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

First Citizens BancShares, Inc. (NASDAQ:FCNCA - Get Free Report) announced a quarterly dividend on Thursday, April 25th, Zacks reports. Investors of record on Friday, May 31st will be given a dividend of 1.64 per share by the bank on Monday, June 17th. This represents a $6.56 annualized dividend and a yield of 0.37%. The ex-dividend date is Friday, May 31st.

First Citizens BancShares has increased its dividend by an average of 32.6% per year over the last three years and has raised its dividend every year for the last 2 years. First Citizens BancShares has a dividend payout ratio of 3.4% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect First Citizens BancShares to earn $195.15 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 Price Performance

Shares of NASDAQ:FCNCA traded down $45.85 during trading on Friday, reaching $1,754.50. 107,436 shares of the company traded hands, compared to its average volume of 82,044. The company's 50 day moving average is $1,578.09 and its two-hundred day moving average is $1,477.46. The firm has a market capitalization of $25.48 billion, a PE ratio of 2.25 and a beta of 0.89. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 1.82. First Citizens BancShares has a 52 week low of $945.32 and a 52 week high of $1,810.03.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its earnings results on Friday, January 26th. The bank reported $46.58 earnings per share for the quarter, missing analysts' consensus estimates of $48.49 by ($1.91). The company had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.36 billion. First Citizens BancShares had a net margin of 51.04% and a return on equity of 13.52%. As a group, sell-side analysts predict that First Citizens BancShares will post 179.92 earnings per share for the current year.

Insider Activity at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. bought 622 shares of the business's stock in a transaction that occurred on Tuesday, February 20th. The shares were bought at an average price of $1,315.00 per share, for a total transaction of $817,930.00. Following the transaction, the chief executive officer now directly owns 97,609 shares in the company, valued at $128,355,835. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Frank B. Holding, Jr. purchased 622 shares of the business's stock in a transaction on Tuesday, February 20th. The shares were acquired at an average price of $1,315.00 per share, for a total transaction of $817,930.00. Following the completion of the acquisition, the chief executive officer now owns 97,609 shares in the company, valued at $128,355,835. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Olivia Britton Holding purchased 466 shares of the business's stock in a transaction on Tuesday, February 20th. The stock was purchased at an average price of $1,315.00 per share, for a total transaction of $612,790.00. Following the acquisition, the insider now owns 121,694 shares of the company's stock, valued at approximately $160,027,610. The disclosure for this purchase can be found here. Insiders have acquired a total of 1,388 shares of company stock worth $1,825,220 in the last 90 days. Corporate insiders own 13.40% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on FCNCA shares. Wedbush restated an "outperform" rating and set a $1,800.00 price objective on shares of First Citizens BancShares in a research report on Monday, January 29th. UBS Group upped their price objective on First Citizens BancShares from $1,644.00 to $1,754.00 and gave the stock a "buy" rating in a research report on Tuesday, January 30th. The Goldman Sachs Group initiated coverage on First Citizens BancShares in a research report on Thursday, March 21st. They set a "buy" rating and a $1,950.00 price objective for the company. DA Davidson reaffirmed a "neutral" rating and issued a $1,650.00 target price (up previously from $1,600.00) on shares of First Citizens BancShares in a report on Monday, April 15th. Finally, Barclays increased their price target on First Citizens BancShares from $1,850.00 to $1,950.00 and gave the company an "equal weight" rating in a research note on Friday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the company. According to MarketBeat, First Citizens BancShares presently has a consensus rating of "Hold" and an average target price of $1,829.90.

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.