DA Davidson Has Negative Outlook of FCNCA FY2024 Earnings

First Citizens BancShares, Inc. (NASDAQ:FCNCA) – Investment analysts at DA Davidson dropped their FY2024 EPS estimates for shares of First Citizens BancShares in a research note issued to investors on Thursday, November 21st. DA Davidson analyst M. Navas now expects that the bank will earn $187.75 per share for the year, down from their previous estimate of $192.50. The consensus estimate for First Citizens BancShares’ current full-year earnings is $187.88 per share. DA Davidson also issued estimates for First Citizens BancShares’ Q4 2024 earnings at $39.44 EPS.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share for the quarter, missing analysts’ consensus estimates of $47.40 by ($1.53). The firm had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.36 billion. First Citizens BancShares had a return on equity of 13.63% and a net margin of 17.36%. During the same quarter in the previous year, the company earned $55.92 earnings per share.

FCNCA has been the subject of several other reports. Barclays raised their target price on shares of First Citizens BancShares from $1,950.00 to $2,250.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. JPMorgan Chase & Co. reduced their target price on First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating on the stock in a report on Friday, October 25th. StockNews.com raised First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Thursday, November 14th. Finally, Wedbush reduced their price objective on First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating on the stock in a research note on Friday, October 25th. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $2,025.90.

First Citizens BancShares Stock Performance

NASDAQ FCNCA opened at $2,353.08 on Friday. The business has a 50-day moving average price of $2,016.00 and a 200-day moving average price of $1,890.94. The firm has a market cap of $32.92 billion, a price-to-earnings ratio of 13.48 and a beta of 0.80. First Citizens BancShares has a twelve month low of $1,363.97 and a twelve month high of $2,363.90. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.68.

Institutional Trading of First Citizens BancShares

A number of institutional investors have recently bought and sold shares of the stock. UniSuper Management Pty Ltd lifted its stake in First Citizens BancShares by 100.0% in the first quarter. UniSuper Management Pty Ltd now owns 200 shares of the bank’s stock worth $327,000 after purchasing an additional 100 shares during the last quarter. Bessemer Group Inc. lifted its stake in shares of First Citizens BancShares by 2,583.3% during the 1st quarter. Bessemer Group Inc. now owns 805 shares of the bank’s stock worth $1,316,000 after acquiring an additional 775 shares during the last quarter. Gabelli Funds LLC boosted its holdings in First Citizens BancShares by 6.4% during the 1st quarter. Gabelli Funds LLC now owns 1,673 shares of the bank’s stock valued at $2,735,000 after acquiring an additional 100 shares during the period. LRI Investments LLC bought a new position in First Citizens BancShares in the 1st quarter valued at $391,000. Finally, Price T Rowe Associates Inc. MD increased its stake in First Citizens BancShares by 4.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 8,769 shares of the bank’s stock worth $14,339,000 after purchasing an additional 365 shares during the period. 61.18% of the stock is currently owned by institutional investors.

First Citizens BancShares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be paid a $1.95 dividend. This represents a $7.80 annualized dividend and a dividend yield of 0.33%. This is a positive change from First Citizens BancShares’s previous quarterly dividend of $1.64. The ex-dividend date of this dividend is Friday, November 29th. First Citizens BancShares’s dividend payout ratio (DPR) is presently 3.76%.

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.