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. Investors 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 annualized dividend and a yield of 0.37%. The ex-dividend date of this dividend is Thursday, May 30th.

First Citizens BancShares has raised its dividend by an average of 32.6% annually over the last three years and has raised its dividend every year for the last 2 years. First Citizens BancShares has a dividend payout ratio of 3.4% indicating that its dividend is sufficiently covered by earnings. 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 2.5 %

FCNCA opened at $1,754.50 on Friday. First Citizens BancShares has a 12 month low of $945.32 and a 12 month high of $1,810.03. The stock has a market capitalization of $25.48 billion, a price-to-earnings ratio of 9.74 and a beta of 0.89. 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 fifty day moving average price of $1,578.09 and a 200 day moving average price of $1,477.46.

First Citizens BancShares (NASDAQ:FCNCA) last released its earnings results on Friday, January 26th. The bank reported $46.58 EPS for the quarter, missing the consensus estimate of $48.49 by ($1.91). First Citizens BancShares had a return on equity of 15.75% and a net margin of 18.22%. The company 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 earnings per share for the current fiscal year.

Insider Activity at First Citizens BancShares

In other news, CEO Frank B. Holding, Jr. bought 622 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The stock was purchased at an average cost of $1,315.00 per share, with a total value of $817,930.00. Following the transaction, the chief executive officer now directly owns 97,609 shares in the company, valued at $128,355,835. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CEO Frank B. Holding, Jr. bought 622 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The stock was purchased at an average cost of $1,315.00 per share, with a total value of $817,930.00. Following the transaction, the chief executive officer now directly owns 97,609 shares in the company, valued at $128,355,835. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, major shareholder Olivia Britton Holding bought 466 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The stock was purchased at an average cost of $1,315.00 per share, with a total value of $612,790.00. Following the completion of the transaction, the insider now owns 121,694 shares in the company, valued at $160,027,610. The disclosure for this purchase can be found here. Insiders bought a total of 1,388 shares of company stock valued at $1,825,220 in the last three months. 13.40% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research firms recently commented on FCNCA. StockNews.com cut First Citizens BancShares from a “hold” rating to a “sell” rating in a research note on Wednesday, April 3rd. DA Davidson reaffirmed a “neutral” rating and set a $1,650.00 price objective (up from $1,600.00) on shares of First Citizens BancShares in a research report on Monday, April 15th. UBS Group upped their price objective on First Citizens BancShares from $1,644.00 to $1,754.00 and gave the stock a “buy” rating in a research report on Tuesday, January 30th. The Goldman Sachs Group initiated coverage on First Citizens BancShares in a research report on Thursday, March 21st. They set a “buy” rating and a $1,950.00 price objective for the company. Finally, Wedbush reaffirmed an “outperform” rating and set a $1,800.00 price objective on shares of First Citizens BancShares in a research report on Monday, January 29th. 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 data from MarketBeat.com, First Citizens BancShares currently has an average rating of “Hold” and a consensus price target of $1,829.90.

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.