Short Interest in First Citizens BancShares, Inc. (NASDAQ:FCNCA) Declines By 5.3%

First Citizens BancShares, Inc. (NASDAQ:FCNCA) was the recipient of a significant drop in short interest in the month of August. As of August 15th, there was short interest totalling 216,200 shares, a drop of 5.3% from the July 31st total of 228,200 shares. Based on an average daily volume of 92,800 shares, the days-to-cover ratio is presently 2.3 days.

Hedge Funds Weigh In On First Citizens BancShares

Institutional investors have recently modified their holdings of the business. ORG Partners LLC bought a new position in shares of First Citizens BancShares during the 1st quarter valued at about $29,000. Mather Group LLC. bought a new stake in First Citizens BancShares in the 1st quarter valued at approximately $31,000. GAMMA Investing LLC bought a new stake in First Citizens BancShares in the 4th quarter valued at approximately $30,000. LRI Investments LLC bought a new stake in First Citizens BancShares in the 1st quarter valued at approximately $33,000. Finally, V Square Quantitative Management LLC bought a new stake in First Citizens BancShares in the 2nd quarter valued at approximately $35,000. Institutional investors own 61.18% of the company’s stock.

First Citizens BancShares Price Performance

Shares of FCNCA stock opened at $2,030.70 on Tuesday. The stock has a 50-day moving average price of $1,893.59 and a 200 day moving average price of $1,727.72. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.72. The firm has a market cap of $29.51 billion, a price-to-earnings ratio of 11.27 and a beta of 0.83. First Citizens BancShares has a 12 month low of $1,274.91 and a 12 month high of $2,174.80.

First Citizens BancShares (NASDAQ:FCNCA) last posted its earnings results on Thursday, July 25th. The bank reported $50.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $44.91 by $5.96. The company had revenue of $3.77 billion during the quarter, compared to analyst estimates 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 period in the previous year, the company earned $52.60 EPS. Research analysts expect that First Citizens BancShares will post 200.92 EPS for the current year.

First Citizens BancShares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Friday, August 30th will be given a dividend of $1.64 per share. The ex-dividend date is Friday, August 30th. This represents a $6.56 annualized dividend and a dividend yield of 0.32%. First Citizens BancShares’s payout ratio is currently 3.64%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Keefe, Bruyette & Woods raised their target price on First Citizens BancShares from $2,100.00 to $2,300.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. Jefferies Financial Group began coverage on First Citizens BancShares in a research note on Tuesday, July 9th. They issued a “buy” rating and a $2,005.00 target price for the company. Barclays raised their target price on First Citizens BancShares from $1,950.00 to $2,250.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. Piper Sandler raised their target price on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. Finally, Raymond James upgraded First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 target price for the company in a research note on Tuesday, July 2nd. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, First Citizens BancShares currently has a consensus rating of “Moderate Buy” and an average price target 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.