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

First Citizens BancShares, Inc. (NASDAQ:FCNCA) was the recipient of a large growth in short interest in March. As of March 31st, there was short interest totalling 285,000 shares, a growth of 9.7% from the March 15th total of 259,700 shares. Based on an average daily trading volume, of 83,300 shares, the days-to-cover ratio is presently 3.4 days.

First Citizens BancShares Price Performance

Shares of First Citizens BancShares stock traded up $24.36 on Wednesday, hitting $1,556.87. The company had a trading volume of 3,913 shares, compared to its average volume of 80,592. The business has a 50-day simple moving average of $1,560.11 and a 200-day simple moving average of $1,465.25. The company has a debt-to-equity ratio of 1.82, a current ratio of 1.14 and a quick ratio of 1.14. The company has a market cap of $22.61 billion, a PE ratio of 1.95 and a beta of 0.89. First Citizens BancShares has a 52 week low of $945.32 and a 52 week high of $1,651.73.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings data on Friday, January 26th. The bank reported $46.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $48.49 by ($1.91). The company had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.36 billion. First Citizens BancShares had a net margin of 51.04% and a return on equity of 13.52%. Research analysts expect that First Citizens BancShares will post 178.72 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Thursday, February 29th were issued a $1.64 dividend. This represents a $6.56 annualized dividend and a dividend yield of 0.42%. The ex-dividend date was Wednesday, February 28th. First Citizens BancShares’s dividend payout ratio (DPR) is presently 0.84%.

Insiders Place Their Bets

In related news, CEO Frank B. Holding, Jr. bought 622 shares of the business’s stock in a transaction dated Tuesday, February 20th. The shares were acquired at an average price of $1,315.00 per share, for a total transaction of $817,930.00. Following the purchase, the chief executive officer now owns 97,609 shares in the company, valued at approximately $128,355,835. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CEO Frank B. Holding, Jr. bought 622 shares of the business’s stock in a transaction dated Tuesday, February 20th. The shares were acquired at an average price of $1,315.00 per share, for a total transaction of $817,930.00. Following the purchase, the chief executive officer now owns 97,609 shares in the company, valued at approximately $128,355,835. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Ellen R. Alemany sold 600 shares of the company’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $1,559.09, for a total transaction of $935,454.00. Following the completion of the sale, the director now owns 4,842 shares in the company, valued at approximately $7,549,113.78. The disclosure for this sale can be found here. Insiders have bought 1,388 shares of company stock worth $1,825,220 in the last quarter. 12.85% of the stock is owned by corporate insiders.

Institutional Trading of First Citizens BancShares

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Raymond James Financial Services Advisors Inc. lifted its stake in First Citizens BancShares by 145.4% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 1,406 shares of the bank’s stock valued at $1,995,000 after purchasing an additional 833 shares during the last quarter. Nordea Investment Management AB lifted its position in shares of First Citizens BancShares by 3,091.6% in the 4th quarter. Nordea Investment Management AB now owns 23,905 shares of the bank’s stock valued at $34,203,000 after acquiring an additional 23,156 shares in the last quarter. Reinhart Partners LLC. lifted its position in shares of First Citizens BancShares by 11.7% in the 4th quarter. Reinhart Partners LLC. now owns 56,803 shares of the bank’s stock valued at $80,602,000 after acquiring an additional 5,952 shares in the last quarter. Legal & General Group Plc lifted its position in shares of First Citizens BancShares by 49.1% in the 3rd quarter. Legal & General Group Plc now owns 47,287 shares of the bank’s stock valued at $65,261,000 after acquiring an additional 15,579 shares in the last quarter. Finally, Hsbc Holdings PLC lifted its position in shares of First Citizens BancShares by 90.9% in the 3rd quarter. Hsbc Holdings PLC now owns 3,132 shares of the bank’s stock valued at $4,326,000 after acquiring an additional 1,491 shares in the last quarter. 61.18% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

FCNCA has been the subject of a number of recent research reports. DA Davidson reaffirmed a “neutral” rating and set a $1,650.00 price objective (up previously from $1,600.00) on shares of First Citizens BancShares in a research report on Monday. StockNews.com downgraded shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a research report on Wednesday, April 3rd. Barclays assumed coverage on shares of First Citizens BancShares in a research report on Thursday, April 11th. They set an “equal weight” rating and a $1,850.00 price objective for the company. Wedbush restated an “outperform” rating and issued a $1,800.00 target price on shares of First Citizens BancShares in a research report on Monday, January 29th. Finally, The Goldman Sachs Group assumed coverage on shares of First Citizens BancShares in a research report on Thursday, March 21st. They issued a “buy” rating and a $1,950.00 target price for the company. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat, First Citizens BancShares presently has an average rating of “Hold” and an average price target of $1,768.63.

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.