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

Key Points

• Anchor Investment Management increased its FCNCA stake by 20.8% in the second quarter, ending with 15,975 shares valued at $33.24 million. First Citizens BancShares now represents about 2.4% of Anchor’s portfolio.
• Institutional investors own 78.01% of the company, while insiders hold 14.63%; director Diane Morais also doubled her personal position by purchasing 50 shares.
• First Citizens exceeded quarterly earnings and revenue expectations, reporting $57.09 in EPS and $2.43 billion in revenue. Analysts maintain a consensus “Hold” rating with an average price target of $2,272.54, and the company declared a quarterly dividend of $2.10 per share.

Anchor Investment Management LLC lifted its position in shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA - Free Report) by 20.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 15,975 shares of the bank's stock after acquiring an additional 2,755 shares during the period. First Citizens BancShares comprises approximately 2.4% of Anchor Investment Management LLC's holdings, making the stock its 6th largest holding. Anchor Investment Management LLC owned about 0.14% of First Citizens BancShares worth $33,241,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in FCNCA. Check Capital Management Inc. CA boosted its position in shares of First Citizens BancShares by 21.0% during the fourth quarter. Check Capital Management Inc. CA now owns 42,788 shares of the bank's stock worth $91,831,000 after buying an additional 7,424 shares during the period. PNC Financial Services Group Inc. increased its position in First Citizens BancShares by 181.4% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,438 shares of the bank's stock valued at $3,087,000 after acquiring an additional 927 shares during the period. Mizuho Markets Cayman LP acquired a new stake in First Citizens BancShares in the 4th quarter valued at approximately $17,191,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund bought a new stake in First Citizens BancShares during the 4th quarter valued at $5,226,000. Finally, Swedbank AB raised its stake in First Citizens BancShares by 61.0% during the 4th quarter. Swedbank AB now owns 4,410 shares of the bank's stock valued at $9,465,000 after acquiring an additional 1,671 shares in the last quarter. 78.01% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other First Citizens BancShares news, Director Diane Morais acquired 50 shares of First Citizens BancShares stock in a transaction dated Wednesday, August 19th. The stock was bought at an average price of $2,168.11 per share, for a total transaction of $108,405.50. Following the transaction, the director owned 100 shares in the company, valued at approximately $216,811. This trade represents a 100.00% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 14.63% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Fundamental Research set a $2,350.00 price target on First Citizens BancShares in a research note on Wednesday, July 1st. Wall Street Zen upgraded shares of First Citizens BancShares from a "sell" rating to a "hold" rating in a research note on Saturday, June 27th. Weiss Ratings raised shares of First Citizens BancShares from a "hold (c+)" rating to a "buy (b)" rating in a report on Tuesday, August 11th. Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $2,300.00 target price on shares of First Citizens BancShares in a research report on Thursday, July 9th. Finally, Piper Sandler raised 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. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and eleven have given a Hold rating to the company's stock. According to MarketBeat, First Citizens BancShares presently has a consensus rating of "Hold" and an average target price of $2,272.54.

First Citizens BancShares Price Performance

NASDAQ FCNCA traded down $13.46 on Tuesday, reaching $2,160.42. 58,448 shares of the stock traded hands, compared to its average volume of 84,187. First Citizens BancShares, Inc. has a 12 month low of $1,623.76 and a 12 month high of $2,296.30. The company 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. The firm's fifty day simple moving average is $2,169.56 and its 200 day simple moving average is $2,043.29. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.59.

First Citizens BancShares (NASDAQ:FCNCA - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The bank reported $57.09 EPS for the quarter, topping analysts' consensus estimates of $0.41 by $56.68. First Citizens BancShares had a return on equity of 12.07% and a net margin of 16.28%.The company had revenue of $2.43 billion for the quarter, compared to the consensus estimate 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 Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st will be issued a $2.10 dividend. This represents a $8.40 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend is Monday, August 31st. First Citizens BancShares's dividend payout ratio is presently 4.49%.

First Citizens BancShares Profile

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.

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