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First Citizens BancShares
(NASDAQ:FCNCA)
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Rating:64Neutral
Price Target:
$2,325.00
â–²(6.79% Upside)
Action:Reiterated
Date:09/14/26
Overall score reflects fundamentally sound performance with strong recent cash generation and improving capital metrics, tempered by declining TTM revenue and leverage-related sensitivity typical for banks. The earnings outlook is mixed: NIM and profitability trends are improving, but guidance points to a smaller earning-asset base and weaker near-term growth visibility. Technical signals are neutral with limited momentum, while valuation (P/E ~11.6) is supportive despite a low dividend yield.
Positive Factors
Sustained NIM expansion
Nine consecutive quarters of net interest margin expansion indicate a durable improvement in the bank’s earning spread. Lower deposit and funding costs, together with stable loan yields, can support profitability and provide resilience even as the asset mix changes.
Negative Factors
Declining revenue trend
The significant TTM revenue decline, following softer 2025 revenue, weakens confidence in the current earnings run-rate. Although margins remain acceptable, sustained top-line pressure can limit operating leverage, reduce growth capacity, and make future profitability more dependent on spread management.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained NIM expansion
Nine consecutive quarters of net interest margin expansion indicate a durable improvement in the bank’s earning spread. Lower deposit and funding costs, together with stable loan yields, can support profitability and provide resilience even as the asset mix changes.
Read all positive factors
First Citizens BancShares (FCNCA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$23.53B
Dividend Yield0.39%
Average Volume (3M)63.77K
Price to Earnings (P/E)11.5
Beta (1Y)1.05
Revenue Growth-1.38%
EPS Growth10.35%
CountryUS
Employees18,141
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)187.04
Shares Outstanding10,287,935
10 Day Avg. Volume59,256
30 Day Avg. Volume63,765
Financial Highlights & Ratios
PEG Ratio-1.04
Price to Book (P/B)1.19
Price to Sales (P/S)1.83
P/FCF Ratio12.81
Enterprise Value/Market Cap2.41
Enterprise Value/Revenue3.93
Enterprise Value/Gross Profit6.14
Enterprise Value/Ebitda15.31
Forecast
1Y Price Target
$2,297.00Price Target Upside5.50% Upside
Rating ConsensusHold
Number of Analyst Covering7
EPS Forecast (FY)195.67
Revenue Forecast (FY)$8.88B
First Citizens BancShares Business Overview & Revenue Model
Company Description
First Citizens BancShares, Inc. (FCNCA) functions as the parent company for First-Citizens Bank & Trust Company, offering a comprehensive suite of retail and commercial banking services to individuals, businesses, and professionals. Its deposit of...
How the Company Makes Money
First Citizens BancShares primarily makes money through its banking subsidiaries by earning interest income and generating fee-based (noninterest) revenue. (1) Net interest income: The core revenue driver is the spread between interest earned on i...
First Citizens BancShares Earnings Call Summary
Earnings Call Date:Jul 23, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Jan 22, 2027
Earnings Call Sentiment Neutral
The call reflects a mixed but constructive outlook: the bank delivered meaningful improvement in profitability (strong net income and nine consecutive quarters of NIM expansion), strengthened capital and continued active capital return (buybacks/dividend), and showed credit improvement in criticized loans. However, these positives are offset by notable near-term balance sheet headwinds — accelerated loan payoffs, declines in loans and deposits, lower mortgage production and modest increases in certain noninterest expenses — which have reduced near-term revenue growth visibility. Management emphasizes proactive portfolio management, relationship-focused growth and operating efficiencies to drive improvement over time.Positive Updates
Strong Quarter Profitability
Net income of $83.9 million, or $0.87 per diluted share, in Q2 2026 versus $60.2 million or $0.61 in Q1 2026 (approximately +39% quarter-over-quarter increase).
Negative Updates
Quarterly Loan Balance Decline
Loans decreased $447 million in Q2 2026, driven by elevated payoffs, decline in agricultural and residential loans, and amortization of the indirect portfolio; management noted payoffs were concentrated in non-relationship credits and expects continued payoff pressure through the remainder of 2026.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Quarter Profitability
Net income of $83.9 million, or $0.87 per diluted share, in Q2 2026 versus $60.2 million or $0.61 in Q1 2026 (approximately +39% quarter-over-quarter increase).
Read all positive updates
Company Guidance
Guidance calls for a smaller near-term balance sheet driven by accelerated commercial loan payoffs through the rest of 2026 (management noted an out‑of‑market bucket of roughly mid‑$600M with about $100M of payoffs this quarter and implied guidance at the midpoint of about a $600M loan decline), a smaller earning‑asset base (average earning assets expected to bottom in 3Q then be flat-to-improving into the back half), and a higher proportion of investment securities that will temper near‑term revenue growth even as a more favorable deposit mix and lower funding costs provide partial offset; mortgage production is expected to decline meaningfully near term, deposit acquisition trends are positive but higher‑cost deposit categories remain pressured, expense guidance includes ongoing branding reinvestment and the addition of 14 RMs YTD within a structurally lower staffing run rate, and management expects sequential improvement in returns through 2026 and larger NIM benefit into 2027 (Q2 NIM 3.48%, loan yield 5.62%, investment yield 2.98%, total deposit cost 1.17% down from 1.33%; NIM up 16 bps over the prior 12 months), while capital and shareholder actions continue (Q2 CET1 14.54%, leverage 9.59%, $0.47 quarterly dividend = 5.3% annualized yield, ~$270M repurchased to date and authorization increased to $450M).First Citizens BancShares Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
58
Neutral
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 14.43B | 14.50B | 14.94B | 12.64B | 5.10B | 1.90B |
| Gross Profit | 9.24B | 8.91B | 9.30B | 7.58B | 3.98B | 1.88B |
| EBITDA | 3.71B | 3.38B | 3.72B | 12.02B | 1.90B | 844.00M |
| Net Income | 2.35B | 2.21B | 2.78B | 11.47B | 1.10B | 547.00M |
Balance Sheet | ||||||
| Total Assets | 236.84B | 229.70B | 223.72B | 213.76B | 109.30B | 58.31B |
| Cash, Cash Equivalents and Short-Term Investments | 1.52B | 20.83B | 56.09B | 54.45B | 14.54B | 18.66B |
| Total Debt | 32.19B | 36.01B | 37.41B | 38.05B | 7.00B | 1.78B |
| Total Liabilities | 214.94B | 207.46B | 201.49B | 192.50B | 99.64B | 53.57B |
| Stockholders Equity | 21.90B | 22.24B | 22.23B | 21.25B | 9.66B | 4.74B |
Cash Flow | ||||||
| Free Cash Flow | 2.56B | 2.07B | 1.45B | 1.23B | 1.86B | -391.00M |
| Operating Cash Flow | 3.18B | 2.92B | 2.99B | 2.66B | 2.79B | -284.00M |
| Investing Cash Flow | -7.46B | -5.61B | -10.15B | 2.43B | 75.00M | -7.57B |
| Financing Cash Flow | 4.91B | 2.67B | 7.07B | -4.70B | -2.69B | 7.83B |
First Citizens BancShares Technical Analysis
Positive
2177.22
Price Trends
2135.03
Positive
2123.85
Positive
2054.09
Positive
Market Momentum
-2.11
Negative
57.71
Neutral
72.57
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FCNCA, the sentiment is Positive. The current price of 2177.22 is above the 20-day moving average (MA) of 2085.31, above the 50-day MA of 2135.03, and above the 200-day MA of 2054.09, indicating a bullish trend. The MACD of -2.11 indicates Negative momentum. The RSI at 57.71 is Neutral, neither overbought nor oversold. The STOCH value of 72.57 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FCNCA.
First Citizens BancShares Risk Analysis
First Citizens BancShares disclosed 9 risk factors in its most recent earnings report. First Citizens BancShares reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
First Citizens BancShares Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $31.40B | 11.56 | 8.58% | 3.94% | 18.13% | -3.57% | |
72 Outperform | $31.53B | 11.43 | 10.65% | 2.73% | 0.14% | 18.15% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $27.33B | 12.98 | 8.74% | 2.84% | 3.59% | 39.34% | |
66 Neutral | $23.73B | 10.87 | 12.32% | 3.90% | 0.60% | 12.74% | |
64 Neutral | $23.53B | 11.46 | 10.68% | 0.39% | -1.38% | 10.35% | |
61 Neutral | $22.44B | 11.49 | 10.88% | 3.90% | 8.34% | 125.21% |
* Financial Sector Average
FCNCA
First Citizens BancShares
2,196.76
452.52
25.94%
HBAN
Huntington Bancshares
15.66
0.39
2.54%
KEY
KeyCorp
21.21
4.38
26.05%
MTB
M&T Bank
222.83
46.79
26.58%
RF
Regions Financial
28.40
5.24
22.61%
CFG
Citizens Financial
65.24
15.77
31.88%
First Citizens BancShares Corporate Events
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
First Citizens BancShares Completes New Series F Preferred Offering
Positive
Sep 14, 2026
On September 11, 2026, First Citizens BancShares filed a certificate of designation in Delaware to create a new 7.500% Non-Cumulative Perpetual Preferred Stock, Series F, with a $100,000 per-share liquidation preference, and structured it to rank ...
Business Operations and Strategy
First Citizens BancShares Expands Branch Network Across Midwest
Positive
Sep 8, 2026
On September 8, 2026, First Citizens Bank announced it had completed the conversion of 138 branches acquired from BMO Bank N.A., effective September 4, 2026, significantly expanding its presence across the Midwest, Great Plains and Western U.S. Th...
Business Operations and StrategyStock BuybackFinancial DisclosuresM&A Transactions
First Citizens BancShares Reports Strong Q2 2026 Results
Positive
Jul 23, 2026
First Citizens BancShares reported significantly stronger results for the second quarter of 2026, with net income rising to $672 million from $534 million in the prior quarter and adjusted net income reaching $691 million. Management highlighted s...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.