The bank’s earnings reached $51.23 per share, climbing from $43.08 during the same quarter last year. When adjusted, earnings hit $55.37, significantly higher than the $45.89 consensus estimate from FactSet analysts. Despite the earnings growth, the company’s net interest margin saw a slight contraction, slipping to 3.1% from 3.3% a year ago.
In section Market Quotes
First Citizens Shares Climb on Strong Third Quarter Earnings
A sharp 7.8% jump in share price greeted First Citizens BancShares on Friday, as the Raleigh-based institution reported a third-quarter profit of $577 million. The surge pushed the stock to $2,368.28, reflecting investor confidence in a performance that comfortably outpaced Wall Street’s expectations for the period.
Bolstering the positive sentiment, the company’s board of directors greenlit a major capital return initiative. The institution plans to execute a share buyback program totaling $1.2 billion, which will remain active through 2027. This move, combined with a 10% year-to-date climb in stock value, underscores the bank's current financial trajectory following its recent quarterly results.
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