Sowell Financial Services LLC Takes Position in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Sowell Financial Services LLC acquired a new position in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) during the first quarter, according to the company in its most recent filing with the SEC. The fund acquired 490 shares of the bank's stock, valued at approximately $908,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Sei Investments Co. lifted its stake in shares of First Citizens BancShares by 69.6% in the fourth quarter. Sei Investments Co. now owns 3,031 shares of the bank's stock worth $6,404,000 after acquiring an additional 1,244 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of First Citizens BancShares in the 4th quarter valued at approximately $39,739,000. Assetmark Inc. raised its position in shares of First Citizens BancShares by 57.7% in the 4th quarter. Assetmark Inc. now owns 5,363 shares of the bank's stock valued at $11,332,000 after purchasing an additional 1,962 shares in the last quarter. Atria Wealth Solutions Inc. raised its position in shares of First Citizens BancShares by 106.8% in the 4th quarter. Atria Wealth Solutions Inc. now owns 302 shares of the bank's stock valued at $637,000 after purchasing an additional 156 shares in the last quarter. Finally, Titan Global Capital Management USA LLC raised its position in shares of First Citizens BancShares by 14.2% in the 4th quarter. Titan Global Capital Management USA LLC now owns 2,597 shares of the bank's stock valued at $5,487,000 after purchasing an additional 322 shares in the last quarter. Institutional investors and hedge funds own 78.01% of the company's stock.

First Citizens BancShares Stock Performance

NASDAQ FCNCA traded up $25.01 during trading hours on Friday, hitting $1,870.32. The company had a trading volume of 159,878 shares, compared to its average volume of 88,435. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.77. 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 business has a fifty day simple moving average of $1,823.72 and a 200-day simple moving average of $1,948.92. The firm has a market cap of $24.85 billion, a P/E ratio of 10.71, a price-to-earnings-growth ratio of 0.87 and a beta of 0.64.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its earnings results on Thursday, April 24th. The bank reported $37.79 EPS for the quarter, beating the consensus estimate of $37.72 by $0.07. First Citizens BancShares had a return on equity of 11.98% and a net margin of 17.10%. The firm had revenue of $2.30 billion for the quarter, compared to analysts' expectations of $2.22 billion. Equities analysts predict that First Citizens BancShares, Inc. will post 167.59 EPS for the current year.

First Citizens BancShares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Friday, May 30th were paid a $1.95 dividend. The ex-dividend date of this dividend was Friday, May 30th. This represents a $7.80 annualized dividend and a dividend yield of 0.42%. First Citizens BancShares's dividend payout ratio is currently 4.47%.

Insiders Place Their Bets

In other news, CEO Frank B. Holding, Jr. bought 350 shares of the company's stock in a transaction dated Friday, May 2nd. The shares were acquired at an average cost of $1,610.00 per share, with a total value of $563,500.00. Following the completion of the transaction, the chief executive officer now directly owns 2,758 shares in the company, valued at approximately $4,440,380. The trade was a 14.53% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 13.40% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts recently issued reports on FCNCA shares. Jefferies Financial Group started coverage on shares of First Citizens BancShares in a report on Wednesday, May 21st. They issued a "hold" rating and a $2,050.00 price target on the stock. Cowen assumed coverage on shares of First Citizens BancShares in a research note on Wednesday, May 14th. They issued a "buy" rating on the stock. Barclays cut their target price on shares of First Citizens BancShares from $2,568.00 to $2,400.00 and set an "equal weight" rating on the stock in a research note on Friday, April 25th. Piper Sandler upgraded shares of First Citizens BancShares from a "neutral" rating to an "overweight" rating and set a $2,250.00 target price on the stock in a research note on Tuesday, March 11th. Finally, Wall Street Zen cut First Citizens BancShares from a "hold" rating to a "sell" rating in a research note on Monday, April 28th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $2,340.33.

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.