First Citizens BancShares, Inc. (NASDAQ:FCNCA) Short Interest Up 11.1% in November

First Citizens BancShares, Inc. (NASDAQ:FCNCA - Get Free Report) was the recipient of a significant growth in short interest in 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 days-to-cover ratio is currently 4.5 days.

First Citizens BancShares Trading Up 0.6 %

NASDAQ:FCNCA traded up $12.03 on Friday, reaching $2,086.91. 56,224 shares of the stock traded hands, compared to its average volume of 87,579. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.68. First Citizens BancShares has a 1-year low of $1,363.97 and a 1-year high of $2,388.78. The company's 50 day moving average is $2,113.46 and its 200-day moving average is $1,941.09. The firm has a market capitalization of $29.20 billion, a price-to-earnings ratio of 11.96 and a beta of 0.83.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its quarterly earnings results on Thursday, October 24th. The bank reported $45.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $47.40 by ($1.53). The firm had revenue of $2.45 billion during the quarter, compared to the consensus estimate 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 quarter in the previous year, the company posted $55.92 EPS. Equities research analysts anticipate that First Citizens BancShares will post 187.88 EPS for the current fiscal year.

First Citizens BancShares Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be given a dividend of $1.95 per share. This is a positive change from First Citizens BancShares's previous quarterly dividend of $1.64. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.37%. The ex-dividend date of this dividend is Friday, November 29th. First Citizens BancShares's dividend payout ratio (DPR) is presently 4.47%.

Analyst Ratings Changes

Several brokerages have issued reports on FCNCA. StockNews.com upgraded First Citizens BancShares from a "sell" rating to a "hold" rating in a research report on Thursday, November 14th. Deutsche Bank Aktiengesellschaft began coverage on First Citizens BancShares in a research note on Monday, December 9th. They issued a "buy" rating and a $2,600.00 price target for the company. JPMorgan Chase & Co. cut 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 report on Friday, October 25th. Keefe, Bruyette & Woods cut First Citizens BancShares from an "outperform" rating to a "market perform" rating and boosted their price objective for the stock from $2,100.00 to $2,500.00 in a report on Wednesday, December 4th. Finally, Citigroup upgraded shares of First Citizens BancShares from a "hold" rating to a "strong-buy" rating in a research note on Monday, December 9th. Six research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, First Citizens BancShares currently has a consensus rating of "Moderate Buy" and an average target price of $2,157.64.

Hedge Funds Weigh In On First Citizens BancShares

Several hedge funds have recently modified their holdings of the company. Brooklyn Investment Group purchased a new stake in First Citizens BancShares during the third quarter worth about $39,000. Gradient Investments LLC purchased a new stake in shares of First Citizens BancShares during the 2nd quarter worth approximately $52,000. Blue Trust Inc. raised its holdings in shares of First Citizens BancShares by 120.0% in the 2nd quarter. Blue Trust Inc. now owns 66 shares of the bank's stock worth $108,000 after purchasing an additional 36 shares during the period. GAMMA Investing LLC lifted its stake in First Citizens BancShares by 129.6% in the third quarter. GAMMA Investing LLC now owns 62 shares of the bank's stock valued at $114,000 after purchasing an additional 35 shares during the last quarter. Finally, National Bank of Canada FI grew its holdings in First Citizens BancShares by 17.7% during the second quarter. National Bank of Canada FI now owns 73 shares of the bank's stock valued at $124,000 after purchasing an additional 11 shares during the period. 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.