First Citizens BancShares (NASDAQ:FCNCA) Posts Earnings Results, Beats Estimates By $5.63 EPS

First Citizens BancShares (NASDAQ:FCNCAGet Rating) issued its quarterly earnings results on Thursday. The bank reported $18.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $13.32 by $5.63, Fidelity Earnings reports. First Citizens BancShares had a net margin of 27.95% and a return on equity of 13.07%. During the same quarter last year, the business earned $14.53 EPS.

Shares of FCNCA traded down $25.28 on Friday, hitting $639.38. 153,228 shares of the stock traded hands, compared to its average volume of 101,467. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $10.22 billion, a P/E ratio of 11.41 and a beta of 1.10. The stock’s 50 day moving average is $688.68 and its two-hundred day moving average is $779.83. First Citizens BancShares has a 1 year low of $610.67 and a 1 year high of $947.71.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 15th. Investors of record on Tuesday, May 31st will be paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 0.29%. The ex-dividend date is Friday, May 27th. First Citizens BancShares’s payout ratio is 3.35%.

A number of research firms recently commented on FCNCA. StockNews.com raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Thursday. Piper Sandler decreased their price objective on shares of First Citizens BancShares from $1,000.00 to $900.00 in a report on Friday, March 25th. Finally, Zacks Investment Research downgraded shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Friday. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, First Citizens BancShares currently has a consensus rating of “Hold” and a consensus target price of $964.00.

In related news, Director Harold Lee Durham, Jr. purchased 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 23rd. The stock was purchased at an average price of $24.60 per share, with a total value of $49,200.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jeffery L. Ward acquired 172 shares of the company’s stock in a transaction dated Monday, January 31st. The stock was acquired at an average cost of $749.66 per share, with a total value of $128,941.52. The disclosure for this purchase can be found here. Insiders have purchased 2,322 shares of company stock valued at $287,021 in the last ninety days. 13.40% of the stock is currently owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. increased its position in shares of First Citizens BancShares by 8.2% in the fourth quarter. BlackRock Inc. now owns 750,714 shares of the bank’s stock worth $622,971,000 after acquiring an additional 57,112 shares in the last quarter. Forum Financial Management LP acquired a new stake in First Citizens BancShares during the 4th quarter valued at $214,000. Oak Harbor Wealth Partners LLC acquired a new stake in First Citizens BancShares during the 4th quarter valued at $207,000. Metropolitan Life Insurance Co NY acquired a new stake in First Citizens BancShares during the 4th quarter valued at $100,000. Finally, Sei Investments Co. grew its holdings in First Citizens BancShares by 80.3% during the 4th quarter. Sei Investments Co. now owns 1,628 shares of the bank’s stock valued at $1,401,000 after purchasing an additional 725 shares in the last quarter. 62.59% of the stock is owned by institutional investors.

First Citizens BancShares Company Profile (Get Rating)

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.

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Earnings History for First Citizens BancShares (NASDAQ:FCNCA)

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