First Citizens BancShares, Inc. (NASDAQ:FCNCA) Plans Dividend Increase – $2.25 Per Share

First Citizens BancShares, Inc. (NASDAQ:FCNCA) declared a quarterly dividend on Friday, October 23rd. Investors of record on Monday, November 30th will be given a dividend of $2.25 per share by the bank on Tuesday, December 15th. This represents a $9.00 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend is Monday, November 30th. This is a 7.1% increase from First Citizens BancShares’s previous quarterly dividend of $2.10.

First Citizens BancShares has raised its dividend payment by an average of 0.4% annually over the last three years and has increased its dividend annually for the last 8 consecutive years. First Citizens BancShares has a dividend payout ratio of 4.5% meaning its dividend is sufficiently covered by earnings. Research analysts expect First Citizens BancShares to earn $202.36 per share next year, which means the company should continue to be able to cover its $8.40 annual dividend with an expected future payout ratio of 4.2%.

First Citizens BancShares Price Performance

Shares of NASDAQ FCNCA traded up $179.08 during midday trading on Friday, reaching $2,375.84. 298,540 shares of the company traded hands, compared to its average volume of 82,891. The firm has a market cap of $26.82 billion, a PE ratio of 12.70, a PEG ratio of 1.59 and a beta of 0.58. First Citizens BancShares has a 12 month low of $1,735.03 and a 12 month high of $2,429.96. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.00 and a current ratio of 1.00. The stock’s 50-day simple moving average is $2,132.90 and its 200-day simple moving average is $2,085.63.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings data on Friday, October 23rd. The bank reported $55.37 earnings per share for the quarter, topping the consensus estimate of $46.18 by $9.19. First Citizens BancShares had a net margin of 16.28% and a return on equity of 12.07%. The company had revenue of $2.27 billion during the quarter, compared to analyst estimates of $2.26 billion. As a group, equities analysts anticipate that First Citizens BancShares will post 193.20 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on FCNCA shares. Weiss Ratings upgraded shares of First Citizens BancShares from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, October 16th. JPMorgan Chase & Co. decreased their price objective on shares of First Citizens BancShares from $2,450.00 to $2,300.00 and set a “neutral” rating for the company in a report on Thursday, October 1st. Piper Sandler raised their price target on First Citizens BancShares from $2,050.00 to $2,100.00 and gave the stock a “neutral” rating in a research report on Monday, July 27th. Truist Financial raised their price objective on shares of First Citizens BancShares from $2,150.00 to $2,323.00 and gave the stock a “hold” rating in a report on Tuesday, July 28th. Finally, UBS Group began coverage on First Citizens BancShares in a research note on Monday, September 14th. They issued a “neutral” rating and a $2,250.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and eleven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, First Citizens BancShares has a consensus rating of “Hold” and a consensus target price of $2,280.23.

First Citizens BancShares Company Profile

First Citizens BancShares, Inc is a bank holding company headquartered in Raleigh, North Carolina. Its principal subsidiary, First-Citizens Bank & Trust Company, provides banking and financial services to individuals, businesses, and institutions through a network of branches and digital banking channels.

The bank offers deposit accounts, consumer and residential lending, commercial and industrial loans, commercial real estate financing, equipment finance, treasury management, and payment services.