First Citizens BancShares, Inc. (NASDAQ:FCNCA) Plans $2.10 Quarterly Dividend

First Citizens BancShares, Inc. (NASDAQ:FCNCA) announced a quarterly dividend on Thursday, July 23rd. Investors of record on Monday, August 31st will be given a dividend of 2.10 per share by the bank on Tuesday, September 15th. This represents a c) annualized dividend and a yield of 0.4%. The ex-dividend date is Monday, August 31st.

First Citizens BancShares has raised its dividend payment by an average of 0.4%annually over the last three years and has raised its dividend every year for the last 8 years. First Citizens BancShares has a payout ratio of 4.5% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect First Citizens BancShares to earn $202.02 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 Performance

Shares of NASDAQ FCNCA opened at $2,212.77 on Friday. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.00 and a current ratio of 1.00. The stock has a 50 day moving average price of $2,059.46 and a 200 day moving average price of $2,017.36. The stock has a market capitalization of $25.64 billion, a PE ratio of 12.73, a price-to-earnings-growth ratio of 1.57 and a beta of 0.62. First Citizens BancShares has a 52 week low of $1,623.76 and a 52 week high of $2,232.21.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings results on Thursday, July 23rd. The bank reported $57.09 earnings per share for the quarter, topping the consensus estimate of $0.41 by $56.68. First Citizens BancShares had a return on equity of 11.48% and a net margin of 15.62%.The firm had revenue of $2.24 billion for the quarter, compared to analyst estimates of $2.16 billion. Analysts predict that First Citizens BancShares will post 177.18 earnings per share for the current fiscal year.

Analysts Set New Price Targets

FCNCA has been the subject of several analyst reports. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $2,300.00 target price on shares of First Citizens BancShares in a research note on Thursday, July 9th. Citigroup lowered shares of First Citizens BancShares from a “neutral” rating to a “market perform” rating in a research report on Thursday, July 9th. TD Cowen cut their price target on shares of First Citizens BancShares from $2,500.00 to $2,300.00 and set a “buy” rating for the company in a research note on Monday, April 27th. Jefferies Financial Group reissued a “hold” rating and issued a $2,300.00 price objective on shares of First Citizens BancShares in a research report on Thursday. Finally, The Goldman Sachs Group boosted their price objective on shares of First Citizens BancShares from $2,100.00 to $2,340.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 7th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat, First Citizens BancShares has a consensus rating of “Hold” and a consensus target price of $2,251.15.

First Citizens BancShares Company Profile

First Citizens BancShares, Inc is the bank holding company for First Citizens Bank, a full‑service commercial bank headquartered in Raleigh, North Carolina. The company traces its roots to a community bank founded in 1898 and has grown into a diversified financial services organization that operates through its banking subsidiary to serve retail, commercial and institutional clients.

First Citizens offers a broad suite of banking products and services, including consumer and business deposit accounts, commercial and industrial lending, real estate and mortgage lending, treasury and cash management, and specialized lending solutions.