First Citizens BancShares, Inc. Class A (FCNCA)
NASDAQ:FCNCA
Top Page
First Citizens BancShares
(NASDAQ:FCNCA)
Select Model
Select Model
Rating:61Neutral
Price Target:
$1,863.00
â–¼(-4.79% Downside)
Action:ReiteratedDate:03/04/26
The score is driven by fundamentally solid but volatile financial performance (profitability and improving free cash flow offset by 2025 revenue decline and higher leverage). Technicals are the main detractor with weak momentum and the stock trading below key moving averages. Valuation is supportive (P/E ~11.5), while the earnings outlook is mixed due to expected 2026 NII/NIM pressure, elevated expenses, and credit concentration risk despite strong buybacks and tangible book growth.
Positive Factors
Improving cash generation
Sustained positive operating and free cash flow provides durable internal funding for buybacks, technology investment, and loan growth without relying solely on market issuance. Improved cash conversion in 2024–25 supports earnings quality and buffers the balance sheet versus cyclical shocks.
Negative Factors
Higher leverage and balance-sheet risk
Material increase in leverage over recent years raises structural funding and solvency sensitivity to shocks. Higher debt levels amplify earnings volatility, restrict capital flexibility for stress absorbing actions, and increase regulatory and market scrutiny, weakening long-term financial resilience.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving cash generation
Sustained positive operating and free cash flow provides durable internal funding for buybacks, technology investment, and loan growth without relying solely on market issuance. Improved cash conversion in 2024–25 supports earnings quality and buffers the balance sheet versus cyclical shocks.
Read all positive factors
First Citizens BancShares (FCNCA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$23.09B
Dividend Yield0.37%
Average Volume (3M)105.30K
Price to Earnings (P/E)12.0
Beta (1Y)1.13
Revenue Growth-3.18%
EPS Growth-3.10%
CountryUS
Employees17,191
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)51.27
Shares Outstanding10,931,991
10 Day Avg. Volume76,601
30 Day Avg. Volume105,295
Financial Highlights & Ratios
PEG Ratio-0.96
Price to Book (P/B)1.19
Price to Sales (P/S)1.83
P/FCF Ratio12.81
Enterprise Value/Market Cap1.67
Enterprise Value/Revenue2.66
Enterprise Value/Gross Profit4.33
Enterprise Value/Ebitda11.35
Forecast
1Y Price Target
$2,250.00Price Target Upside14.99% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering9
EPS Forecast (FY)178.89
Revenue Forecast (FY)$8.89B
First Citizens BancShares Business Overview & Revenue Model
Company Description
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 chec...
How the Company Makes Money
First Citizens BancShares primarily earns money through banking spread income and fee-based services. Its largest revenue driver is net interest income: it pays interest (and incurs funding costs) on deposits and other borrowings, and earns intere...
First Citizens BancShares Earnings Call Summary
Earnings Call Date:Jan 23, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 23, 2026
Earnings Call Sentiment Neutral
The call conveyed a balanced message: solid profitability, tangible book growth, meaningful share repurchases, strong loan production particularly in global fund banking, and sequential improvements in certain credit metrics. However, margin pressure from lower rates, elevated and persistent expense headwinds (technology, personnel, marketing), a decline in CET1 capital due to repurchases and loan growth, and continued concentration of credit losses in specific portfolios temper the optimism. Management expects NII to trough in 2026, plans continued investments that keep near-term expenses elevated, and outlines a path to repay the purchase money note while managing liquidity and capital.Positive Updates
Strong Earnings and Returns
Adjusted EPS of $51.27 and adjusted net income of $648 million in Q4; adjusted ROE 11.93% and adjusted ROA 1.1%. Adjusted EPS increased $6.65 sequentially.
Negative Updates
Net Interest Income and Margin Pressure
Headline net interest income declined $12 million sequentially. Headline NIM was 3.20%, down 6 basis points QoQ; NIM ex-accretion was 3.11%, down 4 basis points QoQ. Management expects NII and NIM to trough in 2026 with FY NII guidance of $6.5–$6.9 billion and Q1 NII guide $1.6–$1.7 billion.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Earnings and Returns
Adjusted EPS of $51.27 and adjusted net income of $648 million in Q4; adjusted ROE 11.93% and adjusted ROA 1.1%. Adjusted EPS increased $6.65 sequentially.
Read all positive updates
Company Guidance
Management guided Q1 loans of $148–151B and full‑year loans of $153–157B (pipeline ~$11.5B), Q1 deposits of $164–167B and full‑year deposits of $181–186B (including ~ $1B loans and ~$5.7B deposits from the BMO branch close in H2), Q1 headline NII of $1.6–1.7B and full‑year NII of $6.5–6.9B (loan accretion down ≈$100M), with a baseline Fed view of two cuts (June, October) that drives NII/NIM to trough in 2026 and exit Q4’26 roughly flat to 2025 (headline NIM in the mid‑3s, ex‑purchase NIM in the high‑2.90s); credit loss guidance is 35–45 bps NCOs for Q1 and the full year, purchase‑accounting accretion ≈$203M (vs ~$250M in 2025), adjusted noninterest income of $500–530M in Q1 and $2.1–2.2B for the year, adjusted noninterest expense of $1.34–1.38B in Q1 and $5.37–5.46B for the year (efficiency ratio expected in the lower‑60s), tax rate 24–25%, liquidity/capital actions include minimum purchase‑note paydowns of ~$500M–$1B/month with $2.5B paid in December, cash ≈10% of earning assets (managing to ~8–10%), Q4 CET1 11.15%, and share repurchases expected near ~$900M per quarter as capital is managed toward targets.First Citizens BancShares Financial Statement Overview
Summary
Income Statement
67
Positive
Balance Sheet
61
Positive
Cash Flow
64
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 14.50B | 14.94B | 12.64B | 5.10B | 1.90B |
| Gross Profit | 8.91B | 9.30B | 7.58B | 3.98B | 1.88B |
| EBITDA | 3.40B | 3.72B | 12.02B | 1.90B | 844.00M |
| Net Income | 2.21B | 2.78B | 11.47B | 1.10B | 547.00M |
Balance Sheet | |||||
| Total Assets | 229.70B | 223.72B | 213.76B | 109.30B | 58.31B |
| Cash, Cash Equivalents and Short-Term Investments | 20.83B | 56.09B | 54.45B | 14.54B | 18.66B |
| Total Debt | 36.01B | 37.41B | 38.05B | 7.00B | 1.78B |
| Total Liabilities | 207.46B | 201.49B | 192.50B | 99.64B | 53.57B |
| Stockholders Equity | 22.24B | 22.23B | 21.25B | 9.66B | 4.74B |
Cash Flow | |||||
| Free Cash Flow | 2.07B | 1.45B | 1.23B | 1.86B | -391.00M |
| Operating Cash Flow | 2.92B | 2.99B | 2.66B | 2.79B | -284.00M |
| Investing Cash Flow | -5.61B | -10.15B | 2.43B | 75.00M | -7.57B |
| Financing Cash Flow | 2.67B | 7.07B | -4.70B | -2.69B | 7.83B |
First Citizens BancShares Technical Analysis
Positive
1956.63
Price Trends
1951.37
Positive
1994.60
Negative
1948.65
Positive
Market Momentum
-3.25
Negative
58.63
Neutral
88.09
Negative
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 1956.63 is above the 20-day moving average (MA) of 1853.30, above the 50-day MA of 1951.37, and above the 200-day MA of 1948.65, indicating a bullish trend. The MACD of -3.25 indicates Negative momentum. The RSI at 58.63 is Neutral, neither overbought nor oversold. The STOCH value of 88.09 is Negative, 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | $23.72B | 11.00 | 11.45% | 3.74% | 4.00% | 28.54% | |
69 Neutral | $33.19B | 11.61 | 10.06% | 3.50% | 5.73% | 38.39% | |
69 Neutral | $37.49B | 8.02 | 9.81% | 2.79% | -4.64% | 24.98% | |
69 Neutral | $27.11B | 11.93 | 7.16% | 2.89% | -3.93% | 40.62% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | $30.27B | 18.46 | 8.70% | 2.86% | -4.88% | 4.84% | |
61 Neutral | $23.09B | 12.03 | 9.94% | 0.37% | -3.18% | -3.10% |
* Financial Sector Average
FCNCA
First Citizens BancShares
1,956.63
227.57
13.16%
HBAN
Huntington Bancshares
16.35
3.15
23.84%
KB
Kb Financial Group
106.97
55.31
107.07%
RF
Regions Financial
27.47
8.28
43.17%
SHG
Shinhan Financial Group Co
66.41
34.99
111.36%
CFG
Citizens Financial
63.78
27.63
76.44%
First Citizens BancShares Corporate Events
Business Operations and StrategyPrivate Placements and Financing
First Citizens BancShares Issues $500 Million Senior Notes
Positive
Mar 4, 2026
On March 3, 2026, First Citizens BancShares, Inc. issued and sold $500 million of 4.869% Fixed-to-Floating Rate Senior Notes due 2032 in a public offering, expanding its long-term funding base. The securities were sold through a syndicate led by J...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
First Citizens BancShares Completes New Series E Preferred Offering
Positive
Feb 5, 2026
On February 3, 2026, First Citizens BancShares, Inc. filed a certificate of designation in Delaware establishing a new 6.625% Non-Cumulative Perpetual Preferred Stock, Series E, with a $1,000 per share liquidation preference, structured so that ea...
Business Operations and StrategyStock BuybackFinancial Disclosures
First Citizens BancShares Posts Strong Q4 2025 Results
Positive
Jan 23, 2026
First Citizens BancShares reported solid fourth-quarter 2025 performance, with net income rising to $580 million and adjusted net income reaching $648 million as loan growth—especially in its Global Fund Banking franchise—offset modest...
Business Operations and StrategyExecutive/Board Changes
First Citizens BancShares Announces Chief Risk Officer Transition
Positive
Jan 14, 2026
On Jan. 14, 2026, First Citizens BancShares announced that Executive Vice President and Chief Risk Officer Lorie K. Rupp will retire effective June 1, 2026, after a 13-year tenure at the bank and more than 30 years in financial services, during wh...
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.