Tiger Brokers

First Citizens Shares Rise After Posting Higher 3Q Profit

Dow Jones
Oct 23

Shares of First Citizens BancShares advanced after the company posted higher profit in the third quarter.

The stock rose 7.8% to $2,368.28 on Friday. Shares are up 10% year-to-date.

The Raleigh, NC-based financial institution posted a profit of $577 million, or $51.23 a share, compared with $554 million, or $43.08 a share, the same time last year.

Adjusted per-share earnings were $55.37, beating analyst expectations of $45.89, according to FactSet.

First Citizens posted net interest margin at 3.1%, compared with 3.3% in the same period last year.

The company's board also authorized a share buyback program of up to $1.2 billion of its common stock through 2027.

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