First Citizens BancShares, Inc. to Issue Quarterly Dividend of $1.64 (NASDAQ:FCNCA)

First Citizens BancShares, Inc. (NASDAQ:FCNCA) declared a quarterly dividend on Thursday, April 25th, Zacks reports. Stockholders 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 dividend on an annualized basis and a dividend yield of 0.37%. The ex-dividend date of this dividend is Friday, May 31st.

First Citizens BancShares has raised its dividend payment by an average of 32.6% per year over the last three years and has increased its dividend annually for the last 2 consecutive years. First Citizens BancShares has a payout ratio of 3.4% meaning its dividend is sufficiently covered by earnings. Equities 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 Trading Down 2.8 %

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

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings data on Friday, January 26th. The bank reported $46.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $48.49 by ($1.91). First Citizens BancShares had a return on equity of 13.52% and a net margin of 51.04%. The firm had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.36 billion. As a group, sell-side analysts forecast that First Citizens BancShares will post 179.92 EPS for the current year.

Analysts Set New Price Targets

Several analysts have issued reports on FCNCA shares. Piper Sandler cut First Citizens BancShares from an “overweight” rating to a “neutral” rating and increased their target price for the company from $1,850.00 to $1,950.00 in a research report on Friday. The Goldman Sachs Group started 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 on the stock. Wedbush reaffirmed an “outperform” rating and set a $1,800.00 target price on shares of First Citizens BancShares in a research report on Monday, January 29th. 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. Finally, StockNews.com cut First Citizens BancShares from a “hold” rating to a “sell” rating in a research report on Wednesday, April 3rd. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, First Citizens BancShares currently has an average rating of “Hold” and a consensus target price of $1,788.78.

Insider Buying and Selling

In other news, major shareholder Olivia Britton Holding bought 466 shares of First Citizens BancShares stock in a transaction that occurred on Tuesday, February 20th. The stock was bought at an average price of $1,315.00 per share, for a total transaction of $612,790.00. Following the purchase, the insider now directly owns 121,694 shares of the company’s stock, valued at approximately $160,027,610. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, major shareholder Olivia Britton Holding purchased 466 shares of the business’s stock in a transaction on Tuesday, February 20th. The shares were bought at an average cost of $1,315.00 per share, with a total value of $612,790.00. Following the transaction, the insider now owns 121,694 shares of the company’s stock, valued at $160,027,610. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ellen R. Alemany sold 600 shares of the stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $1,559.09, for a total value of $935,454.00. Following the sale, the director now directly owns 4,842 shares in the company, valued at $7,549,113.78. The disclosure for this sale can be found here. Insiders bought 1,388 shares of company stock worth $1,825,220 in the last 90 days. Insiders own 13.40% of the company’s stock.

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.