First Citizens BancShares, Inc. $FCNCA Shares Acquired by Raymond James Financial Inc.

Key Points

• Raymond James Financial Inc. increased its shareholding in First Citizens BancShares, Inc. by 6.0%, now owning approximately $36.95 million worth of shares.
• The CEO, Frank B. Holding, Jr., purchased 600 shares at an average price of $1,698.75, increasing his ownership in the company.
• Analysts have set various price targets for First Citizens BancShares, with JPMorgan raising their target from $2,100.00 to $2,250.00 and maintaining an "overweight" rating.

Raymond James Financial Inc. increased its holdings in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 6.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 19,931 shares of the bank's stock after buying an additional 1,124 shares during the quarter. Raymond James Financial Inc. owned about 0.15% of First Citizens BancShares worth $36,954,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Guggenheim Capital LLC raised its holdings in shares of First Citizens BancShares by 37.5% in the 4th quarter. Guggenheim Capital LLC now owns 176 shares of the bank's stock worth $372,000 after purchasing an additional 48 shares during the period. Jump Financial LLC purchased a new position in shares of First Citizens BancShares in the 4th quarter worth about $376,000. Marshall Wace LLP raised its holdings in shares of First Citizens BancShares by 69.5% in the 4th quarter. Marshall Wace LLP now owns 800 shares of the bank's stock worth $1,690,000 after purchasing an additional 328 shares during the period. MML Investors Services LLC raised its holdings in shares of First Citizens BancShares by 16.9% in the 4th quarter. MML Investors Services LLC now owns 1,516 shares of the bank's stock worth $3,203,000 after purchasing an additional 219 shares during the period. Finally, Tower Research Capital LLC TRC raised its holdings in shares of First Citizens BancShares by 109.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 65 shares of the bank's stock worth $137,000 after purchasing an additional 34 shares during the period. 78.01% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Frank B. Holding, Jr. purchased 600 shares of the stock in a transaction dated Thursday, August 7th. The stock was acquired at an average cost of $1,698.75 per share, for a total transaction of $1,019,250.00. Following the acquisition, the chief executive officer owned 32,300 shares of the company's stock, valued at $54,869,625. The trade was a 1.89% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Hope Holding Bryant purchased 409 shares of the stock in a transaction dated Thursday, August 7th. The stock was purchased at an average price of $1,630.00 per share, with a total value of $666,670.00. Following the completion of the acquisition, the insider directly owned 1,764 shares in the company, valued at approximately $2,875,320. The trade was a 30.18% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 1,494 shares of company stock worth $2,485,986. 13.40% of the stock is currently owned by insiders.

First Citizens BancShares Stock Down 1.2%

FCNCA stock traded down $25.04 during mid-day trading on Thursday, hitting $2,007.52. 179,352 shares of the company were exchanged, compared to its average volume of 93,435. The company has a market capitalization of $25.94 billion, a PE ratio of 11.85 and a beta of 0.64. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.76. First Citizens BancShares, Inc. has a twelve month low of $1,473.62 and a twelve month high of $2,412.93. The firm has a fifty day simple moving average of $1,992.79 and a 200 day simple moving average of $1,901.18.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last announced its quarterly earnings data on Friday, July 25th. The bank reported $44.78 earnings per share for the quarter, topping the consensus estimate of $39.08 by $5.70. The company had revenue of $2.38 billion during the quarter, compared to analyst estimates of $2.21 billion. First Citizens BancShares had a net margin of 16.37% and a return on equity of 11.32%. On average, research analysts forecast that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current fiscal year.

First Citizens BancShares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be issued a $1.95 dividend. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date is Friday, August 29th. First Citizens BancShares's payout ratio is 4.60%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. JPMorgan Chase & Co. raised their price objective on First Citizens BancShares from $2,100.00 to $2,250.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Piper Sandler set a $2,150.00 target price on First Citizens BancShares and gave the company a "neutral" rating in a report on Monday, July 28th. UBS Group reiterated a "buy" rating and set a $2,410.00 target price on shares of First Citizens BancShares in a report on Wednesday, July 9th. Citigroup raised their target price on First Citizens BancShares from $1,900.00 to $2,050.00 and gave the company a "neutral" rating in a report on Wednesday, July 2nd. Finally, TD Cowen initiated coverage on First Citizens BancShares in a report on Thursday, May 15th. They set a "buy" rating and a $2,400.00 target price on the stock. Seven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $2,291.17.

First Citizens BancShares 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.