First Citizens BancShares (FCNCA) Expected to Release Quarterly Earnings on Thursday

First Citizens BancShares (NASDAQ:FCNCA) is expected to issue its results before the market opens on Thursday, July 23rd. Analysts expect First Citizens BancShares to announce earnings of $40.69 per share and revenue of $2.1922 billion for the quarter.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings data on Thursday, April 23rd. The bank reported $44.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $43.31 by $1.55. The business had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.20 billion. First Citizens BancShares had a return on equity of 11.48% and a net margin of 15.62%.During the same period in the prior year, the business earned $37.79 earnings per share. On average, analysts expect First Citizens BancShares to post $177 EPS for the current fiscal year and $202 EPS for the next fiscal year.

First Citizens BancShares Stock Up 0.4%

FCNCA opened at $2,070.62 on Thursday. The firm has a market cap of $24.00 billion, a P/E ratio of 11.91, a PEG ratio of 1.56 and a beta of 0.62. The business’s fifty day simple moving average is $2,036.95 and its 200 day simple moving average is $2,019.04. First Citizens BancShares has a 52 week low of $1,623.76 and a 52 week high of $2,232.21. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.67.

First Citizens BancShares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, May 29th were issued a $2.10 dividend. This represents a $8.40 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date was Friday, May 29th. First Citizens BancShares’s dividend payout ratio is 4.83%.

Insider Buying and Selling

In related news, CEO Frank B. Holding, Jr. purchased 5,940 shares of the firm’s stock in a transaction on Tuesday, May 12th. The shares were bought at an average price of $1,726.82 per share, for a total transaction of $10,257,310.80. Following the acquisition, the chief executive officer directly owned 38,111 shares in the company, valued at $65,810,837.02. This trade represents a 18.46% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this link. Insiders have purchased a total of 7,190 shares of company stock worth $12,573,868 over the last ninety days. Corporate insiders own 14.63% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. UMB Bank n.a. grew its position in First Citizens BancShares by 50.0% during the fourth quarter. UMB Bank n.a. now owns 24 shares of the bank’s stock valued at $52,000 after acquiring an additional 8 shares during the period. Jessup Wealth Management Inc acquired a new stake in First Citizens BancShares during the fourth quarter worth about $56,000. Los Angeles Capital Management LLC purchased a new position in shares of First Citizens BancShares in the 4th quarter worth about $84,000. Quantbot Technologies LP purchased a new position in shares of First Citizens BancShares in the 3rd quarter worth about $77,000. Finally, Golden State Wealth Management LLC lifted its stake in shares of First Citizens BancShares by 1,600.0% in the 4th quarter. Golden State Wealth Management LLC now owns 51 shares of the bank’s stock valued at $110,000 after purchasing an additional 48 shares in the last quarter. 78.01% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on FCNCA shares. Piper Sandler set a $2,050.00 price target on shares of First Citizens BancShares in a report on Friday, April 24th. Zacks Research raised shares of First Citizens BancShares from a “strong sell” rating to a “hold” rating in a research note on Monday, March 30th. Citigroup lowered shares of First Citizens BancShares from a “neutral” rating to a “market perform” rating in a research report on Thursday, July 9th. Deutsche Bank Aktiengesellschaft cut shares of First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,154.00 target price for the company. in a research note on Wednesday, April 8th. Finally, Wall Street Zen upgraded First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Saturday, June 27th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $2,247.08.

About First Citizens BancShares

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.