First Citizens BancShares, Inc. (NASDAQ:FCNCA) Declares Dividend Increase - $2.10 Per Share

Key Points

• First Citizens BancShares, Inc. announced a quarterly dividend increase to $2.10 per share, up 7.7% from the previous dividend of $1.95, with the ex-dividend date set for November 28th.
• The company's payout ratio stands at 4.2%, indicating strong coverage by earnings, and it is expected to maintain a future payout ratio of 4.0% with projected earnings of $193.69 per share next year.
• In its recent earnings report, First Citizens BancShares reported an EPS of $44.62, exceeding estimates, and a revenue of $2.25 billion for the quarter.

First Citizens BancShares, Inc. (NASDAQ:FCNCA - Get Free Report) announced a quarterly dividend on Thursday, October 23rd. Shareholders of record on Friday, November 28th will be paid a dividend of 2.10 per share by the bank on Monday, December 15th. This represents a c) dividend on an annualized basis and a yield of 0.5%. The ex-dividend date is Friday, November 28th. This is a 7.7% increase from First Citizens BancShares's previous quarterly dividend of $1.95.

First Citizens BancShares has a payout ratio of 4.2% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect First Citizens BancShares to earn $193.69 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 4.0%.

First Citizens BancShares Price Performance

First Citizens BancShares stock traded up $9.03 during trading hours on Thursday, reaching $1,751.52. 144,279 shares of the stock were exchanged, compared to its average volume of 106,676. The company has a market cap of $22.63 billion, a P/E ratio of 10.34 and a beta of 0.60. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.76. First Citizens BancShares has a twelve month low of $1,473.62 and a twelve month high of $2,412.93. The stock has a 50 day moving average of $1,865.59 and a two-hundred day moving average of $1,878.64.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its quarterly earnings data on Thursday, October 23rd. The bank reported $44.62 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $41.51 by $3.11. The firm had revenue of $2.25 billion for the quarter, compared to the consensus estimate of $2.21 billion. First Citizens BancShares had a net margin of 16.37% and a return on equity of 11.32%. Equities analysts expect that First Citizens BancShares will post 167.59 EPS for the current fiscal year.

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.

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