Short Interest in First Citizens BancShares, Inc. (NASDAQ:FCNCA) Grows By 22.4%

First Citizens BancShares, Inc. (NASDAQ:FCNCA) saw a large increase in short interest during the month of February. As of February 28th, there was short interest totalling 323,400 shares, an increase of 22.4% from the February 13th total of 264,200 shares. Currently, 2.7% of the shares of the company are sold short. Based on an average daily volume of 73,800 shares, the short-interest ratio is presently 4.4 days.

First Citizens BancShares Price Performance

Shares of FCNCA stock traded down $1.51 during trading on Tuesday, hitting $1,835.15. The company had a trading volume of 52,367 shares, compared to its average volume of 83,597. The stock’s 50-day moving average is $2,066.19 and its two-hundred day moving average is $2,058.83. The stock has a market capitalization of $24.92 billion, a price-to-earnings ratio of 9.69, a price-to-earnings-growth ratio of 0.94 and a beta of 0.81. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.68. First Citizens BancShares has a 52 week low of $1,518.00 and a 52 week high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings data on Friday, January 24th. The bank reported $45.10 earnings per share for the quarter, beating the consensus estimate of $39.32 by $5.78. First Citizens BancShares had a net margin of 18.55% and a return on equity of 13.22%. As a group, analysts predict that First Citizens BancShares will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Friday, February 28th were issued a $1.95 dividend. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.43%. The ex-dividend date was Friday, February 28th. First Citizens BancShares’s payout ratio is currently 4.12%.

Analysts Set New Price Targets

A number of brokerages recently commented on FCNCA. Barclays upped their price target on shares of First Citizens BancShares from $2,456.00 to $2,568.00 and gave the company an “equal weight” rating in a research note on Monday, January 27th. Truist Financial increased their target price on First Citizens BancShares from $2,303.00 to $2,384.00 and gave the stock a “hold” rating in a research report on Wednesday, January 29th. Keefe, Bruyette & Woods lifted their price target on First Citizens BancShares from $2,500.00 to $2,600.00 and gave the company an “outperform” rating in a research report on Monday, January 27th. UBS Group started coverage on First Citizens BancShares in a report on Tuesday, December 17th. They set a “buy” rating and a $2,700.00 price objective on the stock. Finally, The Goldman Sachs Group reduced their target price on First Citizens BancShares from $2,535.00 to $2,200.00 and set a “buy” rating for the company in a report on Tuesday. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, First Citizens BancShares has an average rating of “Moderate Buy” and an average price target of $2,288.08.

Insider Transactions at First Citizens BancShares

In other First Citizens BancShares news, CFO Craig L. Nix acquired 17 shares of the company’s stock in a transaction on Friday, March 7th. The shares were acquired at an average cost of $1,881.13 per share, with a total value of $31,979.21. Following the completion of the acquisition, the chief financial officer now directly owns 1,141 shares in the company, valued at $2,146,369.33. This trade represents a 1.51 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 13.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On First Citizens BancShares

Several institutional investors have recently modified their holdings of FCNCA. Wealth Enhancement Advisory Services LLC boosted its stake in shares of First Citizens BancShares by 1.0% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 4,681 shares of the bank’s stock valued at $9,892,000 after purchasing an additional 47 shares in the last quarter. Old North State Trust LLC boosted its position in First Citizens BancShares by 33.5% during the fourth quarter. Old North State Trust LLC now owns 371 shares of the bank’s stock valued at $784,000 after buying an additional 93 shares during the period. Siemens Fonds Invest GmbH bought a new position in shares of First Citizens BancShares during the fourth quarter valued at about $49,265,000. Carolinas Wealth Consulting LLC grew its position in First Citizens BancShares by 1,456.3% during the 4th quarter. Carolinas Wealth Consulting LLC now owns 249 shares of the bank’s stock worth $524,000 after acquiring an additional 233 shares during the last quarter. Finally, Yoffe Investment Management LLC bought a new position in shares of First Citizens BancShares in the fourth quarter worth approximately $270,000. 78.01% 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.