First Citizens BancShares, Inc. (NASDAQ:FCNCA - Get Free Report) saw a large growth in short interest in the month of September. As of September 30th, there was short interest totalling 249,100 shares, a growth of 12.1% from the September 15th total of 222,300 shares. Based on an average trading volume of 94,600 shares, the days-to-cover ratio is currently 2.6 days.
Several large investors have recently added to or reduced their stakes in the business. ORG Partners LLC purchased a new position in shares of First Citizens BancShares in the 1st quarter worth about $29,000. Mather Group LLC. purchased a new position in shares of First Citizens BancShares in the 1st quarter worth about $31,000. LRI Investments LLC purchased a new position in shares of First Citizens BancShares in the 1st quarter worth about $33,000. V Square Quantitative Management LLC purchased a new position in shares of First Citizens BancShares in the 2nd quarter worth about $35,000. Finally, Riverview Trust Co purchased a new position in shares of First Citizens BancShares in the 1st quarter worth about $49,000. 61.18% of the stock is currently owned by hedge funds and other institutional investors.
First Citizens BancShares stock traded down $8.85 during trading hours on Tuesday, hitting $2,026.58. The stock had a trading volume of 57,684 shares, compared to its average volume of 85,960. 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 stock has a market capitalization of $29.45 billion, a price-to-earnings ratio of 11.25 and a beta of 0.81. First Citizens BancShares has a 1-year low of $1,290.60 and a 1-year high of $2,174.80. The stock's fifty day moving average is $1,939.42 and its two-hundred day moving average is $1,800.59.
First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its quarterly earnings data on Thursday, July 25th. The bank reported $50.87 EPS for the quarter, beating analysts' consensus estimates of $44.91 by $5.96. The business had revenue of $3.77 billion for the quarter, compared to analyst estimates of $2.30 billion. First Citizens BancShares had a return on equity of 14.84% and a net margin of 18.19%. During the same quarter last year, the company earned $52.60 earnings per share. As a group, analysts predict that First Citizens BancShares will post 200 earnings per share for the current fiscal year.
First Citizens BancShares declared that its board has authorized a stock buyback program on Thursday, July 25th that allows the company to buyback $3.50 billion in outstanding shares. This buyback authorization allows the bank to purchase up to 12.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's management believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were given a dividend of $1.64 per share. The ex-dividend date was Friday, August 30th. This represents a $6.56 annualized dividend and a yield of 0.32%. First Citizens BancShares's dividend payout ratio (DPR) is presently 3.64%.
Several brokerages have recently issued reports on FCNCA. Piper Sandler lifted their price objective on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the company a "neutral" rating in a research note on Friday, July 26th. Barclays raised their target price on First Citizens BancShares from $1,950.00 to $2,250.00 and gave the stock an "equal weight" rating in a research report on Monday, July 29th. StockNews.com lowered First Citizens BancShares from a "hold" rating to a "sell" rating in a research report on Monday, October 7th. Keefe, Bruyette & Woods raised their target price on First Citizens BancShares from $2,100.00 to $2,300.00 and gave the stock an "outperform" rating in a research report on Friday, July 26th. Finally, Jefferies Financial Group began coverage on First Citizens BancShares in a research report on Tuesday, July 9th. They set a "buy" rating and a $2,005.00 target price on the stock. One analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $2,012.11.
Read Our Latest Analysis on 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.
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