First Citizens BancShares (NASDAQ:FCNCA) Releases Quarterly Earnings Results, Beats Estimates By $5.96 EPS

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

First Citizens BancShares Price Performance

NASDAQ FCNCA traded up $59.40 during trading hours on Friday, reaching $2,110.45. 163,482 shares of the stock traded hands, compared to its average volume of 81,264. The stock has a 50 day simple moving average of $1,736.52 and a two-hundred day simple moving average of $1,625.65. First Citizens BancShares has a 1 year low of $1,274.91 and a 1 year high of $2,112.64. 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 company has a market cap of $30.66 billion, a price-to-earnings ratio of 11.72 and a beta of 0.83.

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 dividend on an annualized basis and a yield of 0.31%. First Citizens BancShares’s payout ratio is 3.64%.

Insider Buying and Selling at First Citizens BancShares

In other news, Director Ellen R. Alemany sold 516 shares of the firm’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $1,750.00, for a total transaction of $903,000.00. Following the transaction, the director now directly owns 819 shares of the company’s stock, valued at $1,433,250. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Ellen R. Alemany sold 484 shares of the firm’s stock in a transaction dated 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 transaction, the director now directly owns 335 shares of the company’s stock, valued at $586,290.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ellen R. Alemany sold 516 shares of the firm’s stock in a transaction dated 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 transaction, the director now directly owns 819 shares in the company, valued at $1,433,250. The disclosure for this sale can be found here. Insiders have sold 2,000 shares of company stock worth $3,507,328 over the last 90 days. Corporate insiders own 13.40% of the company’s stock.

Analyst Ratings Changes

FCNCA has been the subject of several recent analyst reports. Piper Sandler upped their target price on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the company a “neutral” rating in a report on Friday. Keefe, Bruyette & Woods increased their price objective on First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an “outperform” rating in a report on Friday. DA Davidson reissued a “neutral” rating and set a $1,650.00 price objective (up from $1,600.00) on shares of First Citizens BancShares in a report on Monday, April 15th. Raymond James raised First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 price objective for the company in a report on Tuesday, July 2nd. Finally, Jefferies Financial Group began coverage on First Citizens BancShares in a report on Tuesday, July 9th. They set a “buy” rating and a $2,005.00 price objective for the company. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target 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.