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

Key Points

• First Citizens BancShares, Inc. has declared a quarterly dividend of $1.95 per share, which equates to an annualized dividend of $7.80 and a yield of 0.38%.
• The bank reported stronger-than-expected quarterly earnings of $44.78 EPS, surpassing the consensus estimate by $5.70.
• CEO Frank B. Holding, Jr. has increased his ownership in the company by acquiring additional shares, indicating confidence in the bank's prospects.

First Citizens BancShares, Inc. (NASDAQ:FCNCA - Get Free Report) declared a quarterly dividend on Monday, July 28th, Wall Street Journal reports. Shareholders of record on Friday, August 29th will be paid a dividend of 1.95 per share by the bank on Monday, September 15th. This represents a $7.80 annualized dividend and a yield of 0.38%. The ex-dividend date of this dividend is Friday, August 29th.

First Citizens BancShares has a dividend payout ratio of 4.2% meaning 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

FCNCA traded down $46.00 during trading on Monday, hitting $2,050.04. 93,909 shares of the stock traded hands, compared to its average volume of 84,707. First Citizens BancShares has a twelve month low of $1,473.62 and a twelve month high of $2,412.93. The company has a market cap of $27.24 billion, a price-to-earnings ratio of 12.10 and a beta of 0.64. The company has a debt-to-equity ratio of 1.77, a current ratio of 1.04 and a quick ratio of 1.04. The business has a 50 day moving average price of $1,953.13 and a 200 day moving average price of $1,937.36.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its quarterly earnings data on Friday, July 25th. The bank reported $44.78 EPS for the quarter, beating the consensus estimate of $39.08 by $5.70. First Citizens BancShares had a net margin of 16.37% and a return on equity of 11.30%. The business had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.21 billion. Equities research analysts forecast that First Citizens BancShares will post 167.59 earnings per share for the current fiscal year.

Insider Buying and Selling at First Citizens BancShares

In related news, CEO Frank B. Holding, Jr. acquired 350 shares of the company's stock in a transaction dated Friday, May 2nd. The shares were purchased at an average price of $1,610.00 per share, for a total transaction of $563,500.00. Following the completion of the acquisition, the chief executive officer owned 2,758 shares of the company's stock, valued at approximately $4,440,380. This trade represents a 14.53% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 13.40% of the company's stock.

Hedge Funds Weigh In On First Citizens BancShares

Several institutional investors have recently made changes to their positions in the stock. Focus Partners Wealth raised its holdings in shares of First Citizens BancShares by 5.2% in the 1st quarter. Focus Partners Wealth now owns 241 shares of the bank's stock worth $447,000 after acquiring an additional 12 shares during the last quarter. Empowered Funds LLC increased its stake in First Citizens BancShares by 71.9% in the 1st quarter. Empowered Funds LLC now owns 392 shares of the bank's stock valued at $727,000 after buying an additional 164 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in First Citizens BancShares by 1.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 37,389 shares of the bank's stock valued at $69,324,000 after buying an additional 681 shares during the last quarter. Institutional investors and hedge funds own 78.01% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Barclays lowered their price target on shares of First Citizens BancShares from $2,568.00 to $2,400.00 and set an "equal weight" rating for the company in a report on Friday, April 25th. Wall Street Zen downgraded shares of First Citizens BancShares from a "hold" rating to a "sell" rating in a report on Monday, April 28th. TD Cowen assumed coverage on shares of First Citizens BancShares in a report on Thursday, May 15th. They set a "buy" rating and a $2,400.00 price target for the company. UBS Group reiterated a "buy" rating and set a $2,410.00 price target on shares of First Citizens BancShares in a report on Wednesday, July 9th. Finally, Piper Sandler set a $2,150.00 price target on shares of First Citizens BancShares and gave the stock a "neutral" rating in a report on Monday. One equities research 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 stock currently has an average rating of "Hold" and an average target price of $2,291.17.

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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