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

First Citizens BancShares, Inc. (NASDAQ:FCNCA) was the target of a significant growth in short interest in the month of December. As of December 31st, there was short interest totalling 425,500 shares, a growth of 13.1% from the December 15th total of 376,100 shares. Based on an average daily volume of 86,800 shares, the short-interest ratio is currently 4.9 days.

First Citizens BancShares Price Performance

Shares of First Citizens BancShares stock traded up $32.93 during midday trading on Friday, hitting $2,188.94. 51,697 shares of the company were exchanged, compared to its average volume of 62,798. The firm has a 50 day simple moving average of $2,167.50 and a 200-day simple moving average of $2,016.14. First Citizens BancShares has a 52 week low of $1,371.77 and a 52 week high of $2,388.78. The firm has a market cap of $30.62 billion, a P/E ratio of 12.54, a PEG ratio of 0.96 and a beta of 0.86. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.08 and a quick ratio of 1.08.

First Citizens BancShares (NASDAQ:FCNCA) last issued its earnings results on Thursday, October 24th. The bank reported $45.87 EPS for the quarter, missing the consensus estimate of $47.40 by ($1.53). First Citizens BancShares had a net margin of 17.36% and a return on equity of 13.63%. The firm had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.36 billion. During the same quarter in the prior year, the firm posted $55.92 EPS. Research analysts forecast that First Citizens BancShares will post 186.98 earnings per share for the current year.

First Citizens BancShares Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Friday, November 29th were paid a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a yield of 0.36%. This is a boost from First Citizens BancShares’s previous quarterly dividend of $1.64. The ex-dividend date was Friday, November 29th. First Citizens BancShares’s dividend payout ratio is currently 4.47%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. JPMorgan Chase & Co. upped their price target on First Citizens BancShares from $2,550.00 to $2,600.00 and gave the stock an “overweight” rating in a report on Tuesday, January 7th. UBS Group assumed coverage on shares of First Citizens BancShares in a research note on Tuesday, December 17th. They set a “buy” rating and a $2,700.00 target price for the company. Wedbush decreased their price target on shares of First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating on the stock in a research report on Friday, October 25th. Barclays upped their price objective on shares of First Citizens BancShares from $2,250.00 to $2,456.00 and gave the company an “equal weight” rating in a research report on Monday, January 6th. Finally, Truist Financial initiated coverage on First Citizens BancShares in a research note on Tuesday, January 7th. They set a “hold” rating and a $2,303.00 price target on the stock. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $2,290.75.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of FCNCA. Toronto Dominion Bank raised its holdings in shares of First Citizens BancShares by 3,577.5% in the second quarter. Toronto Dominion Bank now owns 35,010 shares of the bank’s stock valued at $58,943,000 after buying an additional 34,058 shares during the last quarter. FMR LLC raised its stake in shares of First Citizens BancShares by 11.6% in the third quarter. FMR LLC now owns 323,532 shares of the bank’s stock worth $595,607,000 after acquiring an additional 33,713 shares during the last quarter. Zurich Insurance Group Ltd FI lifted its position in shares of First Citizens BancShares by 225.2% during the second quarter. Zurich Insurance Group Ltd FI now owns 42,159 shares of the bank’s stock worth $70,979,000 after purchasing an additional 29,194 shares in the last quarter. International Assets Investment Management LLC lifted its position in shares of First Citizens BancShares by 183,992.3% during the third quarter. International Assets Investment Management LLC now owns 23,932 shares of the bank’s stock worth $440,580,000 after purchasing an additional 23,919 shares in the last quarter. Finally, Thrivent Financial for Lutherans increased its holdings in shares of First Citizens BancShares by 6,773.9% in the second quarter. Thrivent Financial for Lutherans now owns 23,921 shares of the bank’s stock valued at $40,274,000 after purchasing an additional 23,573 shares in the last quarter. Institutional investors own 78.01% of the company’s stock.

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.