Raymond James Financial Inc. Makes New $39.74 Million Investment in First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Raymond James Financial Inc. acquired a new position in First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 18,807 shares of the bank's stock, valued at approximately $39,739,000. Raymond James Financial Inc. owned 0.13% of First Citizens BancShares at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of FCNCA. Arizona State Retirement System lifted its position in First Citizens BancShares by 1.0% in the 4th quarter. Arizona State Retirement System now owns 2,936 shares of the bank's stock valued at $6,204,000 after acquiring an additional 30 shares in the last quarter. Verdence Capital Advisors LLC raised its holdings in shares of First Citizens BancShares by 4.2% in the 4th quarter. Verdence Capital Advisors LLC now owns 173 shares of the bank's stock worth $366,000 after purchasing an additional 7 shares during the period. Proficio Capital Partners LLC purchased a new stake in First Citizens BancShares during the fourth quarter valued at about $147,341,000. M&T Bank Corp grew its stake in First Citizens BancShares by 2.8% in the 4th quarter. M&T Bank Corp now owns 624 shares of the bank's stock valued at $1,319,000 after buying an additional 17 shares in the last quarter. Finally, Symphony Financial Services Inc. purchased a new stake in shares of First Citizens BancShares in the fourth quarter worth about $220,000. 78.01% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

FCNCA has been the topic of a number of research analyst reports. Deutsche Bank Aktiengesellschaft assumed coverage on First Citizens BancShares in a report on Monday, December 9th. They set a "buy" rating and a $2,600.00 price target on the stock. UBS Group started coverage on First Citizens BancShares in a research note on Tuesday, December 17th. They issued a "buy" rating and a $2,700.00 price target for the company. Barclays boosted their price objective on shares of First Citizens BancShares from $2,456.00 to $2,568.00 and gave the company an "equal weight" rating in a research report on Monday, January 27th. Citigroup cut shares of First Citizens BancShares from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, December 17th. Finally, The Goldman Sachs Group upped their target price on First Citizens BancShares from $2,025.00 to $2,625.00 and gave the stock a "buy" rating in a report on Tuesday, November 26th. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, First Citizens BancShares has a consensus rating of "Moderate Buy" and an average price target of $2,323.50.

Remove Ads

Insider Buying and Selling

In other news, CFO Craig L. Nix purchased 17 shares of the business's stock in a transaction on Friday, March 7th. The stock was acquired at an average price of $1,881.13 per share, for a total transaction of $31,979.21. Following the acquisition, the chief financial officer now directly owns 1,141 shares of the company's stock, valued at $2,146,369.33. This represents a 1.51 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 13.40% of the stock is currently owned by insiders.

First Citizens BancShares Stock Down 1.0 %

Shares of First Citizens BancShares stock traded down $17.22 on Thursday, reaching $1,738.71. The company's stock had a trading volume of 78,062 shares, compared to its average volume of 72,843. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.68. First Citizens BancShares, Inc. has a 52 week low of $1,515.02 and a 52 week high of $2,412.93. The company has a market capitalization of $23.61 billion, a price-to-earnings ratio of 9.18, a P/E/G ratio of 0.94 and a beta of 0.81. The firm's fifty day simple moving average is $2,092.22 and its two-hundred day simple moving average is $2,063.27.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last released its quarterly earnings results on Friday, January 24th. The bank reported $45.10 EPS for the quarter, beating the consensus estimate of $39.32 by $5.78. First Citizens BancShares had a net margin of 18.55% and a return on equity of 13.22%. Equities analysts anticipate that First Citizens BancShares, Inc. will post 167.59 earnings per share for the current year.

First Citizens BancShares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Friday, February 28th will be paid a dividend of $1.95 per share. The ex-dividend date is Friday, February 28th. This represents a $7.80 dividend on an annualized basis and a dividend yield of 0.45%. First Citizens BancShares's dividend payout ratio (DPR) is presently 4.12%.

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.