Anchor Investment Management LLC Has $33.24 Million Stock Position in First Citizens BancShares, Inc. $FCNCA

Anchor Investment Management LLC increased its stake in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 20.8% during the second quarter, HoldingsChannel.com reports. The fund owned 15,975 shares of the bank’s stock after buying an additional 2,755 shares during the period. First Citizens BancShares makes up approximately 2.4% of Anchor Investment Management LLC’s holdings, making the stock its 6th biggest position. Anchor Investment Management LLC’s holdings in First Citizens BancShares were worth $33,241,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of FCNCA. Hilton Head Capital Partners LLC purchased a new position in First Citizens BancShares in the 4th quarter worth about $26,000. Integrated Wealth Concepts LLC purchased a new stake in First Citizens BancShares during the second quarter valued at about $31,000. Jones Financial Companies Lllp acquired a new position in shares of First Citizens BancShares in the second quarter worth about $42,000. Reflection Asset Management acquired a new position in shares of First Citizens BancShares in the fourth quarter worth about $45,000. Finally, Global Assets Advisory LLC purchased a new position in shares of First Citizens BancShares in the first quarter worth approximately $45,000. 78.01% of the stock is owned by institutional investors and hedge funds.

First Citizens BancShares Stock Down 0.6%

Shares of FCNCA traded down $13.46 during trading hours on Tuesday, reaching $2,160.42. The company’s stock had a trading volume of 58,448 shares, compared to its average volume of 84,187. The firm has a market cap of $24.39 billion, a price-to-earnings ratio of 11.55, a P/E/G ratio of 1.64 and a beta of 0.60. First Citizens BancShares, Inc. has a 1-year low of $1,623.76 and a 1-year high of $2,296.30. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.59. The company has a 50 day moving average of $2,169.56 and a two-hundred day moving average of $2,043.29.

First Citizens BancShares (NASDAQ:FCNCA) last posted its quarterly earnings results on Thursday, July 23rd. The bank reported $57.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $56.68. First Citizens BancShares had a net margin of 16.28% and a return on equity of 12.07%. The business had revenue of $2.43 billion during the quarter, compared to analyst estimates of $2.16 billion. As a group, research analysts predict that First Citizens BancShares, Inc. will post 192.11 EPS for the current fiscal year.

First Citizens BancShares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st will be paid a dividend of $2.10 per share. The ex-dividend date of this dividend is Monday, August 31st. This represents a $8.40 dividend on an annualized basis and a dividend yield of 0.4%. First Citizens BancShares’s dividend payout ratio (DPR) is 4.49%.

Insider Activity

In related news, Director Diane Morais purchased 50 shares of the stock in a transaction dated Wednesday, August 19th. The shares were acquired at an average cost of $2,168.11 per share, for a total transaction of $108,405.50. Following the acquisition, the director directly owned 100 shares in the company, valued at approximately $216,811. The trade was a 100.00% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 14.63% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on FCNCA shares. Fundamental Research set a $2,350.00 price target on shares of First Citizens BancShares in a report on Wednesday, July 1st. UBS Group initiated coverage on shares of First Citizens BancShares in a research note on Monday. They issued a “neutral” rating and a $2,250.00 price objective for the company. Wall Street Zen upgraded shares of First Citizens BancShares from a “sell” rating to a “hold” rating in a research report on Saturday, June 27th. Piper Sandler boosted their target price on shares of First Citizens BancShares from $2,050.00 to $2,100.00 and gave the company a “neutral” rating in a research note on Monday, July 27th. Finally, Jefferies Financial Group restated a “hold” rating and issued a $2,300.00 target price on shares of First Citizens BancShares in a report on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $2,272.54.

About First Citizens BancShares

First Citizens BancShares, Inc is the financial holding company for First-Citizens Bank & Trust Company, which operates under the First Citizens Bank name. Headquartered in Raleigh, North Carolina, the company provides banking and financial services to individuals, businesses, nonprofit organizations and government entities.

Its offerings include checking and savings accounts, consumer and commercial loans, mortgages, credit cards, cash-management and treasury services, investment services, and wealth management.