Short Interest in First Citizens BancShares, Inc. (NASDAQ:FCNCA) Grows By 14.8%

First Citizens BancShares, Inc. (NASDAQ:FCNCA) was the target of a significant increase in short interest in the month of June. As of June 15th, there was short interest totalling 266,400 shares, an increase of 14.8% from the May 31st total of 232,000 shares. Based on an average daily trading volume, of 80,900 shares, the short-interest ratio is currently 3.3 days.

First Citizens BancShares Price Performance

FCNCA stock opened at $1,683.61 on Monday. The firm has a 50 day moving average price of $1,701.66 and a 200-day moving average price of $1,575.10. First Citizens BancShares has a 52-week low of $1,232.00 and a 52-week high of $1,810.03. The firm has a market capitalization of $24.46 billion, a price-to-earnings ratio of 9.35 and a beta of 0.83. The company has a debt-to-equity ratio of 1.77, a quick ratio of 1.10 and a current ratio of 1.10.

First Citizens BancShares (NASDAQ:FCNCA) last released its earnings results on Thursday, April 25th. The bank reported $52.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $44.27 by $8.65. First Citizens BancShares had a net margin of 18.22% and a return on equity of 15.48%. The firm had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.30 billion. Equities research analysts forecast that First Citizens BancShares will post 188.62 EPS for the current fiscal year.

First Citizens BancShares Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Friday, May 31st were issued a $1.64 dividend. The ex-dividend date of this dividend was Friday, May 31st. This represents a $6.56 dividend on an annualized basis and a yield of 0.39%. First Citizens BancShares’s payout ratio is currently 3.64%.

Analyst Ratings Changes

Several analysts have commented on FCNCA shares. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $2,100.00 price objective (up from $1,900.00) on shares of First Citizens BancShares in a report on Friday, April 26th. The Goldman Sachs Group started coverage on shares of First Citizens BancShares in a report on Thursday, March 21st. They issued a “buy” rating and a $1,950.00 price objective for the company. Barclays raised their price objective on shares of First Citizens BancShares from $1,850.00 to $1,950.00 and gave the stock an “equal weight” rating in a report on Friday, April 26th. DA Davidson restated a “neutral” rating and issued a $1,650.00 price objective (up from $1,600.00) on shares of First Citizens BancShares in a report on Monday, April 15th. Finally, StockNews.com upgraded shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a report on Monday, April 29th. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, First Citizens BancShares currently has an average rating of “Hold” and an average target price of $1,836.00.

Insider Buying and Selling at First Citizens BancShares

In other news, Director Ellen R. Alemany sold 1,000 shares of the stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $1,757.27, for a total transaction of $1,757,270.00. Following the completion of the sale, the director now directly owns 1,335 shares in the company, valued at $2,345,955.45. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Director Ellen R. Alemany sold 516 shares of the stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $1,750.00, for a total transaction of $903,000.00. Following the completion of the sale, the director now directly owns 819 shares in the company, valued at $1,433,250. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Ellen R. Alemany sold 1,000 shares of the stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $1,757.27, for a total transaction of $1,757,270.00. Following the sale, the director now owns 1,335 shares of the company’s stock, valued at $2,345,955.45. The disclosure for this sale can be found here. Insiders sold a total of 3,000 shares of company stock worth $5,273,568 over the last three months. Company insiders own 12.85% of the company’s stock.

Hedge Funds Weigh In On First Citizens BancShares

A number of hedge funds have recently added to or reduced their stakes in FCNCA. Envestnet Portfolio Solutions Inc. purchased a new position in First Citizens BancShares in the 3rd quarter worth approximately $213,000. Mariner LLC grew its position in First Citizens BancShares by 49.5% in the 3rd quarter. Mariner LLC now owns 713 shares of the bank’s stock worth $985,000 after purchasing an additional 236 shares during the period. Stifel Financial Corp grew its position in First Citizens BancShares by 21.0% in the 3rd quarter. Stifel Financial Corp now owns 2,622 shares of the bank’s stock worth $3,619,000 after purchasing an additional 455 shares during the period. Federated Hermes Inc. grew its position in First Citizens BancShares by 60.0% in the 3rd quarter. Federated Hermes Inc. now owns 56 shares of the bank’s stock worth $77,000 after purchasing an additional 21 shares during the period. Finally, Bank of Nova Scotia grew its position in First Citizens BancShares by 23.7% in the 3rd quarter. Bank of Nova Scotia now owns 245 shares of the bank’s stock worth $338,000 after purchasing an additional 47 shares during the period. 61.18% of the stock is currently owned by hedge funds and other institutional investors.

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.