First Citizens BancShares, Inc. Series E Depositary Shares research snapshot
FCNCN AI stock analysis treats FCNCN as a depositary share in First Citizens BancShares Series E 6.625% non-cumulative perpetual preferred stock, not as First Citizens common stock. At the July 11, 2026 data cutoff, the last independently located quote was $25.31 on June 30, while the security has a $25 liquidation preference, a stated 6.625% fixed dividend rate through March 15, 2031, and no maturity date. The income case depends on First Citizens continuing to authorize dividends and retaining regulatory capital, while the main risks are non-cumulative dividends, interest-rate resets, call risk, issuer credit risk, and thin trading data. This page is for informational use only and is not investment advice.
Current price
$25.31 last independently located quote, June 30, 2026
Market cap
$404.96 million indicated issue value at $25.31 times 16.00 million depositary shares
AI score
58 / 100
Rating
Income-oriented, non-cumulative bank preferred security with seniority over common stock but no maturity and limited public trading history
Trend status
Insufficient verified chart history for a directional trend call; the $25 liquidation preference is the key reference point
Data cutoff (updated weekly)
July 11, 2026
Informational use only. This page is not investment advice.
| Dimension | Conclusion | Confidence |
|---|---|---|
| Business quality | FCNCN is a preferred-income claim on First Citizens BancShares, whose ability to support it rests on banking earnings, capital, liquidity, deposits, and credit discipline. | Medium-high |
| Moat | The security itself has no operating moat. Its support comes from First Citizens bank relationships, regulatory licenses, scale, and underwriting capabilities, all of which remain exposed to banking competition and cycles. | Medium |
| Management | Management and the board control dividend authorization, capital allocation, and any permitted redemption. Preferred holders have limited voting rights except after sustained missed dividends under the terms. | Medium |
| Financial trend | First Citizens reported FY2025 net income available to common stockholders of $2.149 billion, but preferred holders should focus on future capital, liquidity, credit, and dividend capacity rather than common EPS alone. | High for reported data |
| Valuation | FCNCN is better assessed through current income, price versus the $25 liquidation preference, issuer credit, reset risk, and call terms than through P/E or common-stock book value ratios. | High |
| Technical trend | No independently verified 50-day, 200-day, RSI, or average-volume series was available for the new, thinly covered issue at the stated cutoff. | Low |
| Risk level | Risks include skipped non-cumulative dividends, rate sensitivity, the March 2031 reset, issuer credit deterioration, regulatory capital restrictions, call risk, and limited liquidity. | High |
| AI confidence | Security terms are source-backed, while price forecasting confidence is limited by the short trading history and lack of a broad independent FCNCN data set. | Medium |
| Investment certainty | This is not a substitute for a deposit or a bond with a maturity date. A buyer needs to tolerate perpetual-security, issuer-credit, and liquidity risk. | Low-medium |
FCNCN AI stock forecast
The FCNCN AI stock forecast is an income and risk scenario framework, not a promised price. Unlike common stock, FCNCN has no residual claim on earnings growth, no maturity date, and a dividend that remains non-cumulative. The most useful variables are dividend authorization, First Citizens capital and credit quality, market rates, the March 2031 reset formula, and whether the issuer calls the shares at $25 after March 15, 2031.
Around $25 or modestly above it
More likely if First Citizens maintains strong capital and credit quality, continues authorizing the $1.65625 annualized fixed distribution through March 2031, market yields fall or remain stable, and secondary-market liquidity improves.
Around the $25 liquidation preference, subject to market yield changes
More likely if dividends continue as authorized, issuer fundamentals remain stable, and investors price the security mainly as a perpetual preferred income instrument with a future reset and possible call.
Below $25 is possible
More likely if market yields rise, First Citizens credit or capital conditions weaken, dividend authorization becomes uncertain, liquidity deteriorates, or investors demand a wider spread for bank preferred risk.
FCNCN AI technical analysis
FCNCN AI technical analysis is deliberately limited at the July 11, 2026 cutoff. The last independently located quote was $25.31 on June 30, 2026, and sufficient independently verified moving-average, RSI, volume, and volatility history was not available. The $25 liquidation preference is a contractual reference in liquidation or eligible redemption, not a guaranteed trading-price floor.
| Level | Value | Why it matters |
|---|---|---|
| Last located quote | $25.31 on June 30, 2026 | Benzinga quoted this price. Refresh it with a live market-data source before relying on it. |
| Contractual reference | $25.00 liquidation preference per depositary share | The issuer filing states $25 per depositary share for liquidation and eligible redemption terms. It is not a trading support guarantee. |
| Support | No verified chart-based support level | Do not substitute the $25 liquidation preference for a technical support level in normal trading. |
| Resistance | No verified chart-based resistance level | A new, thinly covered preferred issue needs current price and volume history before resistance can be stated responsibly. |
| Moving averages | Not independently verified | No sourced 50-day or 200-day moving-average series was available at the cutoff. |
| Momentum | Not independently verified | No sourced RSI or comparable momentum series was available at the cutoff. |
| Volume and volatility | Not independently verified | Use limit orders and check current bid-ask spreads because preferred shares can trade with limited depth. |
| Invalidation | A sustained discount below $25 alongside worsening issuer fundamentals | Treat a persistent discount with deteriorating capital, credit, or dividend capacity as a reason to reassess the income thesis, not as an automatic bargain. |
FCNCN AI trading strategy
The FCNCN AI trading strategy is a research framework for an income security, not personalized advice. It prioritizes current quoted yield, issuer capital and credit, dividend declarations, bid-ask spread, position size, and the 2031 reset and call terms over short-term chart signals.
Compare the current quote with the $25 liquidation preference and the $1.65625 annualized fixed distribution through March 15, 2031. Check the latest First Citizens earnings, capital ratios, credit trends, and dividend declaration before considering an entry.
Do not assume the stated coupon is guaranteed. Dividends are non-cumulative and require board authorization, so size exposure for the possibility of missed income and a lower market price.
Monitor Treasury yields and the five-year Treasury rate because the dividend resets from March 15, 2031 to that rate plus 2.830%. Reassess expected income and duration risk when rates change materially.
A call at $25 after March 15, 2031 can cap upside if the issue trades above $25. Do not pay a premium without assessing the issuer call option.
Use limit orders, inspect current bid-ask spreads and recent volume, and avoid treating a single trade as a reliable market level. Monitor First Citizens deposits, credit losses, liquidity, CET1, and regulatory developments.
Avoid position sizes that cannot be exited comfortably in a thin market. A widening spread or sharp discount may reflect liquidity stress as well as a change in credit expectations.
Investment research summary
FCNCN holders do not own First Citizens common equity. They own depositary shares representing one-fortieth of a Series E preferred share and receive distributions only when the board authorizes and declares them from legally available funds.
The relevant operating moat belongs to First Citizens: banking relationships, deposits, treasury services, lending expertise, regulatory licenses, scale, and specialty capabilities. Those strengths support but do not guarantee the preferred claim.
The income thesis can fail through skipped non-cumulative dividends, bank credit losses, funding pressure, regulatory capital restrictions, higher rates, a wider required yield, weak liquidity, or a future call at $25 after the first call date.
Management and the board allocate capital and decide whether to authorize dividends. The Series E terms restrict some junior-security dividends and repurchases after a missed preferred dividend, but holders generally lack ordinary voting control.
Banks remain central to deposits, payments, lending, and treasury services, but the security faces an enduring mix of rate volatility, deposit competition, credit cycles, regulatory scrutiny, and digital disruption.
The sensible reference is not a common-stock P/E. Margin of safety depends on the current price relative to $25 liquidation preference, the 6.625% fixed dividend through March 2031, issuer credit strength, the 2031 reset spread, and the chance of a $25 call after that date.
Source-backed data
Every metric below includes a source and last verification date.
| Metric | Value | Source | Last verified |
|---|---|---|---|
| Security type and listing | Depositary shares, each representing a 1/40 interest in a 6.625% non-cumulative perpetual preferred share, Series E; listed as FCNCN on Nasdaq Global Select Market | First Citizens April 2026 Form 8-K | July 11, 2026 |
| Issue size and liquidation preference | 16.00 million depositary shares; $25 liquidation preference per depositary share | First Citizens February 2026 Form 8-K | July 11, 2026 |
| Indicated issue value check | $404.96 million from $25.31 multiplied by 16.00 million shares; local financial_rigor.py calculation | Benzinga quote and First Citizens Form 8-K | July 11, 2026 |
| Dividend and reset terms | 6.625% non-cumulative fixed rate through March 15, 2031, then five-year Treasury rate plus 2.830%; dividends are payable only when authorized and declared | First Citizens February 2026 Form 8-K | July 11, 2026 |
| Maturity, redemption, and ranking | No maturity; issuer may redeem at $25 on dividend dates on or after March 15, 2031, subject to required approval; senior to common stock and pari passu with stated preferred series | First Citizens February 2026 Form 8-K | July 11, 2026 |
| Issuer FY2025 profitability | $2.149 billion net income available to common stockholders, cross-checked against the issuer Form 10-K and third-party financial data | First Citizens 2025 Form 10-K | July 11, 2026 |
| Last independently located FCNCN quote | $25.31, June 30, 2026 | Benzinga FCNCN quote page | July 11, 2026 |
This page is an informational research tool, not investment advice or a recommendation to buy or sell FCNCN. Its forecast scenarios use available data and assumptions that may be wrong. FCNCN dividends are non-cumulative and require authorization, the security has no maturity date, and market prices can change quickly. Verify current information and consider professional advice before acting.
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