First Citizens BancShares (NASDAQ:FCNCA) Releases Quarterly Earnings Results, Beats Expectations By $7.03 EPS

First Citizens BancShares (NASDAQ:FCNCA) announced its earnings results on Friday. The bank reported $51.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $44.24 by $7.03, FiscalAI reports. First Citizens BancShares had a net margin of 15.99% and a return on equity of 11.09%. The business had revenue of $2.25 billion for the quarter, compared to analyst estimates of $2.24 billion.

First Citizens BancShares Stock Up 1.0%

Shares of NASDAQ:FCNCA opened at $2,203.53 on Friday. The company has a market capitalization of $27.41 billion, a PE ratio of 13.03 and a beta of 0.69. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.03 and a current ratio of 1.03. The company’s fifty day moving average is $2,055.25 and its 200-day moving average is $1,954.09. First Citizens BancShares has a 52 week low of $1,473.62 and a 52 week high of $2,412.93.

Insider Transactions at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. purchased 135 shares of the firm’s stock in a transaction that occurred on Wednesday, November 26th. The shares were acquired at an average cost of $1,629.67 per share, for a total transaction of $220,005.45. Following the transaction, the chief executive officer directly owned 2,527 shares in the company, valued at approximately $4,118,176.09. The trade was a 5.64% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, Director Ellen R. Alemany acquired 300 shares of the business’s stock in a transaction on Thursday, November 13th. The stock was acquired at an average price of $1,000.00 per share, with a total value of $300,000.00. Following the transaction, the director owned 300 shares in the company, valued at approximately $300,000. The trade was a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 13.40% of the stock is owned by insiders.

Institutional Investors Weigh In On First Citizens BancShares

Hedge funds and other institutional investors have recently made changes to their positions in the company. Quantinno Capital Management LP grew its position in shares of First Citizens BancShares by 148.6% during the 2nd quarter. Quantinno Capital Management LP now owns 2,016 shares of the bank’s stock worth $3,945,000 after buying an additional 1,205 shares during the period. Ieq Capital LLC raised its position in shares of First Citizens BancShares by 856.6% in the 2nd quarter. Ieq Capital LLC now owns 2,334 shares of the bank’s stock valued at $4,567,000 after acquiring an additional 2,090 shares during the period. Sei Investments Co. boosted its stake in First Citizens BancShares by 21.3% during the 2nd quarter. Sei Investments Co. now owns 3,652 shares of the bank’s stock worth $7,145,000 after acquiring an additional 642 shares during the last quarter. NewEdge Advisors LLC grew its holdings in First Citizens BancShares by 37.2% during the second quarter. NewEdge Advisors LLC now owns 347 shares of the bank’s stock valued at $680,000 after purchasing an additional 94 shares during the period. Finally, Daiwa Securities Group Inc. increased its stake in First Citizens BancShares by 1.8% in the second quarter. Daiwa Securities Group Inc. now owns 2,147 shares of the bank’s stock valued at $4,201,000 after purchasing an additional 38 shares in the last quarter. 78.01% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

FCNCA has been the topic of several research reports. The Goldman Sachs Group lowered First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,300.00 price target on the stock. in a research note on Tuesday, January 6th. UBS Group restated a “buy” rating and set a $2,500.00 price objective on shares of First Citizens BancShares in a research report on Tuesday, January 6th. Wall Street Zen lowered First Citizens BancShares from a “hold” rating to a “sell” rating in a research note on Sunday, September 28th. Truist Financial lifted their price target on shares of First Citizens BancShares from $2,000.00 to $2,050.00 and gave the stock a “hold” rating in a research note on Tuesday, October 28th. Finally, Barclays increased their price objective on shares of First Citizens BancShares from $2,190.00 to $2,456.00 and gave the company an “equal weight” rating in a research note on Monday, January 5th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $2,250.55.

First Citizens BancShares Company Profile

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.