First Citizens BancShares, Inc. Announces Quarterly Dividend of $2.10 (NASDAQ:FCNCA)

First Citizens BancShares, Inc. (NASDAQ:FCNCA) declared a quarterly dividend on Thursday, July 23rd. Stockholders of record on Monday, August 31st will be paid a dividend of 2.10 per share by the bank on Tuesday, September 15th. This represents a c) annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend is Monday, August 31st.

First Citizens BancShares has increased its dividend by an average of 0.4%annually over the last three years and has increased its dividend every year for the last 8 years. First Citizens BancShares has a payout ratio of 4.5% indicating that its dividend is sufficiently covered by earnings. Analysts expect First Citizens BancShares to earn $202.02 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 Up 6.5%

First Citizens BancShares stock traded up $135.20 during midday trading on Thursday, hitting $2,212.77. 204,569 shares of the stock were exchanged, compared to its average volume of 91,320. First Citizens BancShares has a 1 year low of $1,623.76 and a 1 year high of $2,232.21. The firm has a market cap of $25.65 billion, a P/E ratio of 12.73, a P/E/G ratio of 1.56 and a beta of 0.62. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.00 and a quick ratio of 1.00. The company has a 50 day moving average price of $2,053.95 and a two-hundred day moving average price of $2,016.98.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings data on Thursday, July 23rd. The bank reported $57.09 earnings per share for the quarter, beating analysts’ consensus estimates of $40.69 by $16.40. First Citizens BancShares had a net margin of 15.62% and a return on equity of 11.48%. The company had revenue of $2.24 billion during the quarter, compared to analysts’ expectations of $2.16 billion. On average, sell-side analysts predict that First Citizens BancShares will post 177.18 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. JPMorgan Chase & Co. lifted their price objective on First Citizens BancShares from $2,150.00 to $2,350.00 and gave the stock a “neutral” rating in a report on Wednesday, July 1st. TD Cowen dropped their price target on shares of First Citizens BancShares from $2,500.00 to $2,300.00 and set a “buy” rating for the company in a research note on Monday, April 27th. Fundamental Research set a $2,350.00 price objective on shares of First Citizens BancShares in a research note on Wednesday, July 1st. The Goldman Sachs Group raised their price objective on shares of First Citizens BancShares from $2,100.00 to $2,340.00 and gave the stock a “neutral” rating in a report on Tuesday, July 7th. Finally, Jefferies Financial Group restated a “hold” rating and issued a $2,300.00 target price on shares of First Citizens BancShares in a research note on Thursday. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and eleven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $2,251.15.

About First Citizens BancShares

First Citizens BancShares, Inc is the bank holding company for First Citizens Bank, a full‑service commercial bank headquartered in Raleigh, North Carolina. The company traces its roots to a community bank founded in 1898 and has grown into a diversified financial services organization that operates through its banking subsidiary to serve retail, commercial and institutional clients.

First Citizens offers a broad suite of banking products and services, including consumer and business deposit accounts, commercial and industrial lending, real estate and mortgage lending, treasury and cash management, and specialized lending solutions.