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

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

Wall Street Analysts Forecast Growth

FCNCA has been the topic of several recent research reports. Keefe, Bruyette & Woods lifted their target price on shares of 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. Deutsche Bank Aktiengesellschaft initiated coverage on shares of First Citizens BancShares in a research note on Monday, December 9th. They set a “buy” rating and a $2,600.00 price objective on the stock. UBS Group started coverage on First Citizens BancShares in a report on Tuesday, December 17th. They issued a “buy” rating and a $2,700.00 target price on the stock. Piper Sandler upgraded shares of First Citizens BancShares from a “neutral” rating to an “overweight” rating and set a $2,250.00 price objective for the company in a research report on Tuesday, March 11th. Finally, Citigroup lowered First Citizens BancShares from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $2,288.08.

Insider Transactions at First Citizens BancShares

In other news, CFO Craig L. Nix bought 17 shares of First Citizens BancShares stock in a transaction that occurred on Friday, March 7th. The stock was purchased at an average cost of $1,881.13 per share, with a total value of $31,979.21. Following the completion of the transaction, 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 document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 13.40% of the company’s stock.

Institutional Investors Weigh In On First Citizens BancShares

Hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. lifted its holdings in First Citizens BancShares by 35.7% during the 4th quarter. JPMorgan Chase & Co. now owns 392,097 shares of the bank’s stock worth $828,510,000 after purchasing an additional 103,137 shares during the last quarter. FMR LLC increased its position in First Citizens BancShares by 10.5% during the 4th quarter. FMR LLC now owns 357,629 shares of the bank’s stock worth $755,677,000 after buying an additional 34,097 shares during the period. Capital International Investors lifted its holdings in shares of First Citizens BancShares by 78.2% during the fourth quarter. Capital International Investors now owns 172,723 shares of the bank’s stock worth $364,967,000 after buying an additional 75,785 shares in the last quarter. Norges Bank bought a new stake in shares of First Citizens BancShares in the fourth quarter valued at about $298,426,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of First Citizens BancShares by 83.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 107,523 shares of the bank’s stock valued at $227,198,000 after acquiring an additional 48,994 shares in the last quarter. 78.01% of the stock is currently owned by institutional investors and hedge funds.

First Citizens BancShares Stock Performance

Shares of FCNCA traded up $24.63 during mid-day trading on Wednesday, reaching $1,859.78. The company’s stock had a trading volume of 18,296 shares, compared to its average volume of 71,502. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.68. First Citizens BancShares has a 1-year low of $1,517.99 and a 1-year high of $2,412.93. The business has a 50-day simple moving average of $2,066.19 and a two-hundred day simple moving average of $2,058.83. The stock has a market cap of $25.25 billion, a P/E ratio of 9.82, a PEG ratio of 0.94 and a beta of 0.81.

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

First Citizens BancShares Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Friday, February 28th were paid a $1.95 dividend. The ex-dividend date was Friday, February 28th. This represents a $7.80 dividend on an annualized basis and a yield of 0.42%. First Citizens BancShares’s dividend payout ratio (DPR) is currently 4.12%.

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.