First Citizens BancShares (FCNCA) came out with quarterly earnings of $45.87 per share, missing the Zacks Consensus Estimate of $47.94 per share. This compares to earnings of $55.92 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -4.32%. A quarter ago, it was expected that this bank would post earnings of $44.91 per share when it actually produced earnings of $50.87, delivering a surprise of 13.27%.Over the last four quarters, ...

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2024 report highlights Fintech founders diligently improving bottom line in 2024 despite investments dropping 91% since peak in 2021SAN FRANCISCO, Oct. 23, 2024 /PRNewswire/ -- While fintech companies face significant headwinds – from high interest rates to increasing regulatory oversight – they are also finding opportunity in 2024, according to the latest Future of Fintech Report from Silicon Valley Bank (SVB), a division of First Citizens Bank. Venture capital (VC) investment remains muted, hovering near ...

In its upcoming report, First Citizens BancShares (FCNCA) is predicted by Wall Street analysts to post quarterly earnings of $47.94 per share, reflecting a decline of 14.3% compared to the same period last year. Revenues are forecasted to be $2.36 billion, representing a year-over-year decrease of 9.5%.The current level reflects a downward revision of 4.4% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised ...

Core Insights - The healthtech sector is showing signs of early recovery with investments stabilizing between $4.0 billion and $4.5 billion per quarter in 2024, surpassing pre-pandemic levels [1][2] - The 2024 Future of Healthtech Report highlights the growing importance of AI and value-based care in reshaping healthcare, despite challenges in securing capital [2][3] Investment Trends - Healthtech investments in the first eight months of 2024 have already exceeded the total for all of 2019 [4] - In 2024, 42% of healthtech investment rounds were seed rounds, up from 21% in 2019, with a median deal size of $3.8 million [4] - 35% of US healthtech deals of $5 million and above were undisclosed, and at least 12% were down rounds, marking the highest proportion in recent years [4] AI Investment - Overall funding for AI-focused healthtech reached $4.8 billion, with $2.4 billion specifically for AI-focused administrative healthtech [5] - 50% of 2024 healthtech AI investment has been in administrative applications, compared to 37% in clinical and 13% in R&D [5] - AI valuations in healthtech have increased by 50% from 2019 values, with more investments in healthtech companies leveraging AI in 2024 than in any prior year [5]

Core Viewpoint - First Citizens BancShares (FCNCA) has received a Zacks Rank 2 (Buy) upgrade due to an upward trend in earnings estimates, which is a significant factor influencing stock prices [1][2]. Earnings Estimates and Stock Price Movement - The Zacks rating system is based on changes in earnings estimates, which are strongly correlated with near-term stock price movements, particularly influenced by institutional investors [3][5]. - An increase in earnings estimates typically leads to higher fair value calculations for stocks, prompting institutional investors to buy or sell accordingly, thus affecting stock prices [3]. Business Improvement Indicators - The rising earnings estimates and the Zacks rating upgrade for First Citizens indicate an improvement in the company's underlying business, suggesting that investors may respond positively by driving the stock price higher [4][9]. Earnings Estimate Revisions for First Citizens - For the fiscal year ending December 2024, First Citizens is projected to earn $200.92 per share, reflecting a 14.7% increase from the previous year [7]. - Over the past three months, the Zacks Consensus Estimate for First Citizens has risen by 6.5%, indicating a positive trend in earnings expectations [7]. Zacks Rank System Overview - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 (Strong Buy) stocks historically generating an average annual return of +25% since 1988 [6]. - The upgrade of First Citizens to a Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting a strong potential for market-beating returns in the near term [8][9].

Core Insights - CIT Bank, a division of First Citizens Bank, operates exclusively online and offers a range of personal and commercial banking products, being ranked among the top 10 online banks for 2025 [1] Product Overview - **Platinum Savings Account**: Offers 0.25% APY for balances under $5,000 and 3.85% APY for balances of $5,000 or more, with a minimum opening deposit of $100 and no monthly fees [1][2] - **Savings Connect Account**: Provides a 3.75% APY with a minimum opening deposit of $100, interest compounded daily and credited monthly [3] - **Savings Builder Account**: Offers up to 1% APY with a minimum balance of $25,000 or a $100 monthly deposit, with daily compounding interest [4] - **eChecking Account**: Requires a minimum deposit of $100, earning 0.10% APY for balances under $25,000 and 0.25% APY for balances of $25,000 and over, with no monthly fees [5] - **Money Market Account**: Offers a 1.55% APY with a minimum opening deposit of $100 and no monthly fees [6] - **Certificates of Deposit (CDs)**: Includes various types such as Term CDs with terms from six months to five years, No-penalty CDs, Jumbo CDs with a minimum deposit of $100,000, and RampUp CDs with terms from 1 to 4 years [7][8] Customer Service and Mobile Banking - CIT Bank provides 24/7 customer service via secure email or automated telephone, with live representatives available during specific hours [12] - The CIT Bank mobile app, rated 4.7 stars, allows customers to manage accounts, check balances, and transfer funds [13] Fees and Competitive Advantages - CIT Bank does not charge monthly maintenance fees and offers competitive interest rates, with some accounts reaching up to 3.85% APY [14] - Customers can receive up to $30 in ATM fee reimbursements per month [14] Social and Environmental Impact - CIT Bank is committed to social and environmental goals, including planting over 100,000 trees in partnership with One Tree Planted and reducing its carbon footprint through partnerships with Carbonfund.org [15][16]

2024 shaping up to be a strong year for biopharma SAN FRANCISCO, Aug. 7, 2024 /PRNewswire/ -- In the first half of 2024, 89% of US venture capital (VC) funds at or above $25M hit their fundraising targets, marking the second-highest rate in history, according to the latest report from Silicon Valley Bank (SVB), a division of First Citizens Bank. The 2024 report also found that the biopharma sector could be on track for a record-setting year after reaching high investment levels, particularly in larger deals ...

Core Insights - First Citizens Bank announced a $45 million revolving credit facility provided by CIT Northbridge Credit to MacPherson's, the largest creative materials distributor in North America [1][2]. Company Overview - MacPherson's distributes over 50,000 products from more than 200 brands to retailers globally and is headquartered in Suwanee, Georgia, with warehouses in Suwanee and Reno, Nevada [2]. - The CEO of MacPherson's, Dave Schofield, expressed appreciation for CIT Northbridge Credit's expertise and agility in creating a financial package to support the company's growth objectives [2]. Financial Partnership - CIT Northbridge Credit is recognized for supporting middle-market companies with flexible asset-based debt solutions, offering revolving and term loan commitments ranging from $15 million to $150 million [3]. - The partnership aims to facilitate MacPherson's strategic initiatives, leveraging CIT Northbridge Credit's experience in the creative materials industry [3]. First Citizens Bank Overview - First Citizens Bank, headquartered in Raleigh, N.C., offers a wide range of banking services, including commercial banking and innovation banking, with over 500 branches across 30 states [4]. - The parent company, First Citizens BancShares, Inc., is a top 20 U.S. financial institution with assets exceeding $200 billion [4].

RALEIGH, N.C., Aug. 1, 2024 /PRNewswire/ -- First Citizens Wealth today announced it is expanding its presence in Atlanta to better support growing demand from its core clientele of entrepreneurs and business owners. Continued growth is driving the recent addition of a portfolio strategist and the impending additions of a wealth consultant and two private bankers to the First Citizens Wealth team as it expands its capacity to help clients meet their financial objectives. The First Citizens Wealth team in At ...