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

First Citizens BancShares, Inc. (NASDAQ:FCNCA) saw a large increase in short interest in the month of October. As of October 15th, there was short interest totaling 393,700 shares, an increase of 46.7% from the September 30th total of 268,400 shares. Approximately 3.5% of the shares of the company are short sold. Based on an average daily trading volume, of 154,400 shares, the short-interest ratio is currently 2.5 days. Based on an average daily trading volume, of 154,400 shares, the short-interest ratio is currently 2.5 days. Approximately 3.5% of the shares of the company are short sold.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Wall Street Zen cut shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a research report on Sunday, September 28th. Piper Sandler lowered their price objective 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 24th. Citigroup lowered their price objective on shares of First Citizens BancShares from $2,250.00 to $2,000.00 and set a “neutral” rating on the stock in a research report on Monday, October 27th. Weiss Ratings cut shares of First Citizens BancShares from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Saturday, October 25th. Finally, Cowen restated a “buy” rating on shares of First Citizens BancShares in a research report on Monday, July 28th. Seven analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, First Citizens BancShares has a consensus rating of “Moderate Buy” and a consensus price target of $2,170.83.

Insider Buying and Selling

In other news, CEO Frank B. Holding, Jr. purchased 600 shares of the stock in a transaction dated Thursday, August 7th. The shares were purchased at an average cost of $1,698.75 per share, with a total value of $1,019,250.00. Following the completion of the acquisition, the chief executive officer owned 32,300 shares in the company, valued at $54,869,625. This represents a 1.89% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Olivia Britton Holding purchased 409 shares of the stock in a transaction dated Thursday, August 7th. The stock was purchased at an average cost of $1,630.00 per share, for a total transaction of $666,670.00. Following the completion of the acquisition, the insider owned 1,764 shares of the company’s stock, valued at approximately $2,875,320. This represents a 30.18% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders acquired 1,418 shares of company stock valued at $2,352,590. Company insiders own 13.40% of the company’s stock.

Hedge Funds Weigh In On First Citizens BancShares

Hedge funds have recently modified their holdings of the company. UMB Bank n.a. increased its position in shares of First Citizens BancShares by 100.0% in the third quarter. UMB Bank n.a. now owns 16 shares of the bank’s stock valued at $29,000 after acquiring an additional 8 shares during the period. MAI Capital Management increased its position in shares of First Citizens BancShares by 500.0% in the second quarter. MAI Capital Management now owns 18 shares of the bank’s stock valued at $35,000 after acquiring an additional 15 shares during the period. Steph & Co. purchased a new position in shares of First Citizens BancShares in the third quarter valued at about $32,000. Root Financial Partners LLC purchased a new position in shares of First Citizens BancShares in the third quarter valued at about $32,000. Finally, SVB Wealth LLC purchased a new position in shares of First Citizens BancShares in the first quarter valued at about $35,000. Hedge funds and other institutional investors own 78.01% of the company’s stock.

First Citizens BancShares Stock Down 0.9%

Shares of NASDAQ FCNCA opened at $1,806.63 on Wednesday. First Citizens BancShares has a one year low of $1,473.62 and a one year high of $2,412.93. The company has a debt-to-equity ratio of 1.76, a current ratio of 1.04 and a quick ratio of 1.04. The firm’s 50 day simple moving average is $1,838.29 and its two-hundred day simple moving average is $1,890.81. The stock has a market capitalization of $23.34 billion, a P/E ratio of 10.68 and a beta of 0.60.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings results on Thursday, October 23rd. The bank reported $44.62 EPS for the quarter, beating analysts’ consensus estimates of $41.51 by $3.11. First Citizens BancShares had a net margin of 15.99% and a return on equity of 11.06%. The business had revenue of $2.25 billion for the quarter, compared to analysts’ expectations of $2.21 billion. As a group, analysts expect that First Citizens BancShares will post 167.59 EPS for the current fiscal year.

First Citizens BancShares Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Friday, November 28th will be issued a $2.10 dividend. This is a positive change from First Citizens BancShares’s previous quarterly dividend of $1.95. This represents a $8.40 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Friday, November 28th. First Citizens BancShares’s dividend payout ratio (DPR) is 4.97%.

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.