First Citizens BancShares, Inc. (NASDAQ:FCNCA – Get Free Report) declared a quarterly dividend on Friday, October 23rd. Investors of record on Monday, November 30th will be paid a dividend of $2.25 per share by the bank on Tuesday, December 15th. This represents a $9.00 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend is Monday, November 30th. This is a 7.1% increase from First Citizens BancShares’s previous quarterly dividend of $2.10.
First Citizens BancShares has increased its dividend by an average of 0.4% annually over the last three years and has increased its dividend every year for the last 8 years. First Citizens BancShares has a dividend payout ratio of 4.5% meaning its dividend is sufficiently covered by earnings. Research analysts expect First Citizens BancShares to earn $202.36 per share next year, which means the company should continue to be able to cover its $8.40 annual dividend with an expected future payout ratio of 4.2%.
First Citizens BancShares Stock Up 8.2%
Shares of First Citizens BancShares stock opened at $2,375.84 on Friday. The stock’s fifty day moving average is $2,134.59 and its 200-day moving average is $2,087.66. The firm has a market capitalization of $26.82 billion, a PE ratio of 12.17, a price-to-earnings-growth ratio of 1.76 and a beta of 0.58. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.59. First Citizens BancShares has a 12-month low of $1,735.03 and a 12-month high of $2,429.96.
First Citizens BancShares (NASDAQ:FCNCA – Get Free Report) last announced its earnings results on Friday, October 23rd. The bank reported $55.37 EPS for the quarter, beating the consensus estimate of $46.18 by $9.19. The business had revenue of $2.27 billion during the quarter, compared to the consensus estimate of $2.23 billion. First Citizens BancShares had a return on equity of 12.07% and a net margin of 16.28%. Equities analysts anticipate that First Citizens BancShares will post 193.20 earnings per share for the current year.
Analyst Ratings Changes
Several research analysts have commented on the stock. Fundamental Research set a $2,350.00 target price on shares of First Citizens BancShares in a report on Wednesday, July 1st. Weiss Ratings upgraded shares of First Citizens BancShares from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, October 16th. Wall Street Zen upgraded shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Saturday, June 27th. Citigroup reaffirmed a “neutral” rating on shares of First Citizens BancShares in a research note on Thursday, October 1st. Finally, Jefferies Financial Group reissued a “hold” rating and set a $2,550.00 target price on shares of First Citizens BancShares in a research note on Friday. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and eleven have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $2,280.23.
Check Out Our Latest Report on First Citizens BancShares
First Citizens BancShares Company Profile
First Citizens BancShares, Inc is a bank holding company headquartered in Raleigh, North Carolina. Its principal subsidiary, First-Citizens Bank & Trust Company, provides banking and financial services to individuals, businesses, and institutions through a network of branches and digital banking channels.
The bank offers deposit accounts, consumer and residential lending, commercial and industrial loans, commercial real estate financing, equipment finance, treasury management, and payment services.
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