First Citizens BancShares (NASDAQ:FCNCA) Stock Price Up 7% After Dividend Announcement

Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) traded up 7% during mid-day trading on Thursday after the company announced a dividend. The company traded as high as $1,767.01 and last traded at $1,754.15. Approximately 43,439 shares changed hands during mid-day trading, a decline of 46% from the average daily volume of 80,008 shares. The stock had previously closed at $1,639.63.

The newly announced dividend which will be paid on Monday, June 17th. Investors of record on Friday, May 31st will be paid a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a yield of 0.37%. The ex-dividend date of this dividend is Friday, May 31st. First Citizens BancShares’s payout ratio is presently 3.64%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Barclays increased their price target on First Citizens BancShares from $1,850.00 to $1,950.00 and gave the company an “equal weight” rating in a research note on Friday. UBS Group increased their price target on First Citizens BancShares from $1,644.00 to $1,754.00 and gave the company a “buy” rating in a research note on Tuesday, January 30th. Wedbush reissued an “outperform” rating and set a $1,800.00 price target on shares of First Citizens BancShares in a research note on Monday, January 29th. DA Davidson reissued a “neutral” rating and set a $1,650.00 price target (up from $1,600.00) on shares of First Citizens BancShares in a research note on Monday, April 15th. Finally, Piper Sandler lowered First Citizens BancShares from an “overweight” rating to a “neutral” rating and increased their price target for the company from $1,850.00 to $1,950.00 in a research note on Friday. One analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, First Citizens BancShares has an average rating of “Hold” and an average price target of $1,829.90.

First Citizens BancShares Stock Performance

The company has a debt-to-equity ratio of 1.82, a current ratio of 1.14 and a quick ratio of 1.14. The business has a 50-day simple moving average of $1,578.09 and a 200-day simple moving average of $1,477.46. The firm has a market capitalization of $25.48 billion, a PE ratio of 9.74 and a beta of 0.89.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings data on Friday, January 26th. The bank reported $46.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $48.49 by ($1.91). First Citizens BancShares had a net margin of 18.22% and a return on equity of 15.75%. The company had revenue of $2.45 billion for the quarter, compared to analysts’ expectations of $2.36 billion. Equities research analysts expect that First Citizens BancShares, Inc. will post 179.92 earnings per share for the current fiscal year.

Insider Transactions at First Citizens BancShares

In other news, Director Ellen R. Alemany sold 600 shares of the stock in a transaction that occurred on 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 sale was disclosed in a document filed with the SEC, which is available at this link. In other news, Director Ellen R. Alemany sold 600 shares of the stock in a transaction that occurred on 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 sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Hope Holding Bryant purchased 300 shares of First Citizens BancShares stock in a transaction dated Wednesday, February 21st. The stock was acquired at an average price of $1,315.00 per share, for a total transaction of $394,500.00. Following the completion of the acquisition, the insider now owns 1,978 shares of the company’s stock, valued at approximately $2,601,070. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 1,388 shares of company stock worth $1,825,220. 13.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On First Citizens BancShares

Several hedge funds and other institutional investors have recently modified their holdings of FCNCA. Mather Group LLC. purchased a new position in First Citizens BancShares during the 1st quarter worth $31,000. Blue Trust Inc. increased its holdings in First Citizens BancShares by 100.0% during the 4th quarter. Blue Trust Inc. now owns 20 shares of the bank’s stock worth $27,000 after purchasing an additional 10 shares during the period. GAMMA Investing LLC purchased a new position in First Citizens BancShares during the 4th quarter worth $30,000. Lindbrook Capital LLC increased its holdings in First Citizens BancShares by 53.3% during the 3rd quarter. Lindbrook Capital LLC now owns 23 shares of the bank’s stock worth $32,000 after purchasing an additional 8 shares during the period. Finally, Principal Securities Inc. purchased a new position in First Citizens BancShares during the 4th quarter worth $43,000. 61.18% of the stock is currently owned by hedge funds and other institutional investors.

About First Citizens BancShares

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.