First Citizens Bancshares Shares Fall 10% After 3Q Earnings Missed Estimates

Dow Jones10-24

By Sabela Ojea

Shares of First Citizens Bancshares on Thursday dropped after the lender's results missed analysts' expectations.

The stock was down 10% at $1,875 in morning trading. Shares have jumped 33% since the beginning of the year.

The bank posted a net income available to common shareholders of $624 million, or $43.42 a share, compared with $691 million, or $47.54 a share, for the same period a year earlier.

Analysts polled by FactSet had forecast per-share earnings of $45.50.

Stripping out one time items, the lender's earnings came in at $45.87 a share, below the $48.01 per share expected by analysts, according to FactSet.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

October 24, 2024 11:20 ET (15:20 GMT)

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