First Citizens BancShares (NASDAQ:FCNCA) Issues Earnings Results

First Citizens BancShares (NASDAQ:FCNCA) released its quarterly earnings results on Thursday. The bank reported $45.87 earnings per share for the quarter, missing the consensus estimate of $47.40 by ($1.53), RTT News reports. First Citizens BancShares had a net margin of 18.19% and a return on equity of 14.84%. The firm had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.36 billion. During the same period in the previous year, the company earned $55.92 earnings per share.

First Citizens BancShares Stock Up 0.1 %

Shares of NASDAQ FCNCA traded up $1.89 during mid-day trading on Friday, reaching $1,881.83. 133,777 shares of the company were exchanged, compared to its average volume of 86,645. First Citizens BancShares has a 1 year low of $1,339.10 and a 1 year high of $2,174.80. The firm has a 50-day moving average of $1,951.59 and a 200 day moving average of $1,822.63. The stock has a market cap of $27.34 billion, a price-to-earnings 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 Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be issued a dividend of $1.95 per share. This is an increase from First Citizens BancShares’s previous quarterly dividend of $1.64. This represents a $7.80 annualized dividend and a yield of 0.41%. The ex-dividend date is Friday, November 29th. First Citizens BancShares’s dividend payout ratio (DPR) is presently 3.64%.

First Citizens BancShares announced that its board has authorized a share buyback program on Thursday, July 25th that allows the company to repurchase $3.50 billion in shares. This repurchase authorization allows the bank to repurchase up to 12.3% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Jefferies Financial Group assumed 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. Wedbush decreased their target price on shares of First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating on the stock in a research note on Friday. StockNews.com lowered shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a research report on Monday, October 7th. JPMorgan Chase & Co. decreased their price objective on shares of First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating on the stock in a research report on Friday. Finally, Piper Sandler lifted their target price on shares of 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. One 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. According to MarketBeat, First Citizens BancShares has a consensus rating of “Hold” and an average target price 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.