First Citizens BancShares (NASDAQ:FCNCA) Issues Earnings Results

First Citizens BancShares (NASDAQ:FCNCA) released its earnings results on Thursday. The bank reported $50.87 earnings per share for the quarter, beating analysts’ consensus estimates of $44.91 by $5.96, Zacks reports. The firm had revenue of $3.77 billion for the quarter, compared to analysts’ expectations of $2.30 billion. First Citizens BancShares had a net margin of 18.19% and a return on equity of 15.09%. During the same period in the previous year, the company earned $52.60 earnings per share.

First Citizens BancShares Trading Up 2.9 %

FCNCA traded up $59.40 during trading on Friday, hitting $2,110.45. 163,482 shares of the stock traded hands, compared to its average volume of 81,264. The firm has a market capitalization of $30.66 billion, a P/E ratio of 11.72 and a beta of 0.83. The company has a debt-to-equity ratio of 1.77, a current ratio of 1.10 and a quick ratio of 1.10. The firm has a 50-day moving average of $1,736.52 and a 200 day moving average of $1,625.65. First Citizens BancShares has a 12-month low of $1,274.91 and a 12-month high of $2,112.64.

First Citizens BancShares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Friday, August 30th will be given a dividend of $1.64 per share. The ex-dividend date is Friday, August 30th. This represents a $6.56 annualized dividend and a yield of 0.31%. First Citizens BancShares’s payout ratio is currently 3.64%.

Insider Buying and Selling at First Citizens BancShares

In other First Citizens BancShares news, Director Ellen R. Alemany sold 516 shares of the stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $1,750.00, for a total transaction of $903,000.00. Following the completion of the sale, the director now owns 819 shares of the company’s stock, valued at approximately $1,433,250. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other First Citizens BancShares news, Director Ellen R. Alemany sold 516 shares of the company’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $1,750.00, for a total value of $903,000.00. Following the completion of the transaction, the director now directly owns 819 shares in the company, valued at approximately $1,433,250. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ellen R. Alemany sold 484 shares of the company’s stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $1,750.12, for a total transaction of $847,058.08. Following the completion of the transaction, the director now owns 335 shares of the company’s stock, valued at $586,290.20. The disclosure for this sale can be found here. Insiders sold 2,000 shares of company stock valued at $3,507,328 in the last quarter. Company insiders own 13.40% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on FCNCA shares. StockNews.com raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Monday, April 29th. Keefe, Bruyette & Woods boosted their price target on shares of First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an “outperform” rating in a research report on Friday. Barclays boosted their price target on shares of First Citizens BancShares from $1,850.00 to $1,950.00 and gave the company an “equal weight” rating in a research report on Friday, April 26th. Piper Sandler upped their target price on shares of First Citizens BancShares from $1,950.00 to $2,150.00 and gave the stock a “neutral” rating in a report on Friday. Finally, Jefferies Financial Group started coverage on shares of First Citizens BancShares in a report on Tuesday, July 9th. They set a “buy” rating and a $2,005.00 target price on the stock. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, First Citizens BancShares currently has an average rating of “Moderate Buy” and an average target price of $1,893.55.

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.