First Citizens BancShares (NASDAQ:FCNCA) Posts Quarterly Earnings Results, Beats Expectations By $3.11 EPS

First Citizens BancShares (NASDAQ:FCNCA) released its earnings results on Thursday. The bank reported $44.62 earnings per share for the quarter, beating the consensus estimate of $41.51 by $3.11, Zacks reports. First Citizens BancShares had a net margin of 16.37% and a return on equity of 11.32%. The business had revenue of $2.25 billion during the quarter, compared to analysts’ expectations of $2.21 billion.

First Citizens BancShares Trading Up 0.5%

Shares of NASDAQ FCNCA opened at $1,751.52 on Friday. The company’s fifty day moving average is $1,862.12 and its 200-day moving average is $1,879.65. The stock has a market cap of $22.63 billion, a price-to-earnings ratio of 10.34 and a beta of 0.60. First Citizens BancShares has a twelve month low of $1,473.62 and a twelve month high of $2,412.93. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.76.

First Citizens BancShares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Friday, November 28th will be paid a $2.10 dividend. The ex-dividend date of this dividend is Friday, November 28th. This is a boost from First Citizens BancShares’s previous quarterly dividend of $1.95. This represents a $8.40 dividend on an annualized basis and a yield of 0.5%. First Citizens BancShares’s payout ratio is 4.60%.

Analyst Upgrades and Downgrades

FCNCA has been the subject of several recent research reports. Cowen reissued a “buy” rating on shares of First Citizens BancShares in a research report on Monday, July 28th. UBS Group reissued a “buy” rating and issued a $2,410.00 price target on shares of First Citizens BancShares in a research report on Wednesday, July 9th. Wall Street Zen lowered shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a research report on Sunday, September 28th. The Goldman Sachs Group dropped their price target on shares of First Citizens BancShares from $2,250.00 to $1,950.00 and set a “buy” rating for the company in a research report on Monday, October 6th. Finally, Truist Financial dropped their price target on shares of First Citizens BancShares from $2,240.00 to $2,000.00 and set a “hold” rating for the company in a research report on Friday, October 3rd. Nine research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, First Citizens BancShares has an average rating of “Moderate Buy” and an average price target of $2,227.69.

Insider Transactions at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. purchased 600 shares of First Citizens BancShares stock in a transaction dated Thursday, August 7th. The shares were bought at an average cost of $1,698.75 per share, with a total value of $1,019,250.00. Following the completion of the transaction, the chief executive officer directly owned 32,300 shares in the company, valued at $54,869,625. This trade represents a 1.89% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Olivia Britton Holding purchased 409 shares of First Citizens BancShares stock in a transaction dated Thursday, August 7th. The shares were purchased at an average cost of $1,630.00 per share, for a total transaction of $666,670.00. Following the completion of the transaction, the insider owned 1,764 shares of the company’s stock, valued at approximately $2,875,320. This represents a 30.18% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 1,494 shares of company stock valued at $2,485,986 over the last three months. 13.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On First Citizens BancShares

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Corient Private Wealth LLC boosted its position in shares of First Citizens BancShares by 0.6% during the second quarter. Corient Private Wealth LLC now owns 1,049 shares of the bank’s stock worth $2,051,000 after purchasing an additional 6 shares in the last quarter. SkyView Investment Advisors LLC lifted its position in First Citizens BancShares by 1.5% in the 2nd quarter. SkyView Investment Advisors LLC now owns 757 shares of the bank’s stock valued at $1,481,000 after acquiring an additional 11 shares in the last quarter. Focus Partners Wealth lifted its position in First Citizens BancShares by 5.2% in the 1st quarter. Focus Partners Wealth now owns 241 shares of the bank’s stock valued at $447,000 after acquiring an additional 12 shares in the last quarter. Advisory Services Network LLC lifted its position in First Citizens BancShares by 6.9% in the 2nd quarter. Advisory Services Network LLC now owns 248 shares of the bank’s stock valued at $495,000 after acquiring an additional 16 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position in First Citizens BancShares by 31.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 88 shares of the bank’s stock valued at $172,000 after acquiring an additional 21 shares in the last quarter. 78.01% of the stock is owned by institutional investors.

About First Citizens BancShares

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.