First Citizens BancShares, Inc. (NASDAQ:FCNCA) Declares $1.64 Quarterly Dividend

First Citizens BancShares, Inc. (NASDAQ:FCNCA) announced a quarterly dividend on Thursday, April 25th, Zacks reports. Investors of record on Friday, May 31st will be given a dividend of 1.64 per share by the bank on Monday, June 17th. This represents a $6.56 annualized dividend and a yield of 0.37%. The ex-dividend date of this dividend is Friday, May 31st.

First Citizens BancShares has increased its dividend payment by an average of 32.6% annually over the last three years and has increased its dividend every year for the last 2 years. First Citizens BancShares has a dividend payout ratio of 3.4% meaning its dividend is sufficiently covered by earnings. Research analysts expect First Citizens BancShares to earn $195.15 per share next year, which means the company should continue to be able to cover its $6.56 annual dividend with an expected future payout ratio of 3.4%.

First Citizens BancShares Price Performance

FCNCA stock traded down $50.35 during trading on Friday, hitting $1,750.00. The company had a trading volume of 5,278 shares, compared to its average volume of 80,768. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 1.82. The business has a 50 day moving average of $1,578.09 and a 200 day moving average of $1,477.46. First Citizens BancShares has a fifty-two week low of $945.32 and a fifty-two week high of $1,810.03. The firm has a market capitalization of $25.41 billion, a price-to-earnings ratio of 2.29 and a beta of 0.89.

First Citizens BancShares (NASDAQ:FCNCA) last issued its earnings results on Friday, January 26th. The bank reported $46.58 earnings per share for the quarter, missing analysts’ consensus estimates of $48.49 by ($1.91). The business had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.36 billion. First Citizens BancShares had a net margin of 51.04% and a return on equity of 13.52%. As a group, research analysts predict that First Citizens BancShares will post 179.92 earnings per share for the current year.

Analyst Upgrades and Downgrades

FCNCA has been the subject of several recent research reports. StockNews.com cut First Citizens BancShares from a “hold” rating to a “sell” rating in a research note on Wednesday, April 3rd. DA Davidson reaffirmed a “neutral” rating and set a $1,650.00 target price (up previously from $1,600.00) on shares of First Citizens BancShares in a research report on Monday, April 15th. The Goldman Sachs Group began coverage on First Citizens BancShares in a research report on Thursday, March 21st. They set a “buy” rating and a $1,950.00 target price for the company. UBS Group upped their target price on First Citizens BancShares from $1,644.00 to $1,754.00 and gave the stock a “buy” rating in a research report on Tuesday, January 30th. Finally, Barclays began coverage on First Citizens BancShares in a research report on Thursday, April 11th. They set an “equal weight” rating and a $1,850.00 target price for the company. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $1,788.78.

Insiders Place Their Bets

In related news, insider Hope Holding Bryant purchased 300 shares of the stock in a transaction dated Wednesday, February 21st. The stock was bought at an average cost of $1,315.00 per share, with a total value of $394,500.00. Following the purchase, the insider now directly owns 1,978 shares in the company, valued at approximately $2,601,070. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Frank B. Holding, Jr. acquired 622 shares of the business’s stock in a transaction dated Tuesday, February 20th. The stock was bought at an average price of $1,315.00 per share, with a total value of $817,930.00. Following the acquisition, the chief executive officer now owns 97,609 shares in the company, valued at approximately $128,355,835. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Hope Holding Bryant acquired 300 shares of the business’s stock in a transaction dated Wednesday, February 21st. The stock was bought at an average cost of $1,315.00 per share, with a total value of $394,500.00. Following the acquisition, the insider now owns 1,978 shares in the company, valued at approximately $2,601,070. The disclosure for this purchase can be found here. In the last three months, insiders bought 1,388 shares of company stock valued at $1,825,220. 13.40% of the stock is currently owned by insiders.

First Citizens BancShares Company Profile

First Citizens BancShares, Inc operates as the holding company for First-Citizens Bank & Trust Company that provides retail and commercial banking services to individuals, businesses, and professionals. The company's deposit products include checking, savings, money market, and time deposit accounts.