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

First Citizens BancShares, Inc. (NASDAQ:FCNCA) was the recipient of a large increase in short interest in 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. Based on an average trading volume of 73,800 shares, the short-interest ratio is currently 4.4 days. Approximately 2.7% of the shares of the stock are sold short.

First Citizens BancShares Trading Down 0.1 %

FCNCA stock traded down $1.51 during mid-day trading on Tuesday, reaching $1,835.15. The company’s stock had a trading volume of 52,367 shares, compared to its average volume of 83,597. The company has a market cap 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. First Citizens BancShares has a 12 month low of $1,518.00 and a 12 month high of $2,412.93. The business’s 50 day moving average price is $2,066.19 and its 200 day moving average price is $2,058.83. 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 (NASDAQ:FCNCA) last released its quarterly earnings data on Friday, January 24th. The bank reported $45.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $39.32 by $5.78. First Citizens BancShares had a net margin of 18.55% and a return on equity of 13.22%. On average, equities research analysts predict that First Citizens BancShares will post 167.59 EPS for the current year.

First Citizens BancShares Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Friday, February 28th were given a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a dividend yield of 0.43%. The ex-dividend date was Friday, February 28th. First Citizens BancShares’s payout ratio is presently 4.12%.

Insiders Place Their Bets

In other news, CFO Craig L. Nix bought 17 shares of the company’s stock in a transaction dated Friday, March 7th. The stock was bought at an average cost of $1,881.13 per share, for a total transaction of $31,979.21. Following the transaction, the chief financial officer now owns 1,141 shares of the company’s stock, valued at $2,146,369.33. This represents a 1.51 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 13.40% of the company’s stock.

Institutional Investors Weigh In On First Citizens BancShares

Institutional investors and hedge funds have recently made changes to their positions in the business. Metis Global Partners LLC raised its position in First Citizens BancShares by 4.9% in the 3rd quarter. Metis Global Partners LLC now owns 129 shares of the bank’s stock valued at $237,000 after buying an additional 6 shares during the last quarter. CIBC Asset Management Inc raised its holdings in shares of First Citizens BancShares by 5.5% in the third quarter. CIBC Asset Management Inc now owns 503 shares of the bank’s stock valued at $926,000 after purchasing an additional 26 shares during the last quarter. Empowered Funds LLC raised its holdings in shares of First Citizens BancShares by 35.3% in the third quarter. Empowered Funds LLC now owns 230 shares of the bank’s stock valued at $423,000 after purchasing an additional 60 shares during the last quarter. Natixis Advisors LLC boosted its holdings in First Citizens BancShares by 4.2% during the third quarter. Natixis Advisors LLC now owns 22,366 shares of the bank’s stock worth $41,175,000 after purchasing an additional 899 shares during the last quarter. Finally, Mount Lucas Management LP grew its position in First Citizens BancShares by 2.6% in the 3rd quarter. Mount Lucas Management LP now owns 315 shares of the bank’s stock worth $580,000 after purchasing an additional 8 shares in the last quarter. Institutional investors and hedge funds own 78.01% of the company’s stock.

Wall Street Analysts Forecast Growth

FCNCA has been the subject of several recent analyst reports. UBS Group initiated coverage on First Citizens BancShares in a research report on Tuesday, December 17th. They set a “buy” rating and a $2,700.00 price objective for the company. The Goldman Sachs Group lowered their price objective on shares of First Citizens BancShares from $2,535.00 to $2,200.00 and set a “buy” rating for the company in a research report on Tuesday. Truist Financial boosted their target price on shares of First Citizens BancShares from $2,303.00 to $2,384.00 and gave the stock a “hold” rating in a research note on Wednesday, January 29th. Keefe, Bruyette & Woods upped their target price on First Citizens BancShares from $2,500.00 to $2,600.00 and gave the stock an “outperform” rating in a report on Monday, January 27th. Finally, Barclays lifted their price target on 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. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, First Citizens BancShares has a consensus rating of “Moderate Buy” and a consensus price target of $2,288.08.

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.