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

First Citizens BancShares, Inc. (NASDAQ:FCNCA) was the target of a large growth in short interest during the month of November. As of November 30th, there was short interest totalling 419,800 shares, a growth of 11.1% from the November 15th total of 377,900 shares. Based on an average daily volume of 94,100 shares, the short-interest ratio is currently 4.5 days.

First Citizens BancShares Stock Performance

FCNCA stock opened at $2,123.44 on Tuesday. The firm has a 50-day simple moving average of $2,117.01 and a two-hundred day simple moving average of $1,943.90. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.08 and a current ratio of 1.08. First Citizens BancShares has a one year low of $1,363.97 and a one year high of $2,388.78. The firm has a market cap of $29.70 billion, a price-to-earnings ratio of 12.17 and a beta of 0.83.

First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly 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). The business had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.36 billion. First Citizens BancShares had a return on equity of 13.63% and a net margin of 17.36%. During the same period in the previous year, the company posted $55.92 earnings per share. On average, equities analysts forecast that First Citizens BancShares will post 187.88 EPS for the current fiscal year.

First Citizens BancShares Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Friday, November 29th were given a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a yield of 0.37%. The ex-dividend date of this dividend was Friday, November 29th. This is an increase from First Citizens BancShares’s previous quarterly dividend of $1.64. First Citizens BancShares’s payout ratio is currently 4.47%.

Analyst Ratings Changes

A number of research firms recently commented on FCNCA. Keefe, Bruyette & Woods cut shares of First Citizens BancShares from an “outperform” rating to a “market perform” rating and lifted their price target for the stock from $2,100.00 to $2,500.00 in a research note on Wednesday, December 4th. StockNews.com upgraded First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Thursday, November 14th. The Goldman Sachs Group upped their target price on First Citizens BancShares from $2,025.00 to $2,625.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. JPMorgan Chase & Co. decreased their price target on First Citizens BancShares from $2,550.00 to $2,300.00 and set an “overweight” rating for the company in a research note on Friday, October 25th. Finally, Wedbush cut their price objective on First Citizens BancShares from $2,150.00 to $2,000.00 and set a “neutral” rating on the stock in a research report on Friday, October 25th. Six equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $2,157.64.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Brooklyn Investment Group purchased a new position in shares of First Citizens BancShares in the third quarter worth about $39,000. Gradient Investments LLC acquired a new stake in First Citizens BancShares during the 2nd quarter valued at approximately $52,000. Blue Trust Inc. lifted its stake in First Citizens BancShares by 120.0% during the 2nd quarter. Blue Trust Inc. now owns 66 shares of the bank’s stock valued at $108,000 after acquiring an additional 36 shares during the period. GAMMA Investing LLC boosted its holdings in shares of First Citizens BancShares by 129.6% in the 3rd quarter. GAMMA Investing LLC now owns 62 shares of the bank’s stock valued at $114,000 after acquiring an additional 35 shares during the last quarter. Finally, National Bank of Canada FI increased its stake in shares of First Citizens BancShares by 17.7% in the second quarter. National Bank of Canada FI now owns 73 shares of the bank’s stock worth $124,000 after acquiring an additional 11 shares during the period. Hedge funds and other institutional investors own 78.01% of the company’s stock.

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.