First Citizens BancShares (NASDAQ:FCNCA) announced that its board has approved a share buyback program, which permits the company to buyback 800,000 outstanding shares on Wednesday, October 25th, EventVestor reports. This buyback authorization permits the bank to reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.
Shares of First Citizens BancShares (NASDAQ:FCNCA) traded down $3.28 on Friday, reaching $388.00. The company’s stock had a trading volume of 12,600 shares, compared to its average volume of 28,572. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.86 and a quick ratio of 0.85. The firm has a market cap of $4,980.00, a P/E ratio of 14.60 and a beta of 1.14. First Citizens BancShares has a 52 week low of $313.14 and a 52 week high of $417.98.
First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings results on Wednesday, October 25th. The bank reported $5.58 earnings per share for the quarter. First Citizens BancShares had a return on equity of 10.17% and a net margin of 20.60%. The company had revenue of $398.56 million during the quarter.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Monday, December 18th will be paid a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, December 15th. This is a boost from First Citizens BancShares’s previous quarterly dividend of $0.30. This represents a $1.40 annualized dividend and a dividend yield of 0.36%. First Citizens BancShares’s payout ratio is currently 4.48%.
A number of equities analysts recently issued reports on FCNCA shares. BidaskClub lowered First Citizens BancShares from a “sell” rating to a “strong sell” rating in a report on Saturday, August 12th. ValuEngine downgraded shares of First Citizens BancShares from a “buy” rating to a “hold” rating in a research report on Friday, August 18th.
In related news, Vice Chairman Hope Holding Bryant sold 2,255 shares of the company’s stock in a transaction on Thursday, August 31st. The shares were sold at an average price of $339.85, for a total transaction of $766,361.75. Following the completion of the sale, the insider now directly owns 272,572 shares of the company’s stock, valued at approximately $92,633,594.20. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have sold a total of 7,255 shares of company stock valued at $2,478,862 over the last three months. Corporate 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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