First Citizens BancShares, Inc. (NASDAQ:FCNCA – Get Free Report) 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.
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.
Check Out Our Latest Research Report on First Citizens BancShares
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.
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