Q4 2024 Earnings Forecast for First Citizens BancShares, Inc. (NASDAQ:FCNCA) Issued By Wedbush

First Citizens BancShares, Inc. (NASDAQ:FCNCA) – Wedbush cut their Q4 2024 EPS estimates for shares of 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 previous estimate 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 posted its quarterly earnings data on Thursday, July 25th. The bank reported $50.87 earnings per share for the quarter, beating the consensus estimate of $44.91 by $5.96. The business had revenue of $3.77 billion during the quarter, compared to the consensus estimate 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 period in the prior year, the company earned $52.60 earnings per share.

Several other brokerages have also recently issued reports on FCNCA. Jefferies Financial Group initiated coverage on shares of First Citizens BancShares in a research note on Tuesday, July 9th. They issued a “buy” rating and a $2,005.00 price objective on the stock. Barclays raised their price objective 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 report on Monday, July 29th. 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 report on Tuesday, July 2nd. Keefe, Bruyette & Woods increased their target price on First Citizens BancShares from $2,100.00 to $2,300.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Finally, Piper Sandler lifted their price target on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $1,962.90.

First Citizens BancShares Price Performance

Shares of FCNCA opened at $1,876.68 on Wednesday. The company has a market capitalization of $27.27 billion, a price-to-earnings ratio of 10.42 and a beta of 0.82. First Citizens BancShares has a fifty-two week low of $1,274.91 and a fifty-two week high of $2,174.80. The firm has a 50-day simple moving average of $1,954.37 and a 200-day simple moving average of $1,768.40. The company has a debt-to-equity ratio of 1.72, a quick ratio of 1.08 and a current ratio of 1.08.

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

First Citizens BancShares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were paid a $1.64 dividend. The ex-dividend date was Friday, August 30th. This represents a $6.56 annualized dividend and a yield of 0.35%. First Citizens BancShares’s payout ratio is currently 3.64%.

Hedge Funds Weigh In On First Citizens BancShares

Institutional investors have recently added to or reduced their stakes in the business. Covestor Ltd increased its position in First Citizens BancShares by 2.9% during the first quarter. Covestor Ltd now owns 215 shares of the bank’s stock worth $352,000 after purchasing an additional 6 shares during the last quarter. Wedbush Securities Inc. raised its position in shares of First Citizens BancShares by 0.5% in the 2nd quarter. Wedbush Securities Inc. now owns 1,199 shares of the bank’s stock worth $2,019,000 after buying an additional 6 shares during the period. Park Avenue Securities LLC boosted its holdings in First Citizens BancShares by 1.6% in the first quarter. Park Avenue Securities LLC now owns 450 shares of the bank’s stock valued at $736,000 after acquiring an additional 7 shares during the last quarter. HB Wealth Management LLC grew its position in First Citizens BancShares by 3.9% during the second quarter. HB Wealth Management LLC now owns 187 shares of the bank’s stock valued at $315,000 after acquiring an additional 7 shares during the period. Finally, Raymond James Trust N.A. increased its stake in First Citizens BancShares by 1.6% during the second quarter. Raymond James Trust N.A. now owns 625 shares of the bank’s stock worth $1,052,000 after acquiring an additional 10 shares during the last quarter. 61.18% of the stock is currently owned by institutional investors and hedge funds.

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.