First Citizens BancShares, Inc. (NASDAQ:FCNCA) Short Interest Up 13.1% in December

First Citizens BancShares, Inc. (NASDAQ:FCNCA) was the recipient of a large increase in short interest in December. As of December 31st, there was short interest totalling 425,500 shares, an increase of 13.1% from the December 15th total of 376,100 shares. Based on an average daily volume of 86,800 shares, the days-to-cover ratio is currently 4.9 days.

Institutional Investors Weigh In On First Citizens BancShares

Institutional investors have recently bought and sold shares of the business. Raymond James & Associates boosted its stake in shares of First Citizens BancShares by 5.1% during the 3rd quarter. Raymond James & Associates now owns 16,826 shares of the bank’s stock valued at $30,976,000 after buying an additional 811 shares during the period. Balentine LLC purchased a new stake in shares of First Citizens BancShares during the 3rd quarter worth about $3,564,000. Hiddenite Capital Partners LP lifted its holdings in shares of First Citizens BancShares by 14.1% during the 3rd quarter. Hiddenite Capital Partners LP now owns 3,230 shares of the bank’s stock valued at $5,946,000 after buying an additional 400 shares during the last quarter. Retireful LLC bought a new stake in shares of First Citizens BancShares in the 3rd quarter valued at approximately $801,000. Finally, Oliver Luxxe Assets LLC increased its holdings in First Citizens BancShares by 22.6% in the third quarter. Oliver Luxxe Assets LLC now owns 2,916 shares of the bank’s stock worth $5,368,000 after buying an additional 537 shares during the last quarter. 78.01% of the stock is currently owned by institutional investors and hedge funds.

First Citizens BancShares Price Performance

FCNCA stock traded up $32.93 on Friday, hitting $2,188.94. 51,697 shares of the company’s stock traded hands, compared to its average volume of 62,798. The stock has a market cap of $30.62 billion, a price-to-earnings ratio of 12.54, a P/E/G ratio of 0.96 and a beta of 0.86. First Citizens BancShares has a 1-year low of $1,371.77 and a 1-year high of $2,388.78. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.68. The stock has a fifty day moving average of $2,167.50 and a 200-day moving average of $2,016.14.

First Citizens BancShares (NASDAQ:FCNCA) last announced its earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $47.40 by ($1.53). First Citizens BancShares had a return on equity of 13.63% and a net margin of 17.36%. The company had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.36 billion. During the same period last year, the firm earned $55.92 earnings per share. On average, analysts forecast that First Citizens BancShares will post 186.98 EPS for the current fiscal year.

First Citizens BancShares Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Friday, November 29th were issued a dividend of $1.95 per share. This is an increase from First Citizens BancShares’s previous quarterly dividend of $1.64. The ex-dividend date was Friday, November 29th. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.36%. First Citizens BancShares’s payout ratio is currently 4.47%.

Analysts Set New Price Targets

FCNCA has been the topic of a number of research analyst reports. JPMorgan Chase & Co. increased their target price on First Citizens BancShares from $2,550.00 to $2,600.00 and gave the stock an “overweight” rating in a report on Tuesday, January 7th. Barclays lifted their price objective on shares of First Citizens BancShares from $2,250.00 to $2,456.00 and gave the stock an “equal weight” rating in a report on Monday, January 6th. Truist Financial began coverage on shares of First Citizens BancShares in a report on Tuesday, January 7th. They set a “hold” rating and a $2,303.00 target price on the stock. Citigroup downgraded shares of First Citizens BancShares from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Finally, The Goldman Sachs Group increased their price objective on shares of First Citizens BancShares from $2,025.00 to $2,625.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Seven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, First Citizens BancShares currently has a consensus rating of “Moderate Buy” and a consensus price target of $2,290.75.

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.