First Citizens BancShares Inc (NASDAQ:FCNCA) on Friday reported better-than-expected third-quarter earnings. Also, the company announced a new share repurchase plan, authorizing the repurchase of up to $1.2 billion of its Class A common shares through 2027.
First Citizens BancShares reported quarterly earnings of $55.37 per share which beat the analyst consensus estimate of $46.02 per share. The company reported quarterly sales of $2.274 billion which missed the analyst consensus estimate of $2.316 billion.
Chairman and CEO Frank B. Holding, Jr. said, “Third quarter performance exceeded our expectations, fueled by strong, high quality top-line growth, accelerated loan and deposit growth, highly resilient credit quality, and expense discipline. We returned $600 million to our stockholders through share repurchases and further optimized our balance sheet by repaying another $8.0 billion of the Purchase Money Note. Additionally, we are pleased to announce the approval by our Board of Directors of a new share repurchase plan, authorizing the repurchase of up to $1.2 billion of our Class A common shares through 2027, a testament to our dedication to long-term value creation and returning capital to our stockholders.”
First Citizens BancShares shares rose 0.1% to trade at $2,376.59 on Monday.
These analysts made changes to their price targets on First Citizens BancShares following earnings announcement.
- JP Morgan analyst Anthony Elian downgraded the stock from Neutral to Underweight and lowered the price target from $2300 to $2200.
- Barclays analyst Jason Goldberg maintained the stock with an Equal-Weight rating and raised the price target from $2,376 to $2,650.
Considering buying FCNCA stock? Here’s what analysts think:
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