Regional banking company First Citizens BancShares (NASDAQGS:FCNC.A) will be reporting earnings this Friday morning. Here’s what to expect.
First Citizens BancShares beat analysts’ revenue expectations last quarter, reporting revenues of $2.24 billion, up 1.5% year on year. It was a very strong quarter for the company, with a beat of analysts’ EPS and net interest income estimates.
Is First Citizens BancShares a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting First Citizens BancShares’s revenue to decline 1% year on year, in line with its flat revenue from the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. First Citizens BancShares has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at First Citizens BancShares’s peers in the regional banks segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Washington Trust Bancorp delivered year-on-year revenue growth of 15%, beating analysts’ expectations by 4.1%, and Dime Community Bancshares reported revenues up 15.4%, topping estimates by 2.6%. Washington Trust Bancorp traded up 4% following the results while Dime Community Bancshares was also up 5.3%.
Read our full analysis of Washington Trust Bancorp’s results here and Dime Community Bancshares’s results here.
In the last year or so, investors have shifted their focus from one macro dynamic to the next (AI disintermediation and AI investment to geopolitical conflict, interest rates, and the health of the wider economy). While some of the regional banks stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 2.5% on average over the last month. First Citizens BancShares is up 3.8% during the same time and is heading into earnings with an average analyst price target of $2,337 (compared to the current share price of $2,147).
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