First Citizens BancShares (NASDAQ: FCNCA) Price Target Raised by Jefferies After Strong Q3 Earnings
Key points
- Jefferies analyst David Chiaverini increased the price target for First Citizens BancShares to $2,550, indicating a 7.3% upside.
- The company reported strong Q3 2026 adjusted earnings of $55.37 per share and revenue of $2.27 billion, both exceeding consensus estimates.
- First Citizens BancShares approved a significant share repurchase plan, including a $600 million buyback during the quarter and authorization for up to $1.20 billion through 2027.
First Citizens BancShares (NASDAQ: FCNCA) is a bank holding company that provides lending and deposit services. Jefferies analyst David Chiaverini raises his price target to $2,550 from $2,300. At $2,375.95 when the update is published, the stock has about 7.3% upside to the new target.
The higher target follows a strong third quarter. First Citizens reports adjusted earnings of $55.37 per share for the quarter ended September 2026, above the Zacks consensus estimate of $46.61 by 18.79%, as highlighted by Zacks. Earnings are also up from $44.62 per share a year earlier.
Quarterly revenue reaches $2.27 billion, compared with $2.25 billion a year earlier, and is 1.86% above consensus. Revenue is the money a company brings in before expenses. First Citizens beats earnings estimates for four straight quarters and revenue estimates in three of those four quarters, as highlighted by Zacks.
First Citizens also repurchases $600 million of shares during the quarter and receives approval for a plan to buy back up to $1.20 billion of Class A shares through 2027, as highlighted by PR Newswire. A buyback reduces the number of shares outstanding, which can increase earnings per remaining share if profit holds steady.
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