First Citizens BancShares Inc. 5.625% Non-Cumulative Perpetual Preferred Stock Series C (FCNCO)

FairStock Score: 53/100 — MIXED

Key Financials

AI Analysis

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

I approach FCNCO as a preferred claim on First Citizens, not as common stock. The bank is a sizable regional lender, and in fiscal Q2 2026, the quarter ended 2026-06-30, it filed revenue of $2.4B and net income of $672.0M, or diluted EPS of $55.52. For FY2025, revenue was $9.5B, net income $2.2B, diluted EPS $165.24, down from FY2024 net income of $2.8B and diluted EPS of $189.41. The FY2023 figures, $18.8B revenue and $11.5B net income, show how lumpy results can be after a transformational deal. FairStock's calculations at the 2026-10-13 close show a P/E of 0.32, P/B of 0.01, ROE of 10.65%, ROCE of 1.01%, Piotroski F-Score of 7/9, PEG of 0.02, and a 7.72% dividend yield; it labels the underlying profile a STALWART because profit grew 35.0% a year over five years. The preferred's non-cumulative feature is the key Graham concern: if the board skips a dividend, it never accrues. One would want to see CET1, net interest margin, credit costs, and reserve coverage, none of which are in the data; combined ratio is not in the data either. At $18.21, the 7.72% yield offers compensation, but it is still a perpetual bank obligation. Cheapness alone is not safety if credit or capital deteriorates.

In plain English: First Citizens is a regional bank, and this preferred share pays a fixed dividend and ranks ahead of common stock but can skip dividends without owing them later. The underlying bank is profitable and grew profit recently, though results have been uneven since a very strong 2023. At $18.21, the fixed payment gives a 7.7% yield, which looks inexpensive if the bank stays healthy, but the price sits near its 52-week low and bank risks remain.

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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