First Citizens BancShares, Inc. Forecasted to Post Q4 2024 Earnings of $47.86 Per Share (NASDAQ:FCNCA)

First Citizens BancShares, Inc. (NASDAQ:FCNCA) – Research analysts at Wedbush decreased their Q4 2024 earnings estimates for First Citizens BancShares in a research report issued on Tuesday, September 24th. Wedbush analyst D. Chiaverini now forecasts that the bank will post earnings of $47.86 per share for the quarter, down from their prior forecast of $47.97. Wedbush currently has a “Neutral” rating and a $2,150.00 target price on the stock. The consensus estimate for First Citizens BancShares’ current full-year earnings is $200.92 per share. Wedbush also issued estimates for First Citizens BancShares’ Q1 2025 earnings at $46.13 EPS, Q2 2025 earnings at $47.58 EPS and FY2026 earnings at $220.00 EPS.

First Citizens BancShares (NASDAQ:FCNCA) last issued its earnings results on Thursday, July 25th. The bank reported $50.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $44.91 by $5.96. First Citizens BancShares had a net margin of 18.19% and a return on equity of 14.84%. The firm had revenue of $3.77 billion during the quarter, compared to analysts’ expectations of $2.30 billion. During the same quarter last year, the company posted $52.60 earnings per share.

A number of other equities research analysts have also recently commented on the company. Piper Sandler raised their target price on 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. Jefferies Financial Group started coverage on First Citizens BancShares in a research report on Tuesday, July 9th. They set a “buy” rating and a $2,005.00 target price on the stock. Keefe, Bruyette & Woods lifted their price target on shares of First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Barclays upped their price objective on shares of First Citizens BancShares from $1,950.00 to $2,250.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Finally, Raymond James upgraded shares of First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 target price on the stock in a research report on Tuesday, July 2nd. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $1,962.90.

First Citizens BancShares Stock Down 1.0 %

Shares of FCNCA stock opened at $1,837.49 on Wednesday. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.72. First Citizens BancShares has a twelve month low of $1,274.91 and a twelve month high of $2,174.80. The stock has a 50 day moving average of $1,953.49 and a 200 day moving average of $1,767.64. The stock has a market cap of $26.59 billion, a P/E ratio of 10.20 and a beta of 0.82.

Hedge Funds Weigh In On First Citizens BancShares

A number of hedge funds have recently modified their holdings of FCNCA. Vanguard Group Inc. increased its holdings in First Citizens BancShares by 4.6% in the 1st quarter. Vanguard Group Inc. now owns 1,064,822 shares of the bank’s stock valued at $1,740,984,000 after purchasing an additional 47,167 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of First Citizens BancShares by 21.1% in the 4th quarter. Wellington Management Group LLP now owns 239,563 shares of the bank’s stock valued at $339,933,000 after buying an additional 41,793 shares during the period. Capital Research Global Investors acquired a new position in First Citizens BancShares during the 1st quarter worth about $298,180,000. Reinhart Partners LLC. boosted its holdings in First Citizens BancShares by 3.1% during the 1st quarter. Reinhart Partners LLC. now owns 58,583 shares of the bank’s stock valued at $95,783,000 after acquiring an additional 1,780 shares during the period. Finally, Goldman Sachs Group Inc. boosted its holdings in First Citizens BancShares by 10.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 46,626 shares of the bank’s stock valued at $66,161,000 after acquiring an additional 4,298 shares during the period. 61.18% of the stock is currently owned by hedge funds and other institutional investors.

First Citizens BancShares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were given a $1.64 dividend. The ex-dividend date was Friday, August 30th. This represents a $6.56 annualized dividend and a yield of 0.36%. First Citizens BancShares’s payout ratio is 3.64%.

First Citizens BancShares declared that its board has approved a stock buyback plan on Thursday, July 25th that allows the company to repurchase $3.50 billion in shares. This repurchase authorization allows the bank to buy up to 12.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

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.