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

First Citizens BancShares, Inc. (NASDAQ:FCNCA - Get Free Report) was the target of a large increase in short interest in the month of March. As of March 31st, there was short interest totalling 285,000 shares, an increase of 9.7% from the March 15th total of 259,700 shares. Based on an average daily volume of 83,300 shares, the days-to-cover ratio is presently 3.4 days.

First Citizens BancShares Stock Down 2.0 %

Shares of First Citizens BancShares stock traded down $31.57 during trading on Monday, hitting $1,537.60. 65,464 shares of the stock traded hands, compared to its average volume of 81,895. The firm has a market cap of $22.33 billion, a P/E ratio of 1.96 and a beta of 0.89. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 1.82. First Citizens BancShares has a 52-week low of $945.32 and a 52-week high of $1,651.73. The stock's fifty day simple moving average is $1,559.12 and its 200 day simple moving average is $1,464.18.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last issued its quarterly earnings data on Friday, January 26th. The bank reported $46.58 earnings per share for the quarter, missing analysts' consensus estimates of $48.49 by ($1.91). First Citizens BancShares had a net margin of 51.04% and a return on equity of 13.52%. The company had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.36 billion. On average, equities analysts predict that First Citizens BancShares will post 178.72 earnings per share for the current fiscal year.

First Citizens BancShares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Thursday, February 29th were issued a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 0.43%. The ex-dividend date of this dividend was Wednesday, February 28th. First Citizens BancShares's dividend payout ratio is presently 0.84%.

Insider Buying and Selling at First Citizens BancShares

In related news, CEO Frank B. Holding, Jr. acquired 622 shares of First Citizens BancShares stock in a transaction on Tuesday, February 20th. The shares were acquired at an average cost of $1,315.00 per share, with a total value of $817,930.00. Following the transaction, the chief executive officer now owns 97,609 shares in the company, valued at $128,355,835. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other First Citizens BancShares news, CEO Frank B. Holding, Jr. bought 622 shares of the company's stock in a transaction dated Tuesday, February 20th. The shares were purchased at an average price of $1,315.00 per share, for a total transaction of $817,930.00. Following the acquisition, the chief executive officer now owns 97,609 shares in the company, valued at approximately $128,355,835. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, Director Ellen R. Alemany sold 600 shares of the business's stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $1,559.09, for a total transaction of $935,454.00. Following the sale, the director now owns 4,842 shares in the company, valued at approximately $7,549,113.78. The disclosure for this sale can be found here. In the last ninety days, insiders have purchased 1,388 shares of company stock valued at $1,825,220. 12.85% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On First Citizens BancShares

Institutional investors and hedge funds have recently modified their holdings of the company. Lincoln National Corp boosted its position in First Citizens BancShares by 2.6% in the 4th quarter. Lincoln National Corp now owns 277 shares of the bank's stock worth $393,000 after purchasing an additional 7 shares in the last quarter. Quadrant Capital Group LLC raised its stake in shares of First Citizens BancShares by 4.4% during the 4th quarter. Quadrant Capital Group LLC now owns 165 shares of the bank's stock worth $234,000 after buying an additional 7 shares during the period. Envestnet Portfolio Solutions Inc. raised its stake in shares of First Citizens BancShares by 4.5% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 161 shares of the bank's stock worth $229,000 after buying an additional 7 shares during the period. Park Avenue Securities LLC raised its stake in shares of First Citizens BancShares by 1.6% during the 1st quarter. Park Avenue Securities LLC now owns 450 shares of the bank's stock worth $736,000 after buying an additional 7 shares during the period. Finally, Lindbrook Capital LLC raised its stake in shares of First Citizens BancShares by 53.3% during the 3rd quarter. Lindbrook Capital LLC now owns 23 shares of the bank's stock worth $32,000 after buying an additional 8 shares during the period. Institutional investors and hedge funds own 61.18% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on FCNCA. Wedbush reiterated an "outperform" rating and issued a $1,800.00 price target on shares of First Citizens BancShares in a research note on Monday, January 29th. Barclays began coverage on First Citizens BancShares in a research report on Thursday. They issued an "equal weight" rating and a $1,850.00 target price for the company. UBS Group boosted their target price on First Citizens BancShares from $1,644.00 to $1,754.00 and gave the stock a "buy" rating in a research report on Tuesday, January 30th. StockNews.com lowered First Citizens BancShares from a "hold" rating to a "sell" rating in a research report on Wednesday, April 3rd. Finally, DA Davidson reissued a "neutral" rating and issued a $1,650.00 target price (up previously from $1,600.00) on shares of First Citizens BancShares in a research report on Monday. One research analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $1,768.63.

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.