First Citizens BancShares, Inc. Plans 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 paid 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 0.36%. The ex-dividend date of this dividend is Friday, May 31st.

First Citizens BancShares has raised its dividend by an average of 32.6% per year over the last three years and has raised its dividend every year for the last 2 years. First Citizens BancShares has a payout ratio of 3.4% meaning its dividend is sufficiently covered by earnings. 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 Stock Performance

NASDAQ FCNCA opened at $1,800.35 on Friday. First Citizens BancShares has a 1-year low of $945.32 and a 1-year high of $1,810.03. The company has a market capitalization of $26.14 billion, a P/E ratio of 2.29 and a beta of 0.89. The business has a 50 day moving average price of $1,578.09 and a 200 day moving average price of $1,477.46. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.14 and a quick ratio of 1.14.

First Citizens BancShares (NASDAQ:FCNCA) last posted 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 business had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.36 billion. Sell-side analysts expect that First Citizens BancShares will post 179.92 EPS for the current fiscal year.

Analysts Set New Price Targets

FCNCA has been the topic of a number of research analyst reports. Piper Sandler cut First Citizens BancShares from an “overweight” rating to a “neutral” rating and lifted their target price for the company from $1,850.00 to $1,950.00 in a report on Friday. Barclays initiated 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 on the stock. The Goldman Sachs Group initiated coverage on First Citizens BancShares in a report on Thursday, March 21st. They issued a “buy” rating and a $1,950.00 price objective for the company. DA Davidson reissued a “neutral” rating and issued a $1,650.00 price objective (up from $1,600.00) on shares of First Citizens BancShares in a report on Monday, April 15th. Finally, Wedbush reissued an “outperform” rating and issued a $1,800.00 price objective on shares of First Citizens BancShares in a report on Monday, January 29th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $1,788.78.

Insider Buying and Selling at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. acquired 622 shares of First Citizens BancShares stock in a transaction on Tuesday, February 20th. The shares were purchased at an average cost of $1,315.00 per share, with a total value of $817,930.00. Following the completion of the purchase, the chief executive officer now owns 97,609 shares in the company, valued at $128,355,835. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CEO Frank B. Holding, Jr. acquired 622 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The shares were acquired at an average cost of $1,315.00 per share, for a total transaction of $817,930.00. Following the completion of the acquisition, the chief executive officer now directly owns 97,609 shares in the company, valued at approximately $128,355,835. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ellen R. Alemany sold 600 shares of First Citizens BancShares stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $1,559.09, for a total transaction of $935,454.00. Following the completion of the sale, the director now owns 4,842 shares in the company, valued at $7,549,113.78. The disclosure for this sale can be found here. Over the last ninety days, insiders have acquired 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.