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

First Citizens BancShares, Inc. (NASDAQ:FCNCA - Get Free Report) was the recipient of a significant increase in short interest during the month of February. As of February 28th, there was short interest totalling 323,400 shares, an increase of 22.4% from the February 13th total of 264,200 shares. Based on an average trading volume of 73,800 shares, the short-interest ratio is currently 4.4 days. Currently, 2.7% of the shares of the stock are short sold.

Insider Buying and Selling at First Citizens BancShares

In other First Citizens BancShares news, CFO Craig L. Nix bought 17 shares of the firm's stock in a transaction on Friday, March 7th. The shares were purchased at an average price of $1,881.13 per share, for a total transaction of $31,979.21. Following the completion of the transaction, the chief financial officer now directly owns 1,141 shares in the company, valued at approximately $2,146,369.33. The trade was a 1.51 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 13.40% of the company's stock.

Hedge Funds Weigh In On First Citizens BancShares

Several institutional investors have recently added to or reduced their stakes in the business. Norges Bank bought a new stake in shares of First Citizens BancShares during the fourth quarter valued at approximately $298,426,000. JPMorgan Chase & Co. increased its holdings in shares of First Citizens BancShares by 35.7% during the fourth quarter. JPMorgan Chase & Co. now owns 392,097 shares of the bank's stock valued at $828,510,000 after acquiring an additional 103,137 shares in the last quarter. Capital International Investors increased its holdings in shares of First Citizens BancShares by 78.2% during the fourth quarter. Capital International Investors now owns 172,723 shares of the bank's stock valued at $364,967,000 after acquiring an additional 75,785 shares in the last quarter. Proficio Capital Partners LLC bought a new stake in shares of First Citizens BancShares during the fourth quarter valued at approximately $147,341,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of First Citizens BancShares by 83.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 107,523 shares of the bank's stock valued at $227,198,000 after acquiring an additional 48,994 shares in the last quarter. 78.01% of the stock is owned by institutional investors and hedge funds.

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Analyst Upgrades and Downgrades

Several research firms have recently weighed in on FCNCA. StockNews.com upgraded First Citizens BancShares from a "sell" rating to a "hold" rating in a report on Saturday, February 1st. JPMorgan Chase & Co. boosted their price target 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. Piper Sandler upgraded First Citizens BancShares from a "neutral" rating to an "overweight" rating and set a $2,250.00 price target on the stock in a report on Tuesday, March 11th. Truist Financial boosted their price target on First Citizens BancShares from $2,303.00 to $2,384.00 and gave the stock a "hold" rating in a report on Wednesday, January 29th. Finally, Keefe, Bruyette & Woods boosted their price target on First Citizens BancShares from $2,500.00 to $2,600.00 and gave the stock an "outperform" rating in a report on Monday, January 27th. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, First Citizens BancShares presently has a consensus rating of "Moderate Buy" and a consensus price target of $2,288.08.

First Citizens BancShares Trading Up 0.4 %

Shares of First Citizens BancShares stock traded up $8.24 during midday trading on Friday, reaching $1,851.20. The company had a trading volume of 136,163 shares, compared to its average volume of 84,005. The stock has a fifty day moving average price of $2,052.67 and a 200 day moving average price of $2,055.18. 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 firm has a market cap of $25.13 billion, a PE ratio of 9.77, a P/E/G ratio of 0.94 and a beta of 0.81. First Citizens BancShares has a fifty-two week low of $1,518.00 and a fifty-two week high of $2,412.93.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued its quarterly earnings results 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%. On average, equities analysts anticipate that First Citizens BancShares will post 167.59 earnings per share for the current year.

First Citizens BancShares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Friday, February 28th were paid a $1.95 dividend. This represents a $7.80 annualized dividend and a yield of 0.42%. The ex-dividend date of this dividend was Friday, February 28th. First Citizens BancShares's dividend payout ratio (DPR) is presently 4.12%.

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.