Sowell Financial Services LLC Purchases Shares of 490 First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Sowell Financial Services LLC purchased a new stake in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 490 shares of the bank's stock, valued at approximately $908,000.

Several other institutional investors have also added to or reduced their stakes in the company. Sei Investments Co. boosted its stake in First Citizens BancShares by 69.6% during the fourth quarter. Sei Investments Co. now owns 3,031 shares of the bank's stock worth $6,404,000 after buying an additional 1,244 shares during the period. Raymond James Financial Inc. bought a new stake in shares of First Citizens BancShares in the 4th quarter worth about $39,739,000. Assetmark Inc. boosted its stake in shares of First Citizens BancShares by 57.7% during the 4th quarter. Assetmark Inc. now owns 5,363 shares of the bank's stock worth $11,332,000 after purchasing an additional 1,962 shares during the period. Atria Wealth Solutions Inc. boosted its stake in shares of First Citizens BancShares by 106.8% during the 4th quarter. Atria Wealth Solutions Inc. now owns 302 shares of the bank's stock worth $637,000 after purchasing an additional 156 shares during the period. Finally, Titan Global Capital Management USA LLC grew its holdings in First Citizens BancShares by 14.2% during 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 during the last quarter. Hedge funds and other institutional investors own 78.01% of the company's stock.

Insider Buying and Selling at First Citizens BancShares

In other First Citizens BancShares news, CEO Frank B. Holding, Jr. acquired 350 shares of the firm's stock in a transaction dated Friday, May 2nd. The stock was purchased at an average price of $1,610.00 per share, for a total transaction of $563,500.00. Following the acquisition, the chief executive officer now owns 2,758 shares in the company, valued at approximately $4,440,380. This trade represents a 14.53% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 13.40% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have issued reports on FCNCA. Piper Sandler upgraded First Citizens BancShares from a "neutral" rating to an "overweight" rating and set a $2,250.00 target price for the company in a research report on Tuesday, March 11th. Barclays dropped their price objective on First Citizens BancShares from $2,568.00 to $2,400.00 and set an "equal weight" rating for the company in a report on Friday, April 25th. TD Cowen began coverage on First Citizens BancShares in a research note on Thursday, May 15th. They issued a "buy" rating and a $2,400.00 target price on the stock. Jefferies Financial Group initiated coverage on shares of First Citizens BancShares in a research note on Wednesday, May 21st. They set a "hold" rating and a $2,050.00 target price for the company. Finally, Wall Street Zen cut shares of First Citizens BancShares from a "hold" rating to a "sell" rating in a report on Monday, April 28th. One 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. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $2,340.33.

First Citizens BancShares Stock Up 2.0%

Shares of NASDAQ FCNCA traded up $36.81 during midday trading on Thursday, reaching $1,845.31. 77,260 shares of the company's stock traded hands, compared to its average volume of 88,185. The company has a market cap of $24.52 billion, a price-to-earnings ratio of 10.57, a P/E/G ratio of 0.84 and a beta of 0.64. The stock's 50 day simple moving average is $1,815.35 and its 200-day simple moving average is $1,955.59. 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 one year low of $1,473.62 and a one year high of $2,412.93.

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

First Citizens BancShares Announces Dividend

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

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.