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

First Citizens BancShares (NASDAQ:FCNCA) issued 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. The business had revenue of $2.25 billion for the quarter, compared to analysts’ expectations of $2.24 billion. First Citizens BancShares had a return on equity of 11.09% and a net margin of 15.99%.

First Citizens BancShares Stock Up 1.0%

FCNCA stock opened at $2,203.53 on Friday. The company has a 50 day moving average of $2,055.25 and a two-hundred day moving average of $1,954.09. The company has a market cap of $27.41 billion, a price-to-earnings ratio of 13.03 and a beta of 0.69. First Citizens BancShares has a 12-month low of $1,473.62 and a 12-month high of $2,412.93. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.81.

Insiders Place Their Bets

In other news, CEO Frank B. Holding, Jr. bought 135 shares of the stock in a transaction on Wednesday, November 26th. The shares were purchased at an average price of $1,629.67 per share, for a total transaction of $220,005.45. Following the completion of the purchase, the chief executive officer directly owned 2,527 shares of the company’s stock, valued at $4,118,176.09. This trade represents a 5.64% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ellen R. Alemany bought 300 shares of the company’s stock in a transaction on Thursday, November 13th. The stock was purchased at an average cost of $1,000.00 per share, for a total transaction of $300,000.00. Following the completion of the transaction, the director owned 300 shares in the company, valued at approximately $300,000. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 13.40% of the company’s stock.

Institutional Trading of First Citizens BancShares

Institutional investors have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. increased its stake in shares of First Citizens BancShares by 1.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 37,389 shares of the bank’s stock worth $69,324,000 after purchasing an additional 681 shares during the last quarter. Empowered Funds LLC boosted its holdings in First Citizens BancShares by 71.9% in the first quarter. Empowered Funds LLC now owns 392 shares of the bank’s stock worth $727,000 after purchasing an additional 164 shares in the last quarter. Focus Partners Wealth increased its position in First Citizens BancShares by 5.2% during the first quarter. Focus Partners Wealth now owns 241 shares of the bank’s stock worth $447,000 after buying an additional 12 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in First Citizens BancShares by 31.3% during the second quarter. EverSource Wealth Advisors LLC now owns 88 shares of the bank’s stock valued at $172,000 after buying an additional 21 shares in the last quarter. Finally, Flow Traders U.S. LLC acquired a new stake in shares of First Citizens BancShares in the second quarter worth about $260,000. 78.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

FCNCA has been the subject of a number of analyst reports. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of First Citizens BancShares in a research note on Monday, December 29th. Truist Financial boosted their price target on shares of First Citizens BancShares from $2,000.00 to $2,050.00 and gave the company a “hold” rating in a report on Tuesday, October 28th. Raymond James Financial upgraded shares of First Citizens BancShares from an “outperform” rating to a “strong-buy” rating and upped their price target for the company from $2,100.00 to $2,200.00 in a research report on Thursday, November 20th. Citigroup lifted their price objective on shares of First Citizens BancShares from $2,000.00 to $2,250.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 30th. Finally, The Goldman Sachs Group downgraded shares of First Citizens BancShares from a “buy” rating to a “hold” rating and set a $2,300.00 target price on the stock. in a research note on Tuesday, January 6th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target 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.