First Citizens BancShares (NASDAQ:FCNCA) Stock Price Up 7% After Dividend Announcement

Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA) rose 7% on Thursday after the company announced a dividend. The company traded as high as $1,767.01 and last traded at $1,754.15. Approximately 43,439 shares changed hands during mid-day trading, a decline of 46% from the average daily 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. Investors 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 annualized dividend and a yield of 0.37%. First Citizens BancShares’s dividend payout ratio (DPR) is currently 3.64%.

Wall Street Analyst Weigh In

FCNCA has been the subject of a number of recent analyst reports. Wedbush reiterated an “outperform” rating and set a $1,800.00 price target on shares of First Citizens BancShares in a research report on Monday, January 29th. Keefe, Bruyette & Woods restated an “outperform” rating and set a $2,100.00 price target (up from $1,900.00) on shares of First Citizens BancShares in a research note on Friday. StockNews.com cut First Citizens BancShares from a “hold” rating to a “sell” rating in a research note on Wednesday, April 3rd. UBS Group increased their target price on First Citizens BancShares from $1,644.00 to $1,754.00 and gave the stock a “buy” rating in a research note on Tuesday, January 30th. Finally, Barclays raised their target price on First Citizens BancShares from $1,850.00 to $1,950.00 and gave the company an “equal weight” rating in a report on Friday. One 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. According to MarketBeat.com, First Citizens BancShares currently has a consensus rating of “Hold” and an average price target of $1,829.90.

First Citizens BancShares Price Performance

The stock’s 50 day moving average is $1,578.09 and its two-hundred day moving average is $1,477.46. The stock has a market capitalization of $25.48 billion, a PE ratio of 9.74 and a beta of 0.89. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.14 and a quick ratio of 1.14.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings data on Friday, January 26th. The bank reported $46.58 EPS for the quarter, missing analysts’ consensus estimates of $48.49 by ($1.91). The firm had revenue of $2.45 billion during the quarter, compared to analysts’ expectations of $2.36 billion. First Citizens BancShares had a net margin of 18.22% and a return on equity of 15.75%. As a group, sell-side analysts forecast that First Citizens BancShares, Inc. will post 179.92 earnings per share for the current fiscal year.

Insider Buying and Selling

In other First Citizens BancShares news, major shareholder Olivia Britton Holding acquired 466 shares of the stock in a transaction dated Tuesday, February 20th. The stock was 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 filing with the SEC, which is available through the SEC website. In related news, major shareholder Olivia Britton Holding acquired 466 shares of the business’s stock in a transaction on Tuesday, February 20th. The shares were bought at an average price of $1,315.00 per share, with a total value of $612,790.00. Following the completion of the acquisition, the insider now owns 121,694 shares in the company, valued at $160,027,610. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ellen R. Alemany sold 600 shares of the company’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $1,559.09, for a total transaction of $935,454.00. Following the completion of the transaction, the director now owns 4,842 shares of the company’s stock, valued at approximately $7,549,113.78. The disclosure for this sale can be found here. Over the last quarter, insiders bought 1,388 shares of company stock worth $1,825,220. Corporate insiders own 13.40% of the company’s stock.

Institutional Trading of First Citizens BancShares

A number of hedge funds and other institutional investors have recently made changes to their positions in FCNCA. Lincoln National Corp raised its position in First Citizens BancShares by 2.6% in the 4th quarter. Lincoln National Corp now owns 277 shares of the bank’s stock valued at $393,000 after purchasing an additional 7 shares during the last quarter. Quadrant Capital Group LLC raised its holdings in shares of First Citizens BancShares by 4.4% in the fourth quarter. Quadrant Capital Group LLC now owns 165 shares of the bank’s stock valued at $234,000 after buying an additional 7 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its holdings in shares of First Citizens BancShares by 4.5% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 161 shares of the bank’s stock valued at $229,000 after buying an additional 7 shares during the last quarter. Park Avenue Securities LLC boosted its stake in shares of First Citizens BancShares by 1.6% during the first quarter. Park Avenue Securities LLC now owns 450 shares of the bank’s stock worth $736,000 after buying an additional 7 shares during the period. Finally, Lindbrook Capital LLC grew its holdings in shares of First Citizens BancShares by 53.3% during the third quarter. Lindbrook Capital LLC now owns 23 shares of the bank’s stock worth $32,000 after buying an additional 8 shares during the last quarter. Institutional investors and hedge funds own 61.18% of the company’s stock.

First Citizens BancShares Company Profile

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.