First Citizens BancShares (FCNCA) AI Stock Analysis

• Market Cap: $23.70B
• Dividend Yield: 0.37%
• Average Volume (3M): 104.96K
• Price to Earnings (P/E): 12.0
• Beta (1Y): 1.16
• Revenue Growth: -3.18%
• EPS Growth: -3.10%
• Country: US
• Employees: 17,191
• Sector: Financial
• Sector Strength: 70
• Industry: Banks - Regional
• EPS (TTM): 51.27
• Shares Outstanding: 11,133,974
• 10 Day Avg. Volume: 98,765
• 30 Day Avg. Volume: 104,963
• PEG Ratio: -0.96
• Price to Book (P/B): 1.19
• Price to Sales (P/S): 1.83
• P/FCF Ratio: 12.81
• Enterprise Value/Market Cap: 1.68
• Enterprise Value/Revenue: 2.75
• Enterprise Value/Gross Profit: 4.48
• Enterprise Value/Ebitda: 11.73
• 1Y Price Target: $2,299.56
• Price Target Upside: 15.23% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 9
• EPS Forecast (FY): 178.28
• Revenue Forecast (FY): $8.88B

• Rating: 61 Neutral
• Price Target: $2,090.00 ▲(4.73% Upside)
• Action: Reiterated Date: 02/25/26
• Date: Action: Reiterated 02/25/26

The score is driven mainly by solid but volatile fundamentals with higher leverage and a 2025 revenue decline, partially offset by decent valuation and a balanced earnings outlook. Technical indicators are the biggest near-term drag, pointing to weak momentum below key moving averages.

Positive Factors

Cash Generation

Sustained positive operating and free cash flow provides durable internal funding for buybacks, tech investment, and purchase‑note paydowns. Reliable cash generation supports capital allocation flexibility and buffers earnings through credit cycles over the next 2–6 months.

Niche Loan Franchise Growth

Strong sequential loan production, led by global fund banking, reflects an expanding specialty franchise that diversifies the loan book and yields higher structural NII. Durable commercial momentum in this segment should support medium-term revenue stability and client relationships.

Tangible Book Growth & Buybacks

Consistent tangible book growth and material repurchases signal management confidence and improve shareholder returns and ROE. When balanced with capital policy, disciplined buybacks can sustainably enhance per‑share metrics and align incentives over a multi-quarter horizon.

Negative Factors

Higher Leverage

Material increase in leverage raises balance-sheet and regulatory risk, reducing shock absorption capacity. Higher debt ratios constrain capital flexibility, amplify earnings volatility during stress, and heighten sensitivity to funding and credit events over the medium term.

Capital Ratio Compression

Declining CET1 erodes cushion against regulatory expectations and future stress tests. Continued repurchases and loan expansion without commensurate earnings lift could force capital conservation, limit return of capital, or slow strategic M&A over the next several quarters.

Credit Concentration & Elevated Losses

Concentrated charge-offs in specific commercial portfolios and a guided NCO range of 35–45 bps signal persistent portfolio risk. These concentrated losses can drive higher provisions, pressure net income and capital, and increase earnings volatility across the upcoming year.

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 checking, savings, money market, and time deposit accounts. Its loan product portfolio comprises commercial construction and land development, commercial mortgage, commercial and industrial, and lease financing loans, as well as small business administration paycheck protection program loans; and consumer loans, such as residential and revolving mortgage, construction and land development, consumer auto, and other consumer loans. The company also offers treasury services products, cardholder and merchant services, wealth management services, and various other products and services; investment products, including annuities, discount brokerage services, and third-party mutual funds, as well as investment management and advisory services; and defined benefit and defined contribution, insurance, private banking, trust, fiduciary, philanthropy, and special asset services. The company provides its products and services through its branch network, as well as through digital banking, telephone banking, and various ATM networks. As of December 31, 2021, it operated 529 branches in Arizona, California, Colorado, Florida, Georgia, Kansas, Maryland, Missouri, North Carolina, New Mexico, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Virginia, Washington, Wisconsin, and West Virginia. First Citizens BancShares, Inc. was founded in 1898 and is headquartered in Raleigh, North Carolina.

How the Company Makes Money

First Citizens BancShares generates revenue primarily through net interest income, which is derived from the interest earned on loans and investments minus the interest paid on deposits and other borrowings. Key revenue streams include commercial loans, residential mortgages, and consumer loans, alongside fees from various banking services such as account maintenance, transaction services, and wealth management. The company also benefits from its investment portfolio, which contributes to its interest income. Additionally, First Citizens has established partnerships with fintech companies to enhance its digital banking capabilities, driving customer acquisition and retention, which in turn supports its overall earnings growth.

First Citizens BancShares Financial Statement Overview

Summary

Solid underlying profitability and improved recent free cash flow, but revenue turned negative in 2025 and results have been volatile. Higher leverage versus earlier years (debt-to-equity ~1.6–1.8 in 2023–2025) adds balance-sheet risk despite acceptable ROE (~10–12% in 2024–2025).

Income Statement

Revenue remains elevated versus 2020–2022, but growth has turned negative in 2025 (annual revenue down ~23% after a strong 2024), indicating a less favorable earnings backdrop. Profitability is solid in 2024–2025 (net margins ~19% and ~15%, respectively), but results are volatile across the period—2023 shows unusually high margins and profit levels that were not sustained, which reduces confidence in the earnings run-rate.

Balance Sheet

The company operates with higher leverage in recent years, with debt-to-equity around ~1.6–1.8 from 2023–2025 versus <0.8 in 2022, which increases balance-sheet risk. Equity has been relatively stable (~$22B in 2024–2025) while assets are large and steady (~$224–$230B). Returns on equity are acceptable in 2024–2025 (~10–12%), but they have also been volatile (notably elevated in 2023), suggesting performance is not fully consistent through the cycle.

Cash Flow

Cash generation is generally positive in recent years, with operating cash flow around $2.7–$3.0B and free cash flow improving to ~$2.1B in 2025. Free cash flow covers a meaningful portion of earnings (roughly ~49% in 2024 and ~71% in 2025), supporting earnings quality, though the conversion is not consistently high across the full history. The 2021 negative operating and free cash flow and the mixed growth pattern (including a 2023 decline before the 2025 rebound) highlight some variability.

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

• Technical Analysis Sentiment: Negative
• Last Price: 1995.70
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FCNCA, the sentiment is Negative. The current price of 1995.7 is below the 20-day moving average (MA) of 2054.95, below the 50-day MA of 2105.04, and above the 200-day MA of 1947.47, indicating a neutral trend. The MACD of -28.03 indicates Positive momentum. The RSI at 42.57 is Neutral, neither overbought nor oversold. The STOCH value of 22.76 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FCNCA.

First Citizens BancShares Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
RF	72 Outperform	$24.94B	12.36	11.68%	3.74%	4.00%	28.54%
HBAN	69 Neutral	$34.55B	12.27	10.03%	3.50%	5.73%	38.39%
KB	69 Neutral	$41.67B	10.79	10.33%	2.79%	-4.64%	24.98%
CFG	69 Neutral	$26.38B	16.06	7.24%	2.89%	-3.93%	40.62%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
SHG	65 Neutral	$33.24B	9.70	―	2.86%	-4.88%	4.84%
FCNCA	61 Neutral	$23.70B	11.99	9.92%	0.37%	-3.18%	-3.10%

First Citizens BancShares Corporate Events

First Citizens BancShares Completes New Series E Preferred Offering

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 each of the 16,000,000 publicly offered depositary shares represents a 1/40th interest in a Series E share. The Series E Preferred Stock ranks on parity with the company’s existing preferred stock series and senior to common stock, pays non-cumulative quarterly dividends at a fixed 6.625% rate through March 15, 2031, then resets every five years at the five-year U.S. Treasury rate plus 2.830%, includes restrictions on common and junior securities dividends if preferred dividends are not fully paid, and provides limited voting rights, including the right to elect two directors if dividends are omitted for periods totaling 18 months. The preferred shares are perpetual with no maturity, redeemable at the company’s option on or after March 15, 2031 or within 90 days of certain regulatory capital events at $1,000 per share (or $25 per depositary share) plus applicable unpaid dividends, subject to Federal Reserve approval, and in liquidation the holders receive the liquidation preference plus any authorized and declared but unpaid dividends before common and junior securities. On February 5, 2026, the company closed the public offering of the 16,000,000 depositary shares under a previously filed shelf registration, further diversifying and strengthening its capital structure by adding a new layer of regulatory capital that provides flexibility in dividend payments while potentially affecting capital allocation and dividend policy for common shareholders.

The most recent analyst rating on (FCNCA) stock is a Buy with a $2325.00 price target. To see the full list of analyst forecasts on First Citizens BancShares stock, see the FCNCA Stock Forecast page.

First Citizens BancShares Posts Strong Q4 2025 Results

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 pressure on net interest margin. The bank returned $900 million to shareholders via buybacks, prepaid $2.5 billion of a Purchase Money Note largely funded by securities runoff, and managed a slight decline in total deposits alongside stable funding and credit quality, while integrating SVB Commercial into its Commercial Bank segment and absorbing higher technology, personnel and marketing costs as it scales its platforms.

The most recent analyst rating on (FCNCA) stock is a Buy with a $2390.00 price target. To see the full list of analyst forecasts on First Citizens BancShares stock, see the FCNCA Stock Forecast page.

First Citizens BancShares Announces Chief Risk Officer Transition

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 which she strengthened the company’s risk management framework through a period of significant growth. The company plans for current Treasurer and 20-year bank veteran Tom Eklund, who has extensive experience in capital, market, liquidity and compliance risk management, to succeed her as Chief Risk Officer, signaling a continuity-focused transition designed to preserve a robust risk governance structure and support the bank’s long-term strategic objectives.

The most recent analyst rating on (FCNCA) stock is a Buy with a $2427.00 price target. To see the full list of analyst forecasts on First Citizens BancShares stock, see the FCNCA Stock Forecast page.