Short Interest in First Citizens BancShares, Inc. (NASDAQ:FCNCA) Decreases By 18.3%

First Citizens BancShares, Inc. (NASDAQ:FCNCA - Get Free Report) saw a significant decrease in short interest during the month of January. As of January 15th, there was short interest totalling 347,700 shares, a decrease of 18.3% from the December 31st total of 425,500 shares. Based on an average daily volume of 90,400 shares, the days-to-cover ratio is currently 3.8 days.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. UBS Group began coverage on First Citizens BancShares in a report on Tuesday, December 17th. They issued a "buy" rating and a $2,700.00 target price on the stock. Keefe, Bruyette & Woods upped their price objective on shares of First Citizens BancShares from $2,500.00 to $2,600.00 and gave the company an "outperform" rating in a report on Monday, January 27th. StockNews.com upgraded First Citizens BancShares from a "sell" rating to a "hold" rating in a research report on Saturday. The Goldman Sachs Group increased their target price 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. Finally, Piper Sandler upped their price objective on shares of First Citizens BancShares from $2,100.00 to $2,250.00 and gave the stock a "neutral" rating in a research report on Monday, January 27th. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $2,323.50.

First Citizens BancShares Stock Performance

Shares of FCNCA stock traded up $20.30 during midday trading on Wednesday, hitting $2,170.02. The company had a trading volume of 21,234 shares, compared to its average volume of 71,761. First Citizens BancShares has a 52-week low of $1,438.08 and a 52-week high of $2,412.93. The stock has a market cap of $30.36 billion, a price-to-earnings ratio of 11.46, a PEG ratio of 1.00 and a beta of 0.85. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.08 and a quick ratio of 1.08. The company's 50 day simple moving average is $2,156.79 and its 200 day simple moving average is $2,056.87.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued its quarterly earnings data on Friday, January 24th. The bank reported $45.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $39.32 by $5.78. First Citizens BancShares had a return on equity of 13.22% and a net margin of 18.55%. Research analysts anticipate that First Citizens BancShares will post 165.15 earnings per share for the current fiscal year.

First Citizens BancShares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Friday, February 28th will be paid a $1.95 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a $7.80 annualized dividend and a dividend yield of 0.36%. First Citizens BancShares's payout ratio is currently 4.12%.

Institutional Trading of First Citizens BancShares

Hedge funds and other institutional investors have recently made changes to their positions in the business. FMR LLC grew its position in shares of First Citizens BancShares by 11.6% during the 3rd quarter. FMR LLC now owns 323,532 shares of the bank's stock worth $595,607,000 after buying an additional 33,713 shares during the period. JPMorgan Chase & Co. increased its holdings in First Citizens BancShares by 6.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 288,960 shares of the bank's stock worth $531,961,000 after purchasing an additional 18,501 shares in the last quarter. Proficio Capital Partners LLC bought a new position in First Citizens BancShares during the 4th quarter worth approximately $147,341,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of First Citizens BancShares by 15.0% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 58,529 shares of the bank's stock valued at $107,749,000 after buying an additional 7,613 shares during the period. Finally, Reinhart Partners LLC. raised its position in First Citizens BancShares by 2.1% in the 4th quarter. Reinhart Partners LLC. now owns 57,981 shares of the bank's stock valued at $122,516,000 after buying an additional 1,183 shares during the last quarter. 78.01% of the stock is currently owned by 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.