First Citizens BancShares, Inc. (FCNCA) To Go Ex-Dividend on November 29th

First Citizens BancShares, Inc. (NASDAQ:FCNCA) declared a quarterly dividend on Thursday, October 24th, Zacks reports. Shareholders of record on Friday, November 29th will be paid a dividend of 1.95 per share by the bank on Monday, December 16th. This represents a $7.80 annualized dividend and a yield of 0.41%. The ex-dividend date of this dividend is Friday, November 29th. This is a boost from First Citizens BancShares’s previous quarterly dividend of $1.64.

First Citizens BancShares has increased its dividend payment by an average of 32.6% annually over the last three years. First Citizens BancShares has a dividend payout ratio of 3.5% meaning its dividend is sufficiently covered by earnings. Research analysts expect First Citizens BancShares to earn $192.06 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 Stock Up 0.1 %

Shares of NASDAQ:FCNCA opened at $1,881.83 on Friday. The firm has a fifty day moving average price of $1,948.26 and a two-hundred day moving average price of $1,824.36. The company has a debt-to-equity ratio of 1.72, a current ratio of 1.08 and a quick ratio of 1.08. First Citizens BancShares has a one year low of $1,339.10 and a one year high of $2,174.80. The company has a market cap of $27.34 billion, a price-to-earnings ratio of 10.45 and a beta of 0.81.

First Citizens BancShares (NASDAQ:FCNCA) last posted 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 14.84% and a net margin of 18.19%. The company had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.36 billion. During the same period in the prior year, the firm posted $55.92 earnings per share. Analysts anticipate that First Citizens BancShares will post 200 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Jefferies Financial Group assumed coverage on shares of First Citizens BancShares in a research report on Tuesday, July 9th. They issued a “buy” rating and a $2,005.00 target price on the stock. StockNews.com cut shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a research report on Monday, October 7th. JPMorgan Chase & Co. decreased 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 report on Friday. Piper Sandler boosted their price objective on shares of First Citizens BancShares from $1,950.00 to $2,150.00 and gave the company a “neutral” rating in a research report on Friday, July 26th. Finally, Wedbush decreased 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 report on Friday. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, First Citizens BancShares presently has a consensus rating of “Hold” and a consensus price target of $2,025.90.

First Citizens BancShares announced that its board has initiated a share repurchase program on Thursday, July 25th that authorizes the company to buyback $3.50 billion in shares. This buyback authorization authorizes the bank to purchase up to 12.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

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.