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

First Citizens BancShares (NASDAQ:FCNCA) issued its quarterly earnings data on Thursday. The bank reported $45.87 EPS for the quarter, missing the consensus estimate of $47.40 by ($1.53), RTT News reports. The company had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.36 billion. First Citizens BancShares had a net margin of 18.19% and a return on equity of 14.84%. During the same period in the previous year, the company earned $55.92 EPS.

First Citizens BancShares Stock Performance

First Citizens BancShares stock traded up $1.89 during midday trading on Friday, reaching $1,881.83. 133,777 shares of the company traded hands, compared to its average volume of 86,645. The company has a debt-to-equity ratio of 1.72, a current ratio of 1.08 and a quick ratio of 1.08. First Citizens BancShares has a 12 month low of $1,339.10 and a 12 month high of $2,174.80. The firm has a market capitalization of $27.34 billion, a price-to-earnings ratio of 10.50 and a beta of 0.81. The business has a 50 day moving average of $1,951.59 and a two-hundred day moving average of $1,822.63.

First Citizens BancShares Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be given a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a yield of 0.41%. This is an increase from First Citizens BancShares’s previous quarterly dividend of $1.64. The ex-dividend date is Friday, November 29th. First Citizens BancShares’s dividend payout ratio is 3.64%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on FCNCA shares. Piper Sandler increased their target price on shares of First Citizens BancShares from $1,950.00 to $2,150.00 and gave the company a “neutral” rating in a research report on Friday, July 26th. 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 research note on Tuesday, July 2nd. JPMorgan Chase & Co. lowered their target price on shares of First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating on the stock in a report on Friday. StockNews.com downgraded shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Monday, October 7th. Finally, Jefferies Financial Group initiated coverage on First Citizens BancShares in a report on Tuesday, July 9th. They set a “buy” rating and a $2,005.00 price target on the stock. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $2,025.90.

First Citizens BancShares declared that its board has initiated a stock buyback plan on Thursday, July 25th that authorizes the company to buyback $3.50 billion in outstanding shares. This buyback authorization authorizes the bank to reacquire up to 12.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

About First Citizens BancShares

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.