First Citizens BancShares, Inc. (NASDAQ:FCNCA) to Issue $1.95 Quarterly Dividend

First Citizens BancShares, Inc. (NASDAQ:FCNCA - Get Free Report) announced a quarterly dividend on Friday, January 24th,RTT News reports. Shareholders of record on Friday, February 28th will be paid a dividend of 1.95 per share by the bank on Monday, March 17th. This represents a $7.80 dividend on an annualized basis and a yield of 0.35%.

First Citizens BancShares has increased its dividend by an average of 54.0% per year over the last three years. First Citizens BancShares has a payout ratio of 4.1% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect First Citizens BancShares to earn $161.34 per share next year, which means the company should continue to be able to cover its $7.80 annual dividend with an expected future payout ratio of 4.8%.

First Citizens BancShares Stock Up 0.9 %

FCNCA stock traded up $18.91 during midday trading on Friday, reaching $2,235.40. The company had a trading volume of 106,824 shares, compared to its average volume of 71,426. The company has a 50 day moving average of $2,169.63 and a two-hundred day moving average of $2,028.74. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.68. First Citizens BancShares has a 1 year low of $1,383.00 and a 1 year high of $2,412.93. The company has a market capitalization of $31.27 billion, a P/E ratio of 12.82, a PEG ratio of 1.03 and a beta of 0.86.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued its earnings results on Friday, January 24th. The bank reported $45.10 earnings per share for the quarter, topping the consensus estimate of $39.32 by $5.78. First Citizens BancShares had a return on equity of 13.63% and a net margin of 17.36%. On average, equities research analysts expect that First Citizens BancShares will post 187.95 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have commented on the stock. Citigroup downgraded shares of First Citizens BancShares from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, December 17th. Deutsche Bank Aktiengesellschaft began coverage on shares of First Citizens BancShares in a report on Monday, December 9th. They issued a "buy" rating and a $2,600.00 price objective for the company. Truist Financial started coverage on First Citizens BancShares in a report on Tuesday, January 7th. They set a "hold" rating and a $2,303.00 target price on the stock. StockNews.com downgraded First Citizens BancShares from a "hold" rating to a "sell" rating in a research note on Friday. Finally, Wedbush cut their price objective on First Citizens BancShares from $2,150.00 to $2,000.00 and set a "neutral" rating on the stock in a research note on Friday, October 25th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $2,290.75.

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.