First Citizens BancShares (NASDAQ:FCNCA) Trading Up 7% Following Dividend Announcement

First Citizens BancShares, Inc. (NASDAQ:FCNCA)’s share price traded up 7% during mid-day trading on Thursday following a dividend announcement from the company. The stock traded as high as $1,767.01 and last traded at $1,754.15. 43,439 shares changed hands during mid-day trading, a decline of 46% from the average session volume of 80,008 shares. The stock had previously closed at $1,639.63.

The newly announced dividend which will be paid on Monday, June 17th. Stockholders of record on Friday, May 31st will be issued a $1.64 dividend. The ex-dividend date of this dividend is Friday, May 31st. This represents a $6.56 dividend on an annualized basis and a dividend yield of 0.37%. First Citizens BancShares’s dividend payout ratio (DPR) is 3.64%.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. DA Davidson reissued a “neutral” rating and set a $1,650.00 target price (up previously from $1,600.00) on shares of First Citizens BancShares in a research report on Monday, April 15th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $2,100.00 price objective (up previously from $1,900.00) on shares of First Citizens BancShares in a research report on Friday. StockNews.com lowered shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a report on Wednesday, April 3rd. Piper Sandler cut shares of First Citizens BancShares from an “overweight” rating to a “neutral” rating and upped their price target for the stock from $1,850.00 to $1,950.00 in a research report on Friday. Finally, The Goldman Sachs Group assumed coverage on First Citizens BancShares in a research report on Thursday, March 21st. They issued a “buy” rating and a $1,950.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, First Citizens BancShares presently has a consensus rating of “Hold” and a consensus target price of $1,829.90.

First Citizens BancShares Trading Down 2.5 %

The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 1.82. The business has a 50 day simple moving average of $1,578.09 and a two-hundred day simple moving average of $1,477.46. The stock has a market cap of $25.48 billion, a price-to-earnings ratio of 9.74 and a beta of 0.89.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly 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 analyst estimates of $2.36 billion. First Citizens BancShares had a return on equity of 15.75% and a net margin of 18.22%. As a group, equities analysts anticipate that First Citizens BancShares, Inc. will post 179.92 EPS for the current year.

Insider Activity at First Citizens BancShares

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

Hedge Funds Weigh In On First Citizens BancShares

A number of large investors have recently bought and sold shares of FCNCA. CWM LLC raised its position in shares of First Citizens BancShares by 35.5% during the 3rd quarter. CWM LLC now owns 187 shares of the bank’s stock worth $257,000 after purchasing an additional 49 shares during the period. UMB Bank n.a. lifted its stake in First Citizens BancShares by 1,040.0% in the third quarter. UMB Bank n.a. now owns 57 shares of the bank’s stock valued at $79,000 after buying an additional 52 shares during the last quarter. U.S. Capital Wealth Advisors LLC acquired a new position in shares of First Citizens BancShares during the third quarter valued at $1,380,000. Commonwealth Equity Services LLC grew its position in shares of First Citizens BancShares by 4.1% during the third quarter. Commonwealth Equity Services LLC now owns 303 shares of the bank’s stock worth $419,000 after acquiring an additional 12 shares during the last quarter. Finally, Xponance Inc. increased its holdings in shares of First Citizens BancShares by 6.0% in the 3rd quarter. Xponance Inc. now owns 548 shares of the bank’s stock worth $756,000 after acquiring an additional 31 shares during the period. Institutional investors own 61.18% of the company’s stock.

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.