First Citizens BancShares Inc. Depositary Shares each representing a 1/40th interest in a share of 6.625% Non-Cumulative Perpetual Preferred Stock Series E (FCNCN)

FairStock Score: 17/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look at FCNCN not as a common stock but as a non-cumulative preferred claim on First Citizens BancShares, a bank. The business is still profitable: in fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $2.4B, net income $672.0M, and margin 27.71%. That was better than fiscal Q2 2025, the quarter ended 2025-06-30, when net income was $575.0M. But the longer filed record is sobering: net income was $11.5B in fiscal 2023, the year ended 2023-12-31, then $2.8B in fiscal 2024, the year ended 2024-12-31, and $2.2B in fiscal 2025, the year ended 2025-12-31. That is not steady growth; it is a sharp decline from an unusually high 2023 base. FairStock's computed Lynch category labels it a STALWART for 35.0% annual profit growth over five years, but the recent filed years do not show that. The market price of $22.82 at the 2026-10-13 close is near the 52-week low of $22.52 and below the high of $25.64. FairStock's score is 17/100, Piotroski is 7/9, and Altman Z is 0.13. For a bank, Altman is not very useful, but the low overall score and N/A common valuation metrics leave little margin-of-safety evidence. The preferred's 6.625% coupon is the main attraction, but it is non-cumulative, so a skipped dividend does not accrue. I would want to see sustainable bank earnings and clear preferred dividend coverage before treating the low price as value rather than a warning.

In plain English: First Citizens BancShares is a bank, and FCNCN is a preferred stock issue that pays a fixed 6.625% dividend. The bank is still profitable—in fiscal Q2 2026, the quarter ended 2026-06-30, it earned $672.0M on $2.4B of revenue—but profits have fallen sharply from the high levels of fiscal 2023, the year ended 2023-12-31. The preferred shares trade near the low end of their 52-week range, and the fixed dividend is not guaranteed if the bank does not declare it.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer