First Citizens BancShares (NASDAQ:FCNCA) Reaches New 1-Year High on Better-Than-Expected Earnings

Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) hit a new 52-week high during trading on Friday following a stronger than expected earnings report. The stock traded as high as $2,375.71 and last traded at $2,324.9570, with a volume of 19,978 shares changing hands. The stock had previously closed at $2,196.76.

The bank reported $55.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $46.18 by $9.19. First Citizens BancShares had a net margin of 16.28% and a return on equity of 12.07%. The company had revenue of $2.27 billion for the quarter, compared to analyst estimates of $2.26 billion.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on FCNCA shares. Piper Sandler lifted their price target on shares of First Citizens BancShares from $2,050.00 to $2,100.00 and gave the stock a “neutral” rating in a research note on Monday, July 27th. Jefferies Financial Group reiterated a “hold” rating and issued a $2,300.00 price objective on shares of First Citizens BancShares in a report on Thursday, July 23rd. Citigroup reissued a “neutral” rating on shares of First Citizens BancShares in a research report on Thursday, October 1st. JPMorgan Chase & Co. lowered their target price on First Citizens BancShares from $2,450.00 to $2,300.00 and set a “neutral” rating for the company in a research note on Thursday, October 1st. Finally, Truist Financial raised their target price on First Citizens BancShares from $2,150.00 to $2,323.00 and gave the company a “hold” rating in a research note on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $2,261.00.

Insider Buying and Selling

In other news, major shareholder Olivia Britton Holding sold 7,000 shares of the stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $19.53, for a total transaction of $136,710.00. Following the completion of the transaction, the insider directly owned 15,000 shares in the company, valued at approximately $292,950. This represents a 31.82% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Diane Morais bought 50 shares of First Citizens BancShares stock in a transaction dated Wednesday, August 19th. The shares were acquired at an average price of $2,168.11 per share, with a total value of $108,405.50. Following the completion of the purchase, the director owned 100 shares in the company, valued at approximately $216,811. The trade was a 100.00% increase in their position. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 14.63% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC grew its holdings in First Citizens BancShares by 3.4% during the 3rd quarter. GAMMA Investing LLC now owns 153 shares of the bank’s stock worth $315,000 after acquiring an additional 5 shares in the last quarter. Wedbush Securities Inc. increased its position in shares of First Citizens BancShares by 0.5% in the 3rd quarter. Wedbush Securities Inc. now owns 959 shares of the bank’s stock worth $1,976,000 after purchasing an additional 5 shares during the last quarter. Venturi Wealth Management LLC increased its position in shares of First Citizens BancShares by 2.6% in the 1st quarter. Venturi Wealth Management LLC now owns 233 shares of the bank’s stock worth $439,000 after purchasing an additional 6 shares during the last quarter. Hudock Inc. raised its stake in shares of First Citizens BancShares by 4.2% in the 3rd quarter. Hudock Inc. now owns 149 shares of the bank’s stock valued at $308,000 after purchasing an additional 6 shares in the last quarter. Finally, Concurrent Investment Advisors LLC raised its stake in shares of First Citizens BancShares by 2.8% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 259 shares of the bank’s stock valued at $539,000 after purchasing an additional 7 shares in the last quarter. 78.01% of the stock is currently owned by institutional investors.

First Citizens BancShares Trading Up 7.8%

The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.00 and a current ratio of 1.00. The business’s 50 day moving average price is $2,132.90 and its 200-day moving average price is $2,085.63. The firm has a market cap of $26.74 billion, a price-to-earnings ratio of 12.68, a price-to-earnings-growth ratio of 1.59 and a beta of 0.58.

First Citizens BancShares Company Profile

First Citizens BancShares, Inc is a bank holding company headquartered in Raleigh, North Carolina. Its principal subsidiary, First-Citizens Bank & Trust Company, provides banking and financial services to individuals, businesses, and institutions through a network of branches and digital banking channels.

The bank offers deposit accounts, consumer and residential lending, commercial and industrial loans, commercial real estate financing, equipment finance, treasury management, and payment services.