earnings of $195.85 Per Share, DA Davidson Forecasts (NASDAQ:FCNCA)

First Citizens BancShares, Inc. (NASDAQ:FCNCA) – Research analysts at DA Davidson upped their FY2024 EPS estimates for shares of First Citizens BancShares in a report issued on Thursday, August 8th. DA Davidson analyst M. Navas now forecasts that the bank will post earnings of $195.85 per share for the year, up from their previous estimate of $187.65. The consensus estimate for First Citizens BancShares’ current full-year earnings is $195.31 per share. DA Davidson also issued estimates for First Citizens BancShares’ FY2025 earnings at $192.25 EPS.

FCNCA has been the subject of a number of other research reports. Keefe, Bruyette & Woods upped their target price on shares of First Citizens BancShares from $2,100.00 to $2,300.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Piper Sandler upped their price objective on shares of First Citizens BancShares from $1,950.00 to $2,150.00 and gave the company a “neutral” rating in a report on Friday, July 26th. Raymond James raised shares of First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 price objective for the company in a report on Tuesday, July 2nd. Jefferies Financial Group began coverage on shares of First Citizens BancShares in a report on Tuesday, July 9th. They issued a “buy” rating and a $2,005.00 price objective for the company. Finally, StockNews.com raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Monday, April 29th. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $1,920.82.

First Citizens BancShares Price Performance

First Citizens BancShares stock opened at $1,997.00 on Monday. First Citizens BancShares has a 52-week low of $1,274.91 and a 52-week high of $2,174.80. The firm has a market capitalization of $29.02 billion, a price-to-earnings ratio of 11.09 and a beta of 0.83. The company has a fifty day simple moving average of $1,796.71 and a 200-day simple moving average of $1,678.21. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 1.77.

First Citizens BancShares (NASDAQ:FCNCA) last released its earnings results on Thursday, July 25th. The bank reported $50.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $44.91 by $5.96. First Citizens BancShares had a net margin of 18.19% and a return on equity of 15.09%. The business had revenue of $3.77 billion during the quarter, compared to analyst estimates of $2.30 billion. During the same quarter in the prior year, the firm earned $52.60 earnings per share.

First Citizens BancShares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Friday, August 30th will be issued a $1.64 dividend. The ex-dividend date is Friday, August 30th. This represents a $6.56 annualized dividend and a yield of 0.33%. First Citizens BancShares’s dividend payout ratio (DPR) is 3.64%.

Institutional Trading of First Citizens BancShares

Several hedge funds have recently added to or reduced their stakes in the company. Ensign Peak Advisors Inc raised its holdings in First Citizens BancShares by 1.6% in the second quarter. Ensign Peak Advisors Inc now owns 6,486 shares of the bank’s stock valued at $10,920,000 after acquiring an additional 100 shares in the last quarter. Summit Trail Advisors LLC purchased a new position in First Citizens BancShares in the second quarter valued at approximately $312,000. Thrivent Financial for Lutherans increased its stake in First Citizens BancShares by 6,773.9% in the second quarter. Thrivent Financial for Lutherans now owns 23,921 shares of the bank’s stock valued at $40,274,000 after purchasing an additional 23,573 shares during the last quarter. XTX Topco Ltd purchased a new position in First Citizens BancShares in the second quarter valued at approximately $1,365,000. Finally, Hsbc Holdings PLC increased its stake in First Citizens BancShares by 65.8% in the second quarter. Hsbc Holdings PLC now owns 18,688 shares of the bank’s stock valued at $31,422,000 after purchasing an additional 7,414 shares during the last quarter. Institutional investors and hedge funds 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.