First Citizens BancShares (NASDAQ:FCNCA) declared that its Board of Directors has approved a stock buyback program, which allows the company to buyback 800,000 outstanding shares on Wednesday, October 25th, EventVestor reports. This buyback authorization allows the bank to purchase shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.
Shares of First Citizens BancShares (NASDAQ:FCNCA) opened at 414.60 on Friday. The company’s 50 day moving average is $370.49 and its 200 day moving average is $357.57. First Citizens BancShares has a 52-week low of $281.99 and a 52-week high of $417.98. The firm has a market cap of $4.98 billion, a price-to-earnings ratio of 16.25 and a beta of 1.10.
First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings results on Wednesday, October 25th. The bank reported $5.58 earnings per share (EPS) for the quarter. First Citizens BancShares had a net margin of 20.60% and a return on equity of 10.33%. The company had revenue of $398.56 million for the quarter. Analysts anticipate that First Citizens BancShares will post $10.61 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Monday, December 18th will be given a $0.35 dividend. The ex-dividend date is Friday, December 15th. This represents a $1.40 annualized dividend and a dividend yield of 0.34%. This is a positive change from First Citizens BancShares’s previous quarterly dividend of $0.30. First Citizens BancShares’s payout ratio is 4.48%.
Several research analysts have recently commented on the stock. BidaskClub cut shares of First Citizens BancShares from a “sell” rating to a “strong sell” rating in a report on Saturday, August 12th. ValuEngine cut shares of First Citizens BancShares from a “buy” rating to a “hold” rating in a report on Friday, August 18th.
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In related news, Vice Chairman Hope Holding Bryant sold 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $345.00, for a total transaction of $862,500.00. Following the sale, the insider now owns 272,572 shares of the company’s stock, valued at approximately $94,037,340. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Olivia Britton Holding sold 245 shares of the company’s stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $362.06, for a total transaction of $88,704.70. Following the sale, the insider now directly owns 343,898 shares in the company, valued at approximately $124,511,709.88. The disclosure for this sale can be found here. In the last three months, insiders sold 12,500 shares of company stock worth $4,398,866. Insiders own 19.38% of the company’s stock.
First Citizens BancShares Company Profile
First Citizens BancShares, Inc (BancShares) is a holding company of First-Citizens Bank & Trust Company (FCB). As of December 31, 2016, BancShares operated in 21 states providing a range of financial services to individuals, businesses and professionals. FCB offers a range of retail and commercial banking services.
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