First Citizens BancShares Inc. (NASDAQ:FCNCA) saw a significant growth in short interest during the month of August. As of August 31st, there was short interest totalling 104,100 shares, a growth of 10.7% from the July 31st total of 94,000 shares. Based on an average trading volume of 59,600 shares, the days-to-cover ratio is currently 1.7 days. Approximately 1.9% of the company’s stock are sold short.
Several analysts have recently weighed in on FCNCA shares. BidaskClub upgraded shares of First Citizens BancShares from a “hold” rating to a “buy” rating in a research report on Thursday. ValuEngine downgraded shares of First Citizens BancShares from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st.
In related news, major shareholder Olivia Britton Holding acquired 2,250 shares of First Citizens BancShares stock in a transaction dated Monday, June 17th. The stock was acquired at an average price of $375.00 per share, for a total transaction of $843,750.00. Following the transaction, the insider now owns 424,130 shares of the company’s stock, valued at $159,048,750. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, President Peter M. Bristow sold 9,545 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $472.00, for a total transaction of $4,505,240.00. Following the sale, the president now owns 6,737 shares of the company’s stock, valued at approximately $3,179,864. The disclosure for this sale can be found here. In the last quarter, insiders purchased 8,810 shares of company stock valued at $3,306,975 and sold 60,000 shares valued at $27,345,123. 16.20% of the stock is owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in FCNCA. Toronto Dominion Bank purchased a new stake in First Citizens BancShares in the 1st quarter valued at $35,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in First Citizens BancShares by 10.4% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 381 shares of the bank’s stock valued at $172,000 after purchasing an additional 36 shares during the last quarter. Pettinga Financial Advisors LLC purchased a new stake in First Citizens BancShares in the 2nd quarter valued at $218,000. Commonwealth Bank of Australia raised its position in First Citizens BancShares by 75.0% in the 2nd quarter. Commonwealth Bank of Australia now owns 700 shares of the bank’s stock valued at $315,000 after purchasing an additional 300 shares during the last quarter. Finally, CSat Investment Advisory L.P. purchased a new stake in First Citizens BancShares in the 2nd quarter valued at $316,000. Hedge funds and other institutional investors own 44.29% of the company’s stock.
Shares of NASDAQ:FCNCA traded up $2.95 during trading on Friday, hitting $480.72. 38,484 shares of the company were exchanged, compared to its average volume of 40,262. The stock has a market capitalization of $5.31 billion, a P/E ratio of 12.69 and a beta of 1.17. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.85 and a quick ratio of 0.85. First Citizens BancShares has a 12-month low of $355.18 and a 12-month high of $485.00. The firm’s 50 day moving average price is $448.08 and its 200-day moving average price is $439.51.
First Citizens BancShares (NASDAQ:FCNCA) last issued its quarterly earnings data on Tuesday, July 30th. The bank reported $10.56 earnings per share for the quarter. The business had revenue of $434.22 million during the quarter. First Citizens BancShares had a net margin of 25.38% and a return on equity of 12.42%.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 7th. Investors of record on Monday, September 16th will be given a $0.40 dividend. The ex-dividend date is Friday, September 13th. This represents a $1.60 annualized dividend and a yield of 0.33%.
About First Citizens BancShares
First Citizens BancShares, Inc operates as the holding company for First-Citizens Bank & Trust Company that provides banking services to retail and commercial customers. Its deposit products include checking, savings, money market and time deposit accounts. The company's loan products portfolio comprises commercial construction and land development, commercial mortgage, commercial and industrial, lease financing, and other commercial real estate loans; and noncommercial construction and land development, residential mortgage, revolving mortgage, consumer loans, and construction and land development loans.
See Also: Balanced Fund
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