First Citizens Crushes Q2 Estimates: EPS $57.09 vs. $40.54 Consensus
FCNCA sits 29% above its 52-week low of $1,623.76.
Summary
First Citizens BancShares delivered a massive Q2 beat, with adjusted EPS of $57.09 nearly 41% above the $40.54 consensus. Adjusted net income of $691M also crushed estimates. Net interest income rose to $1.66B and margin expanded to 3.10%, driven by loan and deposit growth and lower borrowing costs. The company repurchased $600M in shares during the quarter, signaling confidence. This follows a Q1 that saw declining net income and margin, making the rebound notable. The BMO branch acquisition, expected to close in Q3, will add $5.3B in deposits, providing a clear growth catalyst. With the stock trading at 11x forward earnings and a median price target of $2,300, the beat could shift the mostly 'hold' analyst consensus.
At the time of this announcement, FCNCA was trading at $2,089.90 on NASDAQ in the Finance sector, with a market capitalization of approximately $23.8B. The 52-week trading range was $1,623.76 to $2,232.21. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.