First Citizens BancShares, Inc. (NASDAQ:FCNCA) Increases Dividend to $2.25 Per Share

First Citizens BancShares, Inc. (NASDAQ:FCNCA) announced a quarterly dividend on Friday, October 23rd. Investors of record on Monday, November 30th will be given a dividend of $2.25 per share by the bank on Tuesday, December 15th. This represents a $9.00 annualized dividend and a yield of 0.4%. The ex-dividend date is Monday, November 30th. This is a 7.1% increase from First Citizens BancShares’s previous quarterly dividend of $2.10.

First Citizens BancShares has raised its dividend by an average of 0.4% per year over the last three years and has raised its dividend annually for the last 8 consecutive years. First Citizens BancShares has a dividend payout ratio of 4.5% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect First Citizens BancShares to earn $202.36 per share next year, which means the company should continue to be able to cover its $8.40 annual dividend with an expected future payout ratio of 4.2%.

First Citizens BancShares Stock Performance

NASDAQ FCNCA traded up $179.08 during trading hours on Friday, reaching $2,375.84. The company’s stock had a trading volume of 298,540 shares, compared to its average volume of 63,034. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.59. The business has a 50-day simple moving average of $2,134.59 and a 200 day simple moving average of $2,087.66. First Citizens BancShares has a 52 week low of $1,735.03 and a 52 week high of $2,429.96. The stock has a market cap of $26.83 billion, a PE ratio of 12.70, a PEG ratio of 1.62 and a beta of 0.58.

First Citizens BancShares (NASDAQ:FCNCA) last posted its earnings results on Friday, October 23rd. The bank reported $55.37 EPS for the quarter, beating the consensus estimate of $46.18 by $9.19. The company had revenue of $2.27 billion during the quarter, compared to analyst estimates of $2.23 billion. First Citizens BancShares had a return on equity of 12.07% and a net margin of 16.28%. Equities research analysts predict that First Citizens BancShares will post 193.20 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on FCNCA shares. UBS Group initiated coverage on First Citizens BancShares in a research report on Monday, September 14th. They set a “neutral” rating and a $2,250.00 price objective for the company. Weiss Ratings raised First Citizens BancShares from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, October 16th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $2,300.00 target price on shares of First Citizens BancShares in a research note on Thursday, July 9th. Wall Street Zen raised shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Saturday, June 27th. Finally, Citigroup reissued a “neutral” rating on shares of First Citizens BancShares in a report on Thursday, October 1st. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and eleven have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $2,280.23.

First Citizens BancShares Company Profile

First Citizens BancShares, Inc is a bank holding company headquartered in Raleigh, North Carolina. Its principal subsidiary, First-Citizens Bank & Trust Company, provides banking and financial services to individuals, businesses, and institutions through a network of branches and digital banking channels.

The bank offers deposit accounts, consumer and residential lending, commercial and industrial loans, commercial real estate financing, equipment finance, treasury management, and payment services.