First Citizens BancShares (NASDAQ:FCNCA – Get Free Report) issued its quarterly earnings data on Thursday. The bank reported $45.87 EPS for the quarter, missing the consensus estimate of $47.40 by ($1.53), RTT News reports. The company had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.36 billion. First Citizens BancShares had a net margin of 18.19% and a return on equity of 14.84%. During the same period in the previous year, the company earned $55.92 EPS.
First Citizens BancShares Stock Performance
First Citizens BancShares stock traded up $1.89 during midday trading on Friday, reaching $1,881.83. 133,777 shares of the company traded hands, compared to its average volume of 86,645. 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 12 month low of $1,339.10 and a 12 month high of $2,174.80. The firm has a market capitalization of $27.34 billion, a price-to-earnings ratio of 10.50 and a beta of 0.81. The business has a 50 day moving average of $1,951.59 and a two-hundred day moving average of $1,822.63.
First Citizens BancShares Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be given a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a yield of 0.41%. This is an increase from First Citizens BancShares’s previous quarterly dividend of $1.64. The ex-dividend date is Friday, November 29th. First Citizens BancShares’s dividend payout ratio is 3.64%.
Wall Street Analyst Weigh In
Check Out Our Latest Report on FCNCA
First Citizens BancShares declared that its board has initiated a stock buyback plan on Thursday, July 25th that authorizes the company to buyback $3.50 billion in outstanding shares. This buyback authorization authorizes the bank to reacquire up to 12.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are 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.
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