First Citizens BancShares (FCNCA) to Post Quarterly Earnings on Thursday

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

First Citizens BancShares (NASDAQ:FCNCA) last posted 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 net margin of 15.62% and a return on equity of 11.48%. During the same period last year, the firm posted $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 Trading Down 2.2%

Shares of FCNCA stock opened at $2,076.28 on Tuesday. First Citizens BancShares has a fifty-two week low of $1,623.76 and a fifty-two week high of $2,232.21. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.00 and a current ratio of 1.00. The stock’s fifty day moving average is $2,047.54 and its two-hundred day moving average is $2,017.99. The firm has a market capitalization of $24.06 billion, a P/E ratio of 11.94, a PEG ratio of 1.60 and a beta of 0.62.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $2,300.00 price objective on shares of First Citizens BancShares in a report on Thursday, July 9th. TD Cowen decreased their target price on First Citizens BancShares from $2,500.00 to $2,300.00 and set a “buy” rating for the company in a report on Monday, April 27th. The Goldman Sachs Group boosted their price objective on First Citizens BancShares from $2,100.00 to $2,340.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 7th. Weiss Ratings raised shares of First Citizens BancShares from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, July 8th. Finally, Wall Street Zen upgraded shares of 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 given a Hold rating to the company’s stock. Based on data from MarketBeat.com, First Citizens BancShares currently has an average rating of “Hold” and an average target price of $2,247.08.

Insider Activity at First Citizens BancShares

In related news, CEO Frank B. Holding, Jr. acquired 528 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The stock was purchased at an average cost of $1,813.37 per share, for a total transaction of $957,459.36. Following the transaction, the chief executive officer directly owned 64,100 shares of the company’s stock, valued at approximately $116,237,017. This trade represents a 0.83% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Over the last 90 days, insiders purchased 7,190 shares of company stock worth $12,573,868. 14.63% of the stock is owned by insiders.

Hedge Funds Weigh In On First Citizens BancShares

Large investors have recently bought and sold shares of the stock. UMB Bank n.a. lifted its holdings in shares of First Citizens BancShares by 50.0% during the 4th quarter. UMB Bank n.a. now owns 24 shares of the bank’s stock valued at $52,000 after acquiring an additional 8 shares in the last quarter. Jessup Wealth Management Inc acquired a new stake in First Citizens BancShares in the 4th quarter valued at $56,000. Los Angeles Capital Management LLC acquired a new stake in First Citizens BancShares in the 4th quarter valued at $84,000. Quantbot Technologies LP purchased a new position in First Citizens BancShares in the third quarter valued at about $77,000. Finally, Golden State Wealth Management LLC raised its position in First Citizens BancShares by 1,600.0% in the fourth 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 during the period. Hedge funds and other institutional investors own 78.01% of the company’s stock.

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.