First Citizens BancShares (NASDAQ:FCNCA) Announces Quarterly Earnings Results

First Citizens BancShares (NASDAQ:FCNCA) posted its earnings results on Friday. The bank reported $55.37 earnings per share for the quarter, beating the consensus estimate of $46.18 by $9.19, FiscalAI reports. First Citizens BancShares had a net margin of 16.28% and a return on equity of 12.07%. The company had revenue of $2.27 billion for the quarter, compared to analyst estimates of $2.26 billion.

First Citizens BancShares Trading Up 7.6%

NASDAQ FCNCA traded up $167.34 during trading hours on Friday, reaching $2,364.11. The company had a trading volume of 73,615 shares, compared to its average volume of 81,734. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.59. The stock has a market capitalization of $26.69 billion, a P/E ratio of 12.66, a price-to-earnings-growth ratio of 1.59 and a beta of 0.58. The stock has a 50-day moving average of $2,132.90 and a 200 day moving average of $2,085.63. First Citizens BancShares has a 1-year low of $1,735.03 and a 1-year high of $2,375.71.

Insider Transactions at First Citizens BancShares

In related news, Director Diane E. Morais acquired 50 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The shares were purchased at an average cost of $2,168.11 per share, for a total transaction of $108,405.50. Following the acquisition, the director owned 100 shares in the company, valued at $216,811. The trade was a 100.00% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Olivia Britton Holding sold 7,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $19.53, for a total transaction of $136,710.00. Following the completion of the transaction, the insider owned 15,000 shares in the company, valued at approximately $292,950. This represents a 31.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 14.63% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have recently commented on FCNCA shares. UBS Group initiated coverage on shares of First Citizens BancShares in a research report on Monday, September 14th. They set a “neutral” rating and a $2,250.00 price target on the stock. Keefe, Bruyette & Woods reiterated 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. Citigroup reiterated a “neutral” rating on shares of First Citizens BancShares in a research report on Thursday, October 1st. Fundamental Research set a $2,350.00 target price on First Citizens BancShares in a research note on Wednesday, July 1st. Finally, Weiss Ratings upgraded First Citizens BancShares from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, October 16th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $2,261.00.

About First Citizens BancShares

First Citizens BancShares, Inc is a bank holding company headquartered in Raleigh, North Carolina. Its principal subsidiary, First-Citizens Bank & Trust Company, provides banking and financial services to individuals, businesses, and institutions through a network of branches and digital banking channels.

The bank offers deposit accounts, consumer and residential lending, commercial and industrial loans, commercial real estate financing, equipment finance, treasury management, and payment services.