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

First Citizens BancShares, Inc. (NASDAQ:FCNCA)’s share price rose 7% on Thursday following a dividend announcement from the company. The company traded as high as $1,767.01 and last traded at $1,754.15. Approximately 43,439 shares traded 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 dividend of $1.64 per share. The ex-dividend date 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 Analysts Forecast Growth

FCNCA has been the subject of several recent research reports. Barclays upped their price target on First Citizens BancShares from $1,850.00 to $1,950.00 and gave the stock an “equal weight” rating in a report on Friday. StockNews.com cut First Citizens BancShares from a “hold” rating to a “sell” rating in a research report on Wednesday, April 3rd. UBS Group boosted their price objective on First Citizens BancShares from $1,644.00 to $1,754.00 and gave the stock a “buy” rating in a research report on Tuesday, January 30th. DA Davidson reissued a “neutral” rating and issued a $1,650.00 price objective (up previously from $1,600.00) on shares of First Citizens BancShares in a research report on Monday, April 15th. Finally, 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. One analyst has rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $1,829.90.

First Citizens BancShares Price Performance

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 moving average price of $1,578.09 and a 200 day moving average price of $1,477.46. The stock has a market cap of $25.48 billion, a PE ratio of 9.74 and a beta of 0.89.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings results 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 for 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, research analysts forecast that First Citizens BancShares, Inc. will post 179.92 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Hope Holding Bryant acquired 300 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The shares were acquired at an average price of $1,315.00 per share, with a total value of $394,500.00. Following the acquisition, the insider now owns 1,978 shares of the company’s stock, valued at approximately $2,601,070. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other First Citizens BancShares news, Director Ellen R. Alemany sold 600 shares of the company’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $1,559.09, for a total value of $935,454.00. Following the transaction, the director now directly owns 4,842 shares in the company, valued at approximately $7,549,113.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Hope Holding Bryant bought 300 shares of the firm’s stock in a transaction on Wednesday, February 21st. The stock was acquired at an average price of $1,315.00 per share, for a total transaction of $394,500.00. Following the completion of the purchase, the insider now directly owns 1,978 shares in the company, valued at $2,601,070. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 1,388 shares of company stock valued at $1,825,220. Corporate insiders own 13.40% of the company’s stock.

Hedge Funds Weigh In On First Citizens BancShares

A number of institutional investors have recently added to or reduced their stakes in FCNCA. Norges Bank bought a new position in First Citizens BancShares in the 4th quarter worth about $180,039,000. Wellington Management Group LLP increased its stake in First Citizens BancShares by 21.1% in the 4th quarter. Wellington Management Group LLP now owns 239,563 shares of the bank’s stock worth $339,933,000 after acquiring an additional 41,793 shares during the last quarter. AQR Capital Management LLC increased its position in shares of First Citizens BancShares by 756.8% during the 3rd quarter. AQR Capital Management LLC now owns 38,436 shares of the bank’s stock valued at $53,046,000 after purchasing an additional 33,950 shares during the last quarter. FMR LLC increased its position in shares of First Citizens BancShares by 17.2% during the 3rd quarter. FMR LLC now owns 189,186 shares of the bank’s stock valued at $261,095,000 after purchasing an additional 27,729 shares during the last quarter. Finally, Point72 Asset Management L.P. increased its position in shares of First Citizens BancShares by 130.1% during the 4th quarter. Point72 Asset Management L.P. now owns 46,180 shares of the bank’s stock valued at $65,528,000 after purchasing an additional 26,107 shares during the last quarter. 61.18% of the stock is currently owned by institutional investors.

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.