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

First Citizens BancShares, Inc. (NASDAQ:FCNCA) was the target of a significant decline in short interest in August. As of August 15th, there was short interest totalling 216,200 shares, a decline of 5.3% from the July 31st total of 228,200 shares. Based on an average daily trading volume, of 92,800 shares, the days-to-cover ratio is currently 2.3 days.

First Citizens BancShares Stock Down 1.6 %

Shares of NASDAQ FCNCA opened at $1,975.09 on Thursday. The company has a debt-to-equity ratio of 1.72, a current ratio of 1.08 and a quick ratio of 1.08. The company has a market cap of $28.70 billion, a P/E ratio of 10.96 and a beta of 0.83. First Citizens BancShares has a 1 year low of $1,274.91 and a 1 year high of $2,174.80. The firm has a 50-day simple moving average of $1,907.59 and a two-hundred day simple moving average of $1,732.89.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings results on Thursday, July 25th. The bank reported $50.87 earnings per share for the quarter, beating the consensus estimate of $44.91 by $5.96. First Citizens BancShares had a net margin of 18.19% and a return on equity of 14.84%. The firm had revenue of $3.77 billion during the quarter, compared to the consensus estimate of $2.30 billion. During the same quarter in the previous year, the firm posted $52.60 earnings per share. Research analysts anticipate that First Citizens BancShares will post 200.92 earnings per share for the current year.

First Citizens BancShares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Friday, August 30th will be issued a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 0.33%. The ex-dividend date is Friday, August 30th. First Citizens BancShares’s dividend payout ratio is currently 3.64%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on FCNCA shares. Barclays upped their price objective on First Citizens BancShares from $1,950.00 to $2,250.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. Keefe, Bruyette & Woods boosted their target price on First Citizens BancShares from $2,100.00 to $2,300.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Raymond James raised First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 price target for the company in a research report on Tuesday, July 2nd. Piper Sandler upped their price target on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the company a “neutral” rating in a research report on Friday, July 26th. Finally, Jefferies Financial Group assumed coverage on First Citizens BancShares in a research report on Tuesday, July 9th. They set a “buy” rating and a $2,005.00 price target for the company. Five analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, First Citizens BancShares presently has an average rating of “Moderate Buy” and a consensus target price of $1,920.82.

Institutional Investors Weigh In On First Citizens BancShares

Large investors have recently made changes to their positions in the stock. Capital Research Global Investors acquired a new stake in First Citizens BancShares during the 1st quarter worth about $298,180,000. Norges Bank acquired a new stake in First Citizens BancShares during the 4th quarter worth about $180,039,000. Vanguard Group Inc. grew its position 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. Wellington Management Group LLP grew its position 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. Finally, Toronto Dominion Bank boosted its stake in shares of First Citizens BancShares by 3,577.5% during the 2nd quarter. Toronto Dominion Bank now owns 35,010 shares of the bank’s stock worth $58,943,000 after acquiring an additional 34,058 shares in the last quarter. 61.18% of the stock is owned by hedge funds and other institutional investors.

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.