First Citizens BancShares (NASDAQ:FCNCA) Releases Earnings Results, Misses Estimates By $1.53 EPS

First Citizens BancShares (NASDAQ:FCNCA) announced its quarterly earnings data on Thursday. The bank reported $45.87 EPS for the quarter, missing the consensus estimate of $47.40 by ($1.53), RTT News reports. The business had revenue of $2.45 billion during the quarter, compared to the consensus estimate 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 last year, the company earned $55.92 EPS.

First Citizens BancShares Stock Performance

FCNCA traded up $1.89 during trading on Friday, reaching $1,881.83. The company’s stock had a trading volume of 133,777 shares, compared to its average volume of 86,645. The company has a debt-to-equity ratio of 1.72, a quick ratio of 1.08 and a current ratio of 1.08. 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 has a 52-week low of $1,339.10 and a 52-week high of $2,174.80. The company has a market capitalization of $27.34 billion, a price-to-earnings ratio of 10.50 and a beta of 0.81.

First Citizens BancShares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be given a $1.95 dividend. This represents a $7.80 annualized dividend and a yield of 0.41%. The ex-dividend date is Friday, November 29th. This is a boost from First Citizens BancShares’s previous quarterly dividend of $1.64. First Citizens BancShares’s payout ratio is 3.64%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. StockNews.com downgraded shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a research note on Monday, October 7th. JPMorgan Chase & Co. lowered their target price on shares of 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. Jefferies Financial Group started coverage on First Citizens BancShares in a report on Tuesday, July 9th. They issued a “buy” rating and a $2,005.00 price objective on the stock. Keefe, Bruyette & Woods upped their price target on shares of First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an “outperform” rating in a report on Friday, July 26th. 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 report on Friday, July 26th. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, First Citizens BancShares has a consensus rating of “Hold” and a consensus price target of $2,025.90.

First Citizens BancShares declared that its Board of Directors has approved a share buyback program on Thursday, July 25th that permits the company to buyback $3.50 billion in shares. This buyback authorization permits the bank to buy up to 12.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are undervalued.

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.