First Citizens BancShares, Inc. (FCNCA) to Issue Quarterly Dividend of $1.64 on June 17th

First Citizens BancShares, Inc. (NASDAQ:FCNCA) announced 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 annualized dividend and a dividend yield of 0.37%. The ex-dividend date of this dividend is Thursday, May 30th.

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 dividend payout ratio of 3.4% indicating that 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 Stock Down 2.5 %

Shares of FCNCA opened at $1,754.50 on Friday. The firm has a market cap of $25.48 billion, a P/E ratio of 9.74 and a beta of 0.89. The stock has a 50 day simple moving average of $1,578.09 and a two-hundred day simple moving average 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 has a 1 year low of $945.32 and a 1 year high of $1,810.03.

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

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on FCNCA shares. The Goldman Sachs Group started coverage on First Citizens BancShares in a research report on Thursday, March 21st. They issued a “buy” rating and a $1,950.00 target price for the company. Keefe, Bruyette & Woods restated an “outperform” rating and set a $2,100.00 price target (up from $1,900.00) on shares of First Citizens BancShares in a research note on Friday. UBS Group boosted 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. DA Davidson restated 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, Barclays boosted 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. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company. According to MarketBeat, First Citizens BancShares has a consensus rating of “Hold” and a consensus price target of $1,829.90.

Insider Activity at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. purchased 622 shares of the company’s stock in a transaction on Tuesday, February 20th. The stock was acquired at an average cost of $1,315.00 per share, for a total transaction of $817,930.00. Following the purchase, the chief executive officer now directly owns 97,609 shares of the company’s stock, valued at approximately $128,355,835. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other First Citizens BancShares news, CEO Frank B. Holding, Jr. purchased 622 shares of the company’s stock in a transaction on Tuesday, February 20th. The stock was acquired at an average cost of $1,315.00 per share, for a total transaction of $817,930.00. Following the purchase, the chief executive officer now directly owns 97,609 shares of the company’s stock, valued at approximately $128,355,835. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Olivia Britton Holding purchased 466 shares of the company’s stock in a transaction on Tuesday, February 20th. The stock was acquired at an average price of $1,315.00 per share, with a total value of $612,790.00. Following the completion of the purchase, the insider now directly owns 121,694 shares in the company, valued at $160,027,610. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 1,388 shares of company stock worth $1,825,220. 13.40% of the stock is owned by company insiders.

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.