First Citizens BancShares, Inc. (NASDAQ:FCNCA) Short Interest Up 14.8% in June

First Citizens BancShares, Inc. (NASDAQ:FCNCA) saw a significant increase in short interest in June. As of June 15th, there was short interest totalling 266,400 shares, an increase of 14.8% from the May 31st total of 232,000 shares. Based on an average trading volume of 80,900 shares, the days-to-cover ratio is currently 3.3 days.

First Citizens BancShares Trading Up 1.2 %

Shares of First Citizens BancShares stock traded up $20.49 during trading hours on Wednesday, hitting $1,748.69. The company’s stock had a trading volume of 5,691 shares, compared to its average volume of 82,674. First Citizens BancShares has a twelve month low of $1,241.05 and a twelve month high of $1,810.03. The firm has a fifty day moving average of $1,705.27 and a 200-day moving average of $1,579.03. The stock has a market cap of $25.41 billion, a price-to-earnings ratio of 9.59 and a beta of 0.83. The company has a debt-to-equity ratio of 1.77, a quick ratio of 1.10 and a current ratio of 1.10.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings data on Thursday, April 25th. The bank reported $52.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $44.27 by $8.65. The firm had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.30 billion. First Citizens BancShares had a return on equity of 15.48% and a net margin of 18.22%. Research analysts forecast that First Citizens BancShares will post 190.55 EPS for the current year.

First Citizens BancShares Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Friday, May 31st were issued a $1.64 dividend. The ex-dividend date of this dividend was Friday, May 31st. This represents a $6.56 annualized dividend and a dividend yield of 0.38%. First Citizens BancShares’s dividend payout ratio is presently 3.64%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on FCNCA shares. DA Davidson reaffirmed a “neutral” rating and issued a $1,650.00 price target (up from $1,600.00) on shares of First Citizens BancShares in a research note on Monday, April 15th. StockNews.com raised First Citizens BancShares from a “sell” rating to a “hold” rating in a research note on Monday, April 29th. Barclays boosted their price objective on First Citizens BancShares from $1,850.00 to $1,950.00 and gave the stock an “equal weight” rating in a research note on Friday, April 26th. Raymond James raised First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 price objective on the stock in a research note on Tuesday. Finally, Piper Sandler lowered First Citizens BancShares from an “overweight” rating to a “neutral” rating and boosted their price objective for the stock from $1,850.00 to $1,950.00 in a research note on Friday, April 26th. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,842.40.

Insider Activity at First Citizens BancShares

In related news, Director Ellen R. Alemany sold 1,000 shares of First Citizens BancShares stock in a transaction that occurred on Friday, April 26th. The stock was sold at an average price of $1,766.24, for a total transaction of $1,766,240.00. Following the completion of the transaction, the director now directly owns 2,335 shares in the company, valued at $4,124,170.40. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director Ellen R. Alemany sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, April 26th. The stock was sold at an average price of $1,766.24, for a total value of $1,766,240.00. Following the completion of the sale, the director now directly owns 2,335 shares in the company, valued at $4,124,170.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ellen R. Alemany sold 484 shares of the business’s stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $1,750.12, for a total value of $847,058.08. Following the completion of the sale, the director now owns 335 shares of the company’s stock, valued at $586,290.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 3,000 shares of company stock worth $5,273,568. 12.85% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On First Citizens BancShares

Several institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in First Citizens BancShares by 4.6% during the 1st quarter. Vanguard Group Inc. now owns 1,064,822 shares of the bank’s stock worth $1,740,984,000 after purchasing an additional 47,167 shares during the period. JPMorgan Chase & Co. increased its holdings in First Citizens BancShares by 5.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 262,267 shares of the bank’s stock worth $361,956,000 after purchasing an additional 13,658 shares during the period. Wellington Management Group LLP increased its holdings in First Citizens BancShares by 21.1% during the 4th quarter. Wellington Management Group LLP now owns 239,563 shares of the bank’s stock worth $339,933,000 after purchasing an additional 41,793 shares during the period. Dimensional Fund Advisors LP increased its holdings in First Citizens BancShares by 0.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 186,822 shares of the bank’s stock worth $265,120,000 after purchasing an additional 534 shares during the period. Finally, Capital Research Global Investors purchased a new stake in First Citizens BancShares during the 1st quarter worth about $298,180,000. Hedge funds and other institutional investors own 61.18% of the company’s stock.

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.