What is DA Davidson’s Estimate for FCNCA FY2024 Earnings?

First Citizens BancShares, Inc. (NASDAQ:FCNCA) – Investment analysts at DA Davidson lowered their FY2024 earnings per share (EPS) estimates for shares of First Citizens BancShares in a research report issued on Thursday, November 21st. DA Davidson analyst M. Navas now anticipates 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 $189.06 per share. DA Davidson also issued estimates for First Citizens BancShares’ Q4 2024 earnings at $39.44 EPS.

A number of other equities analysts have also issued reports on the company. JPMorgan Chase & Co. reduced their target price 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. Keefe, Bruyette & Woods increased their price target on shares of 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. Wedbush cut their price objective 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, October 25th. StockNews.com upgraded shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Thursday, November 14th. Finally, Piper Sandler increased their price target on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the stock a “neutral” rating in a research report on Friday, July 26th. Five equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, First Citizens BancShares has an average rating of “Moderate Buy” and an average target price of $2,025.90.

First Citizens BancShares Trading Up 2.6 %

Shares of First Citizens BancShares stock opened at $2,316.46 on Friday. The firm’s 50 day simple moving average is $1,995.77 and its two-hundred day simple moving average is $1,883.58. The firm has a market capitalization of $32.40 billion, a price-to-earnings ratio of 13.27 and a beta of 0.80. First Citizens BancShares has a 12-month low of $1,363.97 and a 12-month high of $2,325.84. 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 issued its quarterly earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share for the quarter, missing analysts’ consensus estimates of $47.40 by ($1.53). The business had revenue of $2.45 billion for the quarter, compared to analysts’ expectations of $2.36 billion. First Citizens BancShares had a return on equity of 13.63% and a net margin of 17.36%. During the same quarter in the previous year, the firm posted $55.92 EPS.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. LRI Investments LLC acquired a new stake in First Citizens BancShares during the first quarter worth about $33,000. V Square Quantitative Management LLC purchased a new stake in shares of First Citizens BancShares during the 2nd quarter valued at approximately $35,000. Brooklyn Investment Group acquired a new position in First Citizens BancShares in the third quarter valued at approximately $39,000. Gradient Investments LLC acquired a new position in First Citizens BancShares in the second quarter valued at approximately $52,000. Finally, Blue Trust Inc. grew its position in First Citizens BancShares by 120.0% in the second quarter. Blue Trust Inc. now owns 66 shares of the bank’s stock worth $108,000 after acquiring an additional 36 shares during the period. 61.18% of the stock is owned by hedge funds and other institutional investors.

First Citizens BancShares announced that its board 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 buy up to 12.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

First Citizens BancShares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be given a dividend of $1.95 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $7.80 dividend on an annualized basis and a yield of 0.34%. This is an increase from First Citizens BancShares’s previous quarterly dividend of $1.64. First Citizens BancShares’s dividend payout ratio is currently 4.47%.

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.