Purchasing shares is an investment many traders have and should consider. The FirstRand Bank has long supported South Africa’s economy – securing the nation’s financial system and even COVID-19 recovery.
Then-CEO Alan Pullinger announced a 12% increase in normalized earnings in 2023. In the report, Pullinger claims that the financial provider will “continue to capture the growing share of profitable growth opportunities in all the segments and markets it operates.”
The 2024 earnings report is set to be released later this year.
Below we discuss the nitty-gritty of one of South Africa’s leading banks; the FirstRand share price; and why investment in FirstRand shares is ideal in 2024.
What You Need to Know About the FirstRand Share Price Today in South Africa
As of 2024, FirstRand is the biggest bank by market capitalization, set at a high of USD 27.208 billion (ZAR 486.208 billion). Its assets are up to USD 93.365 M (ZAR 1.669 B).
The stock prices range at USD 4.69 – 4.78 (ZAR 83.87 – 85.51), with a dividend yield of 4.68%. Making it a very attractive price point for investors.
Refer to the table below for FirstRand (JSE:FSR) share price data.
FirstRand (JSE) Share Price Data
| Market Capitalization | USD 27.208 B (ZAR 486.305 B) |
| Price Range | USD 4.69 – 4.78 (ZAR 83.87 – 85.51) |
| ESP-TTM | 674.14 |
| Dividend Yield | 4.68% |
| Authorized Shares | 6,001,688,450 |
| Issued Shares | 5,609,488,001 |
Earnings Report Release
FirstRand is expected to release its 2024 earnings report later this year. This will be the first report under its newly appointed CEO Mary Vilakazi. Traders and investors alike are expecting a positive report.
The divisions release their full-year reports every September 12 at exactly 6:30 UTC. Last year, the bank reported a 12% increase in ordinary dividends per share, with headline earnings also going up to 12%. A very optimistic year for FirstRand shareholders and stock traders.
The 2024 Forecast for FirstRand
Analysts are confident in growth for the next three years, with EPS set to increase by 25.9%.
In the next quarter, FirstRand Ltd revenue is expected to reach a whopping USD 4.31 B (ZAR 77.08 B)!
Meanwhile, the dividend is expected to increase by 6% from last year, which is about average for the industry.
The majority of analysts are recommending a “strong buy” for FirstRand shares in 2024. Despite analysts missing earnings per share (EPS) estimates by 1.4% last year, the outcome still remained profitable with a R 0.28 increase in EPS.
What is FirstRand Limited?
FirstRand Limited, is one of the leading financial service groups in South Africa. It is a publicly registered bank listed on the Johannesburg Stock Exchange (JSE) and provides services to multiple segments.
FirstRand Divisions
A common question investors ask, “is FirstRand Bank the same as FNB?”
In fact, FNB is owned by FirstRand, along with four other divisions – RMB, WesBank, Aldermore, FCC & Other. Each bank caters to specialized segments of the financial industry.
The First National Bank (FNB) handles its retail and commercial segments. FNB is South Africa’s best foreign exchange provider for six consecutive years (2017-2024), an award given by Global Finance World. Meanwhile, Rand Merchant Bank (RMB) handles investment banking.
On the other hand, WesBank is an installment finance provider for retail, commercial and corporate clients. Its fifth division, Aldermore, specializes in lending across asset finance, small to medium sized enterprises, and mortgages, among others.
In 2022, the entirety of its dividends announced a 78% collective increase in its annual dividend – the highest record in its history.
General Information about FirstRand Ltd
FirstRand caters to eight African countries and has since expanded to the UK and India.
As of writing, its headquarters can be found at 4 Merchant Place, Corner Fredman Drive and Rivonia Road, Johannesburg, South Africa.
Recent Developments in FirstRand Shares
Over the past years, the bank has seen historical changes – infiltrating news headlines in South Africa and the world. Here are a few notable developments in recent years.
Increase In Insider Stock
In the past year, many insiders increased their holdings in FirstRand Limited. Most notable is RMB Chief Executive Officer Emmarentia Brown, who purchased USD 8.781 M (R157m) worth of shares for USD 3.63 (R64.86).
FirstRand insiders own 0.3% of its shares worth USD 72.8 million (ZAR 1.3 B). This suggests a fair alignment between stockholders and management.
Political involvement
Earlier last year, FirstRand had stated that they did not share South Africa’s “enthusiasm for Russia.” This comes after the South African government maintained its neutral stance on Russian’s invasion of Ukraine, and hosted Russia and China for a military drill off its east coast.
The company’s stance on international events can significantly affect the confidence of its stockholders and impact a trader’s fundamental analysis.
Appointment of first female FirstRand CEO
Last April 2024, FirstRand announced that CEO Alan Pullinger would step down. He was replaced by Mary Vilakazi, an executive director who worked closely with Pullinger.
Vilakazi is the first black woman to lead the banking giant and has put international expansion as her top priority. Furthermore, they are also targeting the power industry, in hopes of alleviating the power supply crisis in South Africa.
If all goes well under Vilakazi’s leadership, it would be a very favorable opportunity for shareholders.
Should You Invest in FirstRand Shares in 2024?
The short answer is: Yes!
We’ve discussed the current FirstRand share price (JSE); the bank’s history and reputation; and insider details. All signs point to a positive investment in the financial giant.
First, the bank’s history and reputation tell us that investing in FirstRand shares has been steady and reliable.
Second, the increased number of insider transactions signals a very positive outlook for the company’s success.
Finally, the forecast based on financial analysts indicates a 6% increase from last year.
In conclusion, investing in FirstRand is an investment a well-skilled trader should consider for this year.
How to Invest in FirstRand Shares?
- Select “FSR” as the purchase you want to buy. FirstRand is listed as FSR in the Johannesburg Stock Exchange (JSE).
- Find a broker that offers access to JSE. Selecting the right broker is crucial when you want to start investing. Find one that is compatible with how you want to invest.
- Review the broker’s trading conditions. Research and consult other investors to avoid brokers that may take advantage of your capital. If possible, join a verified community of traders such as CommuniTrade to find the right brokers and help you make the favorable decisions.
- Open an investment account. Register and verify your account. This gives you a convenient way to view and buy stocks via your broker’s website.
- Identify the right order. Stocks come in order types. Your account will allow you to view which orders your broker offers.
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