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

First Citizens BancShares, Inc. (NASDAQ:FCNCA) saw a significant 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 trading volume, of 87,200 shares, the short-interest ratio is currently 2.6 days.

First Citizens BancShares Stock Performance

Shares of FCNCA opened at $1,898.95 on Thursday. First Citizens BancShares has a one year low of $1,274.91 and a one year high of $2,174.80. The company has a market cap of $27.59 billion, a PE ratio of 10.54 and a beta of 0.82. The stock has a 50-day moving average of $1,941.14 and a 200-day moving average of $1,755.76. The company has a debt-to-equity ratio of 1.72, a current ratio of 1.08 and a quick ratio of 1.08.

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

First Citizens BancShares Announces Dividend

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

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. American Trust raised its stake in shares of First Citizens BancShares by 91.1% in the second quarter. American Trust now owns 279 shares of the bank’s stock worth $470,000 after purchasing an additional 133 shares during the last quarter. Sanctuary Advisors LLC bought a new stake in First Citizens BancShares during the second quarter worth $6,934,000. Quarry LP purchased a new stake in First Citizens BancShares in the 2nd quarter valued at $126,000. Creative Planning raised its position in First Citizens BancShares by 4.5% in the 2nd quarter. Creative Planning now owns 1,089 shares of the bank’s stock valued at $1,834,000 after buying an additional 47 shares during the last quarter. Finally, SkyView Investment Advisors LLC lifted its stake in First Citizens BancShares by 10.9% during the 2nd quarter. SkyView Investment Advisors LLC now owns 711 shares of the bank’s stock valued at $1,197,000 after acquiring an additional 70 shares in the last quarter. Institutional investors and hedge funds own 61.18% of the company’s stock.

Analyst Ratings Changes

Several research analysts have issued reports on FCNCA shares. Jefferies Financial Group assumed coverage on shares of First Citizens BancShares in a report on Tuesday, July 9th. They set a “buy” rating and a $2,005.00 price target for the company. Keefe, Bruyette & Woods lifted their target price on shares of First Citizens BancShares from $2,100.00 to $2,300.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Piper Sandler upped their price target on shares of 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. Barclays increased 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 report on Monday, July 29th. Finally, Raymond James raised First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 price objective on the stock in a research note on Tuesday, July 2nd. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $1,920.82.

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.