First Citizens BancShares (FCNCA) Scheduled to Post Quarterly Earnings on Thursday

First Citizens BancShares (NASDAQ:FCNCA) is set to issue its quarterly earnings data before the market opens on Thursday, October 24th. Analysts expect the company to announce earnings of $47.99 per share for the quarter. Parties that are interested in registering for the company’s conference call can do so using this link.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings results on Thursday, July 25th. The bank reported $50.87 EPS for the quarter, beating the consensus estimate of $44.91 by $5.96. The firm had revenue of $3.77 billion for the quarter, compared to analyst estimates of $2.30 billion. First Citizens BancShares had a return on equity of 14.84% and a net margin of 18.19%. During the same quarter last year, the firm posted $52.60 earnings per share. On average, analysts expect First Citizens BancShares to post $200 EPS for the current fiscal year and $192 EPS for the next fiscal year.

First Citizens BancShares Stock Down 2.6 %

NASDAQ:FCNCA opened at $2,059.01 on Tuesday. 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 1-year low of $1,290.60 and a 1-year high of $2,174.80. The company has a 50-day moving average of $1,951.62 and a 200 day moving average of $1,816.97. The firm has a market cap of $29.92 billion, a PE ratio of 11.43 and a beta of 0.81.

First Citizens BancShares announced that its Board of Directors has authorized a stock repurchase program 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 programs are often a sign that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

Several brokerages recently issued reports on FCNCA. Wedbush lowered shares of First Citizens BancShares from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $2,450.00 to $2,150.00 in a report on Tuesday, September 24th. Jefferies Financial Group initiated coverage on First Citizens BancShares in a research report on Tuesday, July 9th. They issued a “buy” rating and a $2,005.00 price target for the company. Raymond James raised First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 price objective on the stock in a research report on Tuesday, July 2nd. StockNews.com lowered First Citizens BancShares from a “hold” rating to a “sell” rating in a research note on Monday, October 7th. Finally, Piper Sandler increased their price target 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. One analyst has rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, First Citizens BancShares has an average rating of “Hold” and a consensus price target of $2,012.11.

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.