First Citizens BancShares, Inc. (NASDAQ:FCNCA) Increases Dividend to $1.95 Per Share

First Citizens BancShares, Inc. (NASDAQ:FCNCA) announced a quarterly dividend on Tuesday, October 22nd,Zacks Dividends reports. Stockholders of record on Friday, November 29th will be given a dividend of 1.95 per share by the bank on Monday, December 16th. This represents a $7.80 annualized dividend and a dividend yield of 0.34%. The ex-dividend date of this dividend is Friday, November 29th. This is a positive change from First Citizens BancShares’s previous quarterly dividend of $1.64.

First Citizens BancShares has increased its dividend by an average of 32.6% per year over the last three years. First Citizens BancShares has a dividend payout ratio of 4.8% meaning its dividend is sufficiently covered by earnings. Analysts expect First Citizens BancShares to earn $159.01 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 4.9%.

First Citizens BancShares Stock Down 0.8 %

Shares of First Citizens BancShares stock opened at $2,308.48 on Thursday. The firm’s 50 day moving average price is $2,033.61 and its 200-day moving average price is $1,901.75. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.68. First Citizens BancShares has a 52-week low of $1,363.97 and a 52-week high of $2,388.78. The company has a market cap of $32.30 billion, a P/E ratio of 13.23 and a beta of 0.80.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings data on Thursday, October 24th. The bank reported $45.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $47.40 by ($1.53). First Citizens BancShares had a return on equity of 13.63% and a net margin of 17.36%. The firm had revenue of $2.45 billion during the quarter, compared to analysts’ expectations of $2.36 billion. During the same period in the previous year, the firm earned $55.92 EPS. On average, sell-side analysts predict that First Citizens BancShares will post 187.88 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have issued reports on FCNCA shares. The Goldman Sachs Group upped their price target on shares of First Citizens BancShares from $2,025.00 to $2,625.00 and gave the company a “buy” rating in a research note on Tuesday. StockNews.com upgraded shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Thursday, November 14th. JPMorgan Chase & Co. cut their price objective on shares of First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating on the stock in a research note on Friday, October 25th. Finally, Wedbush cut their price objective on shares of First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating on the stock in a research note on Friday, October 25th. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $2,093.40.

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.