First Citizens BancShares, Inc. (NASDAQ:FCNCA) Declares Quarterly Dividend of $1.64

First Citizens BancShares, Inc. (NASDAQ:FCNCA) announced a quarterly dividend on Thursday, July 25th, Zacks reports. Investors of record on Friday, August 30th will be paid a dividend of 1.64 per share by the bank on Monday, September 16th. This represents a $6.56 annualized dividend and a dividend yield of 0.32%. The ex-dividend date is Friday, August 30th.

First Citizens BancShares has raised its dividend by an average of 32.6% annually over the last three years. First Citizens BancShares has a dividend payout ratio of 3.3% meaning its dividend is sufficiently covered by earnings. Analysts expect First Citizens BancShares to earn $199.08 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 3.3%.

First Citizens BancShares Price Performance

First Citizens BancShares stock opened at $2,051.05 on Friday. The firm has a market cap of $29.80 billion, a PE ratio of 11.39 and a beta of 0.83. The company has a debt-to-equity ratio of 1.77, a current ratio of 1.10 and a quick ratio of 1.10. The stock’s fifty day moving average price is $1,723.79 and its two-hundred day moving average price is $1,617.85. First Citizens BancShares has a one year low of $1,274.91 and a one year high of $2,059.10.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings results on Thursday, April 25th. The bank reported $52.92 EPS for the quarter, beating analysts’ consensus estimates of $44.27 by $8.65. The business had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.30 billion. First Citizens BancShares had a return on equity of 15.48% and a net margin of 18.22%. As a group, research analysts expect that First Citizens BancShares will post 191.52 EPS for the current fiscal year.

Wall Street Analyst Weigh In

FCNCA has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $2,100.00 price target (up previously from $1,900.00) on shares of First Citizens BancShares in a report on Friday, April 26th. StockNews.com upgraded First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Monday, April 29th. DA Davidson reiterated a “neutral” rating and issued a $1,650.00 price target (up previously from $1,600.00) on shares of First Citizens BancShares in a research note on Monday, April 15th. Raymond James raised First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 price target for the company in a report on Tuesday, July 2nd. Finally, Piper Sandler lowered First Citizens BancShares from an “overweight” rating to a “neutral” rating and raised their price objective for the company from $1,850.00 to $1,950.00 in a research note on Friday, April 26th. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, First Citizens BancShares presently has an average rating of “Moderate Buy” and an average target price of $1,857.18.

Insider Buying and Selling

In other news, Director Ellen R. Alemany sold 484 shares of the business’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $1,750.12, for a total transaction of $847,058.08. Following the sale, the director now directly owns 335 shares in the company, valued at $586,290.20. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director Ellen R. Alemany sold 516 shares of the stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $1,750.00, for a total value of $903,000.00. Following the completion of the sale, the director now directly owns 819 shares in the company, valued at $1,433,250. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ellen R. Alemany sold 484 shares of the firm’s stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $1,750.12, for a total value of $847,058.08. Following the transaction, the director now directly owns 335 shares of the company’s stock, valued at $586,290.20. The disclosure for this sale can be found here. Insiders have sold 2,000 shares of company stock worth $3,507,328 in the last 90 days. Insiders own 13.40% of the company’s stock.

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.