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

First Citizens BancShares (NASDAQ:FCNCA) is anticipated to issue its results before the market opens on Thursday, October 23rd. Analysts expect the company to announce earnings of $42.56 per share and revenue of $2.2123 billion for the quarter.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings results on Friday, July 25th. The bank reported $44.78 EPS for the quarter, topping analysts’ consensus estimates of $39.08 by $5.70. The business had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.21 billion. First Citizens BancShares had a net margin of 16.37% and a return on equity of 11.32%. On average, analysts expect First Citizens BancShares to post $168 EPS for the current fiscal year and $194 EPS for the next fiscal year.

First Citizens BancShares Stock Performance

NASDAQ:FCNCA opened at $1,746.03 on Tuesday. The company has a debt-to-equity ratio of 1.76, a current ratio of 1.04 and a quick ratio of 1.04. The firm has a market cap of $22.56 billion, a PE ratio of 10.30 and a beta of 0.60. The firm has a 50 day simple moving average of $1,871.32 and a 200-day simple moving average of $1,880.43. First Citizens BancShares has a 1-year low of $1,473.62 and a 1-year high of $2,412.93.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. The Goldman Sachs Group cut their price target on First Citizens BancShares from $2,250.00 to $1,950.00 and set a “buy” rating for the company in a report on Monday, October 6th. Piper Sandler set a $2,150.00 target price on First Citizens BancShares and gave the company a “neutral” rating in a research note on Monday, July 28th. JPMorgan Chase & Co. raised their price target on First Citizens BancShares from $2,100.00 to $2,250.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 1st. Raymond James Financial set a $2,100.00 price objective on shares of First Citizens BancShares in a research note on Tuesday, October 7th. Finally, UBS Group reissued a “buy” rating and issued a $2,410.00 target price on shares of First Citizens BancShares in a research report on Wednesday, July 9th. Nine research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $2,227.69.

Insider Buying and Selling at First Citizens BancShares

In other First Citizens BancShares news, insider Hope Holding Bryant acquired 409 shares of the firm’s stock in a transaction on Thursday, August 7th. The stock was bought at an average cost of $1,630.00 per share, for a total transaction of $666,670.00. Following the completion of the purchase, the insider directly owned 1,764 shares in the company, valued at $2,875,320. This represents a 30.18% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Frank B. Holding, Jr. acquired 600 shares of the stock in a transaction on Thursday, August 7th. The stock was purchased at an average cost of $1,698.75 per share, with a total value of $1,019,250.00. Following the transaction, the chief executive officer directly owned 32,300 shares of the company’s stock, valued at $54,869,625. This represents a 1.89% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 1,494 shares of company stock valued at $2,485,986 over the last ninety days. Corporate insiders own 13.19% of the company’s stock.

Hedge Funds Weigh In On First Citizens BancShares

Institutional investors and hedge funds have recently made changes to their positions in the business. Orion Porfolio Solutions LLC increased its stake in shares of First Citizens BancShares by 2,057.4% in the second quarter. Orion Porfolio Solutions LLC now owns 47,506 shares of the bank’s stock worth $92,944,000 after buying an additional 45,304 shares during the last quarter. Worldquant Millennium Advisors LLC acquired a new position in First Citizens BancShares during the 2nd quarter worth $18,743,000. Bank of America Corp DE increased its position in shares of First Citizens BancShares by 15.7% in the 2nd quarter. Bank of America Corp DE now owns 65,101 shares of the bank’s stock worth $127,369,000 after purchasing an additional 8,826 shares during the last quarter. Brevan Howard Capital Management LP lifted its position in shares of First Citizens BancShares by 219.4% during the second quarter. Brevan Howard Capital Management LP now owns 3,893 shares of the bank’s stock worth $7,654,000 after purchasing an additional 2,674 shares during the last quarter. Finally, Ieq Capital LLC grew its stake in First Citizens BancShares by 856.6% in the second quarter. Ieq Capital LLC now owns 2,334 shares of the bank’s stock worth $4,567,000 after purchasing an additional 2,090 shares in the last quarter. 78.01% of the stock is currently owned by hedge funds and other institutional investors.

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.