Raymond James Financial Inc. Raises Stake in First Citizens BancShares, Inc. $FCNCA

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. raised its stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 6.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,931 shares of the bank's stock after purchasing an additional 1,124 shares during the period. Raymond James Financial Inc. owned 0.15% of First Citizens BancShares worth $36,954,000 at the end of the most recent quarter.

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

First Citizens BancShares Trading Down 1.0%

First Citizens BancShares stock traded down $19.54 during midday trading on Friday, hitting $1,983.91. 148,796 shares of the stock were exchanged, compared to its average volume of 156,520. First Citizens BancShares, Inc. has a fifty-two week low of $1,473.62 and a fifty-two week high of $2,412.93. The stock has a market capitalization of $25.63 billion, a price-to-earnings ratio of 11.71 and a beta of 0.64. The stock's 50-day simple moving average is $1,998.22 and its 200 day simple moving average is $1,898.95. 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 (NASDAQ:FCNCA - Get Free Report) last announced its earnings results 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, equities analysts anticipate that First Citizens BancShares, Inc. will post 167.59 EPS for the current year.

First Citizens BancShares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 29th will be paid a dividend of $1.95 per share. This represents a $7.80 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Friday, August 29th. First Citizens BancShares's dividend payout ratio (DPR) is 4.60%.

Insider Activity

In other First Citizens BancShares news, insider Hope Holding Bryant acquired 409 shares of the stock in a transaction dated Thursday, August 7th. The stock was acquired at an average price of $1,630.00 per share, with a total value of $666,670.00. Following the completion of the purchase, the insider owned 1,764 shares in the company, valued at $2,875,320. This trade represents a 30.18% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Olivia Britton Holding acquired 409 shares of the stock in a transaction dated Thursday, August 7th. The stock was acquired at an average cost of $1,630.00 per share, with a total value of $666,670.00. Following the purchase, the insider owned 1,764 shares of the company's stock, valued at approximately $2,875,320. This trade represents a 30.18% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 1,494 shares of company stock valued at $2,485,986. 13.40% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have issued reports on FCNCA shares. Citigroup increased their price objective on shares of 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. TD Cowen started coverage on shares of First Citizens BancShares in a research report on Thursday, May 15th. They issued a "buy" rating and a $2,400.00 target price for the company. Cowen reiterated a "buy" rating on shares of First Citizens BancShares in a research report on Monday, July 28th. Piper Sandler set a $2,150.00 target price on shares of First Citizens BancShares and gave the company a "neutral" rating in a research report on Monday, July 28th. Finally, UBS Group reiterated a "buy" rating and issued a $2,410.00 target price on shares of First Citizens BancShares in a research report on Wednesday, July 9th. Seven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, First Citizens BancShares has a consensus 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.