# First Citizens BancShares, Inc. (FCNCA)

> Source: Nexqual · https://nexqual.com/FCNCA · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, First Citizens BancShares, Inc. (FCNCA), nexqual.com/FCNCA" · informational, not investment advice.

**Price:** USD 2,196.76 (+2.47% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 2,143.91 · day 2,137.01–2,198.57 · 52w 1,727.1–2,296.3 · market cap $24.8B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $9.62B, net income $2.35B (24.5% margin) (SEC filings).
- Valuation: P/E 10.5x (avg 8.4x at the last 3 fiscal year-ends).
- 2 of 80 tracked superinvestors hold FCNCA (13F, Q2 2026): 0 new, 1 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $15.6M; 3 not under a Rule 10b5-1 plan ($15.6M); 2 by opportunistic insiders (2 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 6 Form 4 filings, $12.7M; 5 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 2.85 on a 1–5 scale) (13 analysts), mean target USD 2,336.54 (range 2,100–2,525).
- Total return with dividends: 1Y +25.9% vs S&P 500 +14.9%; 5Y +164.7% vs S&P 500 +80.3%.
- Next earnings: 2026-10-23, EPS estimate USD 45.98, revenue estimate $2.23B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.90B | $5.08B | $18.8B | $9.76B | $9.54B | $9.62B |
| Net income | $547M | $1.10B | $11.5B | $2.78B | $2.21B | $2.35B |
| EPS (diluted) | $53.88 | $67.40 | $784.51 | $189.41 | $165.24 | — |
| Free cash flow | -$391M | $2.64B | $2.25B | $2.56B | $2.21B | $2.46B |
| Net margin | 28.8% | 21.6% | 61.0% | 28.5% | 23.1% | 24.5% |
| Revenue growth | +1.8% | +167.8% | +269.7% | -48.1% | -2.2% | — |
| Cash + short-term investments | $9.03B | $518M | $908M | $814M | $801M | — |
| Total debt | $1.78B | $6.64B | $37.7B | $37.1B | $36.0B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 10.5x · P/S 2.6x · P/FCF 10.1x · P/B 1.1x · FCF yield 9.90% · Earnings yield 9.49% · Dividend yield (paid, TTM) 0.75% · Buyback yield (TTM) 13.31%
P/E at fiscal year-ends: Dec 2025 12.6x, Dec 2024 10.9x, Dec 2023 1.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold FCNCA. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Bill Nygren | Oakmark Funds | 2.55% | $1.91B | Reduced -3.0% |
| Dodge & Cox Funds | Dodge & Cox | 0.44% | $841M | Added +2.8% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-15 | Holding Olivia Britton |  | 7,000 | $137K | 0.6% | No | Too little history (no open-market trades in 2023) |
| 2026-06-04 | Alemany Ellen R | Director | 2,520 | $5.2M | 14.6% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-12 | Holding Frank B Jr | Chairman and CEO | 5,346 | $10.3M | 1.1% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
6 purchases, $12.7M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-19 | Morais Diane E. | Director | 50 | $108K | 2,168.11 | Too little history (no open-market trades in 2023–2025) |
| 2026-06-05 | Holding Frank B Jr | Chairman and CEO | 137 | $277K | 2,018.73 | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-05 | Holding Frank B Jr | Chairman and CEO | 335 | $643K | 1,920.8 | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-04…2026-06-05 | Holding Frank B Jr | Chairman and CEO | 553 | $1.0M | 1,812.54 | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-04 | Holding Frank B Jr | Chairman and CEO | 225 | $394K | 1,751.95 | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-12 | Holding Frank B Jr | Chairman and CEO | 5,940 | $10.3M | 1,726.82 | Opportunistic (traded every year 2023–2025, no repeating month) |

## Analysts
Consensus Hold (mean 2.85 on a 1–5 scale), 13 analysts; mean target USD 2,336.54 (low 2,100, high 2,525).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-01 | JP Morgan | Target lowered | Neutral | $2450 → $2300 |
| 2026-07-28 | Truist Securities | Target raised | Hold | $2150 → $2323 |
| 2026-07-27 | Piper Sandler | Target raised | Neutral | $2050 → $2100 |
| 2026-07-27 | Barclays | Target raised | Equal-Weight | $2346 → $2376 |
| 2026-07-24 | JP Morgan | Target raised | Neutral | $2350 → $2450 |
| 2026-07-09 | Keefe, Bruyette & Woods | Downgrade | Outperform → Market Perform | $2300 |
| 2026-07-07 | Goldman Sachs | Target raised | Neutral | $2100 → $2340 |
| 2026-07-01 | JP Morgan | Target raised | Neutral | $2150 → $2350 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +25.9% | +164.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +26.0% | +21.4% |
| Volatility (annualized) | 26.0% | 40.2% |
| Max drawdown | -19.8% (Jan 2026→Mar 2026) | -43.6% (Jan 2022→Mar 2023) |

## Peers (Banks - Regional)
BBD (Banco Bradesco Sa) USD 3.95 -2.47% · FITB (Fifth Third Bancorp) USD 53.23 +0.80% · DB (Deutsche Bank AG) USD 31.48 -2.39% · TFC (Truist Financial Corporation) USD 48.42 +1.45% · NWG (NatWest Group plc) USD 16.99 -2.30% · NU (Nu Holdings Ltd.) USD 14.73 -2.13%

## More
Full page: https://nexqual.com/FCNCA · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Commercial Bank | $1.13B | 46.4% | +5.4% |
| General Bank | $1.01B | 41.4% | +1.8% |
| Rail | $174.0M | 7.2% | +3.6% |
| Total revenue | $2.43B | 100% | — |
The lines above cover 94.9% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Deposit Fees & Service Charges | $74.0M | 3.0% | +25.4% |
| Lending Related Fees | $73.0M | 3.0% | +5.8% |
| Asset Management1 | $62.0M | 2.5% | +12.7% |
| Client Investment Service | $59.0M | 2.4% | +13.5% |
| Credit & Debit Card | $38.0M | 1.6% | -7.3% |
| International Fees | $36.0M | 1.5% | +9.1% |
| Factoring Commissions | $18.0M | 0.7% | +0.0% |
| Merchant Services | $13.0M | 0.5% | +0.0% |
| Insurance Commissions | $13.0M | 0.5% | -7.1% |
| Total revenue | $2.43B | 100% | — |
The lines above cover 15.9% of total revenue.

## Company outlook (8-K filed 2026-07-23)

- "In connection with the BMO Branch Acquisition, First Citizens Bank expects to assume approximately $5.3 billion in deposits and acquire approximately $700 million in loans."
- "BancShares expects the transaction to be completed during the third quarter of 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $45.98 | $45.61 | +0.8% | $2.23B | 10 |
| Next quarter (ends 2026-12-31) | $48.70 | $48.34 | +0.7% | $2.26B | 10 |
| Current fiscal year (ends 2026-12-31) | $194.27 | $176.87 | +9.8% | $8.88B | 11 |
| Next fiscal year (ends 2027-12-31) | $202.63 | $200.42 | +1.1% | $9.33B | 11 |