DA Davidson Has Negative Outlook of FCNCA FY2024 Earnings

First Citizens BancShares, Inc. (NASDAQ:FCNCA) – Equities research analysts at DA Davidson reduced their FY2024 earnings estimates for shares of First Citizens BancShares in a research note issued to investors on Thursday, November 21st. DA Davidson analyst M. Navas now forecasts that the bank will earn $187.75 per share for the year, down from their previous forecast 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.

A number of other equities research analysts have also weighed in on FCNCA. Wedbush lowered their target price on First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating for the company in a research note on Friday, October 25th. JPMorgan Chase & Co. dropped their price objective on First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating for the company in a research note on Friday, October 25th. StockNews.com raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Thursday, November 14th. Finally, Barclays increased their price target 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. Five equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, First Citizens BancShares presently has an average rating of “Moderate Buy” and a consensus target price of $2,025.90.

First Citizens BancShares Stock Performance

Shares of NASDAQ FCNCA opened at $2,353.08 on Friday. The stock’s 50-day moving average is $2,016.00 and its 200 day moving average is $1,890.94. The stock 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 1-year low of $1,363.97 and a 1-year high of $2,363.90. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.68.

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

Institutional Trading of First Citizens BancShares

Several institutional investors have recently added to or reduced their stakes in the business. Raymond James & Associates grew its stake in shares of First Citizens BancShares by 5.1% in the third quarter. Raymond James & Associates now owns 16,826 shares of the bank’s stock worth $30,976,000 after acquiring an additional 811 shares during the period. Bessemer Group Inc. lifted its holdings 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 valued at $1,316,000 after buying an additional 775 shares during the period. Balentine LLC purchased a new position in shares of First Citizens BancShares in the 3rd quarter worth $3,564,000. Cetera Investment Advisers grew its holdings in shares of First Citizens BancShares by 301.3% in the first quarter. Cetera Investment Advisers now owns 1,244 shares of the bank’s stock worth $2,034,000 after acquiring an additional 934 shares during the period. Finally, Oliver Luxxe Assets LLC increased its position in First Citizens BancShares by 22.6% during the third quarter. Oliver Luxxe Assets LLC now owns 2,916 shares of the bank’s stock valued at $5,368,000 after acquiring an additional 537 shares during the last quarter. 61.18% of the stock is currently owned by hedge funds and other institutional investors.

First Citizens BancShares Increases Dividend

The company also recently announced 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%. The ex-dividend date of this dividend is Friday, November 29th. This is an increase from First Citizens BancShares’s previous quarterly dividend of $1.64. First Citizens BancShares’s dividend payout ratio is currently 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.