Equities Analysts Set Expectations for FCNCA FY2024 Earnings

First Citizens BancShares, Inc. (NASDAQ:FCNCA) – Equities research analysts at DA Davidson cut their FY2024 EPS estimates for shares of First Citizens BancShares in a note issued to investors on Thursday, November 21st. DA Davidson analyst M. Navas now forecasts that the bank will earn $187.75 per share for the year, down from their previous estimate of $192.50. The consensus estimate for First Citizens BancShares’ current full-year earnings is $189.06 per share. DA Davidson also issued estimates for First Citizens BancShares’ Q4 2024 earnings at $39.44 EPS.

Several other research analysts also recently issued reports on FCNCA. Barclays upped their target price on shares of First Citizens BancShares from $1,950.00 to $2,250.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. Piper Sandler lifted their target price on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the stock a “neutral” rating in a report on Friday, July 26th. Keefe, Bruyette & Woods increased their price objective on First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. Wedbush reduced their price objective on First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating for the company in a report on Friday, October 25th. Finally, JPMorgan Chase & Co. dropped their price target on shares of First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating on the stock in a report on Friday, October 25th. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $2,025.90.

First Citizens BancShares Stock Up 2.6 %

Shares of NASDAQ:FCNCA opened at $2,316.46 on Friday. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.68. The stock has a fifty day simple moving average of $1,995.77 and a two-hundred day simple moving average of $1,883.58. First Citizens BancShares has a 12-month low of $1,363.97 and a 12-month high of $2,325.84. The stock has a market capitalization of $32.40 billion, a price-to-earnings ratio of 13.27 and a beta of 0.80.

First Citizens BancShares (NASDAQ:FCNCA) last released its earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share for the quarter, missing analysts’ consensus estimates of $47.40 by ($1.53). The business had revenue of $2.45 billion during the quarter, compared to analysts’ expectations of $2.36 billion. First Citizens BancShares had a return on equity of 13.63% and a net margin of 17.36%. During the same period in the prior year, the company earned $55.92 earnings per share.

Institutional Investors Weigh In On First Citizens BancShares

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FCNCA. M&T Bank Corp boosted its holdings in First Citizens BancShares by 0.8% during the 3rd quarter. M&T Bank Corp now owns 607 shares of the bank’s stock valued at $1,117,000 after acquiring an additional 5 shares during the period. Wedbush Securities Inc. boosted its stake in shares of First Citizens BancShares by 0.5% during the second quarter. Wedbush Securities Inc. now owns 1,199 shares of the bank’s stock valued at $2,019,000 after purchasing an additional 6 shares during the period. Metis Global Partners LLC grew its holdings in shares of First Citizens BancShares by 4.9% in the third quarter. Metis Global Partners LLC now owns 129 shares of the bank’s stock worth $237,000 after purchasing an additional 6 shares during the last quarter. HB Wealth Management LLC grew its holdings in shares of First Citizens BancShares by 3.9% in the second quarter. HB Wealth Management LLC now owns 187 shares of the bank’s stock worth $315,000 after purchasing an additional 7 shares during the last quarter. Finally, Tandem Capital Management Corp ADV lifted its holdings in First Citizens BancShares by 1.8% during the 3rd quarter. Tandem Capital Management Corp ADV now owns 459 shares of the bank’s stock valued at $845,000 after buying an additional 8 shares in the last quarter. 61.18% of the stock is currently owned by hedge funds and other institutional investors.

First Citizens BancShares announced that its Board of Directors has authorized a stock buyback program on Thursday, July 25th that permits the company to repurchase $3.50 billion in shares. This repurchase authorization permits the bank to purchase up to 12.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

First Citizens BancShares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be given a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a dividend yield of 0.34%. This is a boost from First Citizens BancShares’s previous quarterly dividend of $1.64. The ex-dividend date is Friday, November 29th. First Citizens BancShares’s dividend payout ratio is currently 4.47%.

First Citizens BancShares Company Profile

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.