First Citizens BancShares, Inc. (NASDAQ:FCNCA) Sees Large Increase in Short Interest

First Citizens BancShares, Inc. (NASDAQ:FCNCA) saw a significant growth in short interest in March. As of March 31st, there was short interest totalling 285,000 shares, a growth of 9.7% from the March 15th total of 259,700 shares. Based on an average trading volume of 83,300 shares, the short-interest ratio is currently 3.4 days.

First Citizens BancShares Stock Performance

First Citizens BancShares stock traded up $24.36 during mid-day trading on Wednesday, reaching $1,556.87. 3,913 shares of the company traded hands, compared to its average volume of 80,592. 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 has a fifty-two week low of $945.32 and a fifty-two week high of $1,651.73. The company has a market capitalization of $22.61 billion, a price-to-earnings ratio of 1.95 and a beta of 0.89. The firm’s fifty day moving average is $1,560.11 and its two-hundred day moving average is $1,465.25.

First Citizens BancShares (NASDAQ:FCNCA) last released its quarterly earnings data on Friday, January 26th. The bank reported $46.58 earnings per share for the quarter, missing analysts’ consensus estimates of $48.49 by ($1.91). The business had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.36 billion. First Citizens BancShares had a return on equity of 13.52% and a net margin of 51.04%. On average, equities research analysts expect that First Citizens BancShares will post 178.72 earnings per share for the current fiscal year.

First Citizens BancShares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Thursday, February 29th were issued a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 0.42%. The ex-dividend date of this dividend was Wednesday, February 28th. First Citizens BancShares’s payout ratio is 0.84%.

Insider Activity at First Citizens BancShares

In related news, Director Ellen R. Alemany sold 600 shares of the firm’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 directly owns 4,842 shares of the company’s stock, valued at $7,549,113.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Ellen R. Alemany sold 600 shares of the firm’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 directly owns 4,842 shares of the company’s stock, valued at $7,549,113.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Frank B. Holding, Jr. bought 622 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The shares were bought at an average cost of $1,315.00 per share, with a total value of $817,930.00. Following the completion of the purchase, the chief executive officer now directly owns 97,609 shares of the company’s stock, valued at approximately $128,355,835. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 1,388 shares of company stock valued at $1,825,220. Corporate insiders own 12.85% of the company’s stock.

Hedge Funds Weigh In On First Citizens BancShares

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FCNCA. Blue Trust Inc. lifted its holdings in First Citizens BancShares by 100.0% during the fourth quarter. Blue Trust Inc. now owns 20 shares of the bank’s stock valued at $27,000 after purchasing an additional 10 shares in the last quarter. GAMMA Investing LLC purchased a new position in shares of First Citizens BancShares in the fourth quarter worth about $30,000. Castleview Partners LLC purchased a new position in shares of First Citizens BancShares in the second quarter worth about $31,000. Mather Group LLC. purchased a new position in shares of First Citizens BancShares in the first quarter worth about $31,000. Finally, Lindbrook Capital LLC lifted its stake in shares of First Citizens BancShares by 53.3% in the third quarter. Lindbrook Capital LLC now owns 23 shares of the bank’s stock worth $32,000 after buying an additional 8 shares in the last quarter. 61.18% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently commented on FCNCA shares. StockNews.com cut shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a research note on Wednesday, April 3rd. DA Davidson reaffirmed a “neutral” rating and set a $1,650.00 price target (up from $1,600.00) on shares of First Citizens BancShares in a research note on Monday. UBS Group lifted their price target on shares of 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. Wedbush reiterated an “outperform” rating and set a $1,800.00 price objective on shares of First Citizens BancShares in a report on Monday, January 29th. Finally, The Goldman Sachs Group assumed coverage on shares of First Citizens BancShares in a report on Thursday, March 21st. They set a “buy” rating and a $1,950.00 price objective for the company. One analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company. According to MarketBeat.com, First Citizens BancShares has an average rating of “Hold” and a consensus price target of $1,768.63.

About First Citizens BancShares

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.