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

First Citizens BancShares (NASDAQ:FCNCA) announced its earnings results on Thursday. The bank reported $45.87 EPS for the quarter, missing analysts’ consensus estimates of $47.40 by ($1.53), RTT News reports. The firm had revenue of $2.45 billion for the quarter, compared to analyst estimates 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

FCNCA stock traded up $1.89 during trading on Friday, reaching $1,881.83. 133,777 shares of the company’s stock were exchanged, compared to its average volume of 86,645. The firm has a market cap of $27.34 billion, a PE ratio of 10.45 and a beta of 0.81. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.72. First Citizens BancShares has a 1-year low of $1,339.10 and a 1-year high of $2,174.80. The company’s fifty day moving average price is $1,951.59 and its 200-day moving average price is $1,822.63.

First Citizens BancShares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be issued a $1.95 dividend. This represents a $7.80 dividend on an annualized basis and a yield of 0.41%. 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 is 3.64%.

First Citizens BancShares announced that its Board of Directors has authorized a stock repurchase plan on Thursday, July 25th that allows the company to buyback $3.50 billion in outstanding shares. This buyback authorization allows the bank to buy up to 12.3% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of analysts have commented on FCNCA shares. JPMorgan Chase & Co. cut their price objective on shares of First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating for the company in a report on Friday. Piper Sandler upped their target price on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the company a “neutral” rating in a report on Friday, July 26th. Keefe, Bruyette & Woods lifted their price target on First Citizens BancShares from $2,100.00 to $2,300.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. StockNews.com cut shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Monday, October 7th. Finally, Barclays boosted their price target on shares of First Citizens BancShares from $1,950.00 to $2,250.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, First Citizens BancShares currently has a consensus rating of “Hold” and a consensus price target of $2,025.90.

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.