Anchor Investment Management LLC Purchases 718 Shares of First Citizens BancShares, Inc. (NASDAQ:FCNCA)

Anchor Investment Management LLC raised its position in First Citizens BancShares, Inc. (NASDAQ:FCNCA) by 9.1% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 8,636 shares of the bank’s stock after purchasing an additional 718 shares during the period. First Citizens BancShares makes up about 1.5% of Anchor Investment Management LLC’s investment portfolio, making the stock its 14th biggest holding. Anchor Investment Management LLC owned about 0.06% of First Citizens BancShares worth $14,540,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. ORG Partners LLC bought a new position in shares of First Citizens BancShares during the 1st quarter valued at about $29,000. Mather Group LLC. bought a new stake in shares of First Citizens BancShares during the first quarter worth $31,000. LRI Investments LLC acquired a new stake in shares of First Citizens BancShares during the first quarter worth $33,000. V Square Quantitative Management LLC acquired a new stake in shares of First Citizens BancShares during the second quarter worth $35,000. Finally, Riverview Trust Co bought a new stake in First Citizens BancShares in the 1st quarter valued at $49,000. 61.18% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have issued reports on FCNCA. Piper Sandler lifted their price target on First Citizens BancShares from $1,950.00 to $2,150.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. Wedbush downgraded First Citizens BancShares from an “outperform” rating to a “neutral” rating and reduced their price target for the stock from $2,450.00 to $2,150.00 in a research report on Tuesday, September 24th. Barclays lifted their price objective on shares of First Citizens BancShares from $1,950.00 to $2,250.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Keefe, Bruyette & Woods increased their target price on shares of First Citizens BancShares from $2,100.00 to $2,300.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Finally, Raymond James upgraded shares of First Citizens BancShares from a “market perform” rating to an “outperform” rating and set a $1,900.00 price target on the stock in a research note on Tuesday, July 2nd. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, First Citizens BancShares currently has a consensus rating of “Moderate Buy” and a consensus price target of $2,012.11.

First Citizens BancShares Stock Performance

Shares of FCNCA opened at $1,827.23 on Thursday. The company has a market cap of $26.55 billion, a PE ratio of 10.14 and a beta of 0.82. The firm has a 50-day moving average of $1,953.47 and a 200-day moving average of $1,778.01. First Citizens BancShares, Inc. has a one year low of $1,274.91 and a one year high of $2,174.80. The company has a debt-to-equity ratio of 1.72, a current ratio of 1.08 and a quick ratio of 1.08.

First Citizens BancShares (NASDAQ:FCNCA) last announced its quarterly earnings results on Thursday, July 25th. The bank reported $50.87 earnings per share for the quarter, topping analysts’ consensus estimates of $44.91 by $5.96. First Citizens BancShares had a return on equity of 14.84% and a net margin of 18.19%. The firm had revenue of $3.77 billion for the quarter, compared to the consensus estimate of $2.30 billion. During the same quarter in the previous year, the business earned $52.60 earnings per share. As a group, equities analysts forecast that First Citizens BancShares, Inc. will post 200.92 earnings per share for the current year.

First Citizens BancShares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Friday, August 30th were given a dividend of $1.64 per share. The ex-dividend date of this dividend was Friday, August 30th. This represents a $6.56 dividend on an annualized basis and a yield of 0.36%. First Citizens BancShares’s dividend payout ratio (DPR) is 3.64%.

First Citizens BancShares declared that its Board of Directors has approved a share buyback plan on Thursday, July 25th that authorizes the company to repurchase $3.50 billion in outstanding shares. This repurchase authorization authorizes the bank to reacquire up to 12.3% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.

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.