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

First Citizens BancShares, Inc. (NASDAQ:FCNCA - Get Free Report) announced a quarterly dividend on Thursday, October 24th, Zacks reports. Shareholders of record on Friday, November 29th will be paid a dividend of 1.95 per share by the bank on Monday, December 16th. This represents a $7.80 annualized dividend and a yield of 0.41%. The ex-dividend date is Friday, November 29th. This is a positive change from First Citizens BancShares's previous quarterly dividend of $1.64.

First Citizens BancShares has raised its dividend by an average of 32.6% annually over the last three years. First Citizens BancShares has a payout ratio of 3.5% meaning its dividend is sufficiently covered by earnings. Equities analysts expect First Citizens BancShares to earn $192.06 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 Trading Up 0.1 %

Shares of First Citizens BancShares stock traded up $1.89 on Friday, reaching $1,881.83. The company had a trading volume of 133,777 shares, compared to its average volume of 86,645. The firm has a market cap of $27.34 billion, a price-to-earnings ratio of 10.50 and a beta of 0.81. The company has a debt-to-equity ratio of 1.72, a current ratio of 1.08 and a quick ratio of 1.08. The firm's 50-day moving average price is $1,951.59 and its two-hundred day moving average price is $1,822.63. First Citizens BancShares has a 1 year low of $1,339.10 and a 1 year high of $2,174.80.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its quarterly earnings data on Thursday, October 24th. The bank reported $45.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $47.40 by ($1.53). First Citizens BancShares had a return on equity of 14.84% and a net margin of 18.19%. The firm had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.36 billion. During the same period in the previous year, the business earned $55.92 EPS. As a group, research analysts predict that First Citizens BancShares will post 200 earnings per share for the current fiscal year.

Analyst Ratings Changes

FCNCA has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. lowered their target price on shares of First Citizens BancShares from $2,550.00 to $2,300.00 and set an "overweight" rating for the company in a research note on Friday. Barclays upped their target price on shares of First Citizens BancShares from $1,950.00 to $2,250.00 and gave the stock an "equal weight" rating in a research note on Monday, July 29th. Jefferies Financial Group started coverage on shares of First Citizens BancShares in a research note on Tuesday, July 9th. They set a "buy" rating and a $2,005.00 price target for the company. Piper Sandler increased their price objective on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the stock a "neutral" rating in a research note on Friday, July 26th. Finally, Raymond James raised First Citizens BancShares from a "market perform" rating to an "outperform" rating and set a $1,900.00 target price for the company in a research report on Tuesday, July 2nd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $2,025.90.

First Citizens BancShares declared that its Board of Directors has approved a stock buyback plan on Thursday, July 25th that allows the company to repurchase $3.50 billion in outstanding shares. This repurchase authorization allows the bank to buy up to 12.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's leadership believes its stock is undervalued.

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.