Short Interest in First Citizens BancShares, Inc. (NASDAQ:FCNCA) Increases By 6.6%

First Citizens BancShares, Inc. (NASDAQ:FCNCA) was the target of a large increase in short interest in the month of August. As of August 31st, there was short interest totalling 230,500 shares, an increase of 6.6% from the August 15th total of 216,200 shares. Based on an average daily volume of 87,200 shares, the days-to-cover ratio is presently 2.6 days.

Analysts Set New Price Targets

FCNCA has been the subject of several research analyst reports. Keefe, Bruyette & Woods raised their price objective on shares of First Citizens BancShares from $2,100.00 to $2,300.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Raymond James upgraded First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 target price for the company in a research note on Tuesday, July 2nd. Barclays upped their price target on First Citizens BancShares from $1,950.00 to $2,250.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. Piper Sandler raised their price objective on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the company a “neutral” rating in a research report on Friday, July 26th. Finally, Jefferies Financial Group started coverage on shares of First Citizens BancShares in a research report on Tuesday, July 9th. They issued a “buy” rating and a $2,005.00 target price on the stock. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $1,920.82.

First Citizens BancShares Stock Up 1.4 %

NASDAQ:FCNCA traded up $25.87 on Tuesday, reaching $1,897.19. 32,136 shares of the stock traded hands, compared to its average volume of 85,280. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.72. The company has a market capitalization of $27.57 billion, a price-to-earnings ratio of 10.39 and a beta of 0.82. First Citizens BancShares has a 12 month low of $1,274.91 and a 12 month high of $2,174.80. The company’s fifty day simple moving average is $1,934.12 and its 200 day simple moving average is $1,752.30.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings results on Thursday, July 25th. The bank reported $50.87 earnings per share for the quarter, beating the consensus estimate of $44.91 by $5.96. The company had revenue of $3.77 billion during the quarter, compared to the consensus estimate of $2.30 billion. First Citizens BancShares had a net margin of 18.19% and a return on equity of 14.84%. During the same quarter last year, the firm earned $52.60 earnings per share. Equities analysts predict that First Citizens BancShares will post 200.92 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Friday, August 30th were issued a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a dividend yield of 0.35%. The ex-dividend date was Friday, August 30th. First Citizens BancShares’s payout ratio is currently 3.64%.

Institutional Investors Weigh In On First Citizens BancShares

Several institutional investors have recently modified their holdings of FCNCA. ORG Partners LLC purchased a new stake in shares of First Citizens BancShares during the 1st quarter valued at about $29,000. Mather Group LLC. purchased a new stake in First Citizens BancShares during the 1st quarter valued at $31,000. LRI Investments LLC bought a new position in shares of First Citizens BancShares during the 1st quarter valued at $33,000. V Square Quantitative Management LLC purchased a new position in shares of First Citizens BancShares in the 2nd quarter worth $35,000. Finally, Principal Securities Inc. bought a new stake in shares of First Citizens BancShares in the fourth quarter worth $43,000. 61.18% of the stock is owned by hedge funds and other 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.