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 August 2, 2026 data cutoff, FCNCN closed at $24.82 on July 31, 2026, after an after-hours quote of $24.94, with a 52-week range of $23.74 to $25.64 and a dividend yield of about 6.65% to 6.67%. The security has a $25 liquidation preference, a stated 6.625% fixed dividend rate through March 15, 2031, no maturity date, and it began trading in February 2026. The first dividend payment was scheduled for June 15, 2026. The income case depends on First Citizens continuing to authorize dividends and retaining regulatory capital, while the main risks are non-cumulative dividends, the March 2031 rate reset, call risk, issuer credit risk, and modest trading volume. This page is for informational use only and is not investment advice.
Current price
$24.82 close on July 31, 2026, with a $24.94 after-hours quote
Market cap
$397.12 million indicated issue value at $24.82 times 16.00 million depositary shares; Benzinga reports $399.04 million
AI score
60 / 100
Rating
Income-oriented, non-cumulative bank preferred security with a real 52-week trading range now established, seniority over common stock, and no maturity
Trend status
Mildly negative short-term trend with the quote near $24.82, below the $25 liquidation reference, after touching $25.64 in early July 2026
Data cutoff (updated monthly)
August 4, 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. Q2 2026 net income available to common stockholders reached $640 million. | 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 and Q2 2026 net income available to common stockholders of $640 million, up from $508 million in Q1 2026, with capital ratios above regulatory requirements. | 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 | The quote sits near $24.82, below the $25 liquidation reference and below the $25.64 high reached in early July 2026, with a 52-week low of $23.74 set in March 2026. TradingView marks the summary technical reading neutral. | Medium |
| 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 modest secondary-market 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, toward the $23.74 52-week low
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 uses real price data now available through the August 2, 2026 cutoff. FCNCN closed at $24.82 on July 31, 2026, within a 52-week range of $23.74 to $25.64, with RSI near 42, a beta near 0.12, and average daily volume around 40,000 to 51,000 shares. 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 close and after-hours | $24.82 close and $24.94 after-hours on July 31, 2026 | Benzinga quoted these prices. Refresh them with a live market-data source before relying on them. |
| 52-week range | $23.74 to $25.64 | The $23.74 low was reached in March 2026 and the $25.64 high in early July 2026. Short history means the range is still forming. |
| 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 technical support guarantee. |
| Support | Around $23.74 as the 52-week low | The 52-week low is the closest chart-based support reference, not a guarantee. Check current volume before treating it as a floor. |
| Resistance | Around $25.64 as the 52-week high, with $25 as a round-number reference | The high was set in early July 2026. A move above it would need a fresh look at the live quote, spreads, and volume. |
| Moving averages | TradingView marks moving averages neutral | Only about five months of trading history exist, so 50-day and 200-day signals carry less weight than on older securities. |
| Momentum | RSI near 42, mildly soft but not oversold | The reading points to mild short-term weakness. Recalculate RSI with current data before acting. |
| Volume and volatility | About 51,000 shares traded on July 31, 2026 versus an average near 41,000; volatility near 0.73% | Use limit orders and check current bid-ask spreads because preferred shares can trade with limited depth. |
| Invalidation | A sustained break below $23.74 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. At the $24.82 close the indicated yield is about 6.67%. 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 treat the 52-week range as a short-history reference rather than a reliable support map. 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 Q1 2026 Form 10-Q | August 2, 2026 |
| Issue size and liquidation preference | 16.00 million depositary shares issued February 5, 2026 for $400 million; $25 liquidation preference per depositary share | First Citizens February 2026 Form 8-K | August 2, 2026 |
| Indicated issue value check | $397.12 million from $24.82 multiplied by 16.00 million shares, matching Benzinga reported market cap of $399.04 million within 0.5%; local financial_rigor.py calculation | Benzinga quote and First Citizens Form 8-K | August 2, 2026 |
| Dividend and reset terms | 6.625% non-cumulative fixed rate through March 15, 2031, then five-year Treasury rate plus 2.830%; quarterly payments on the 15th of March, June, September, and December, payable only when authorized and declared | First Citizens February 2026 Form 8-K | August 2, 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 | August 2, 2026 |
| Issuer FY2025 profitability | FY2025 net income of $2.206 billion and net income available to common stockholders of $2.149 billion, or $165.24 diluted earnings per common share | First Citizens 2025 Form 10-K | August 2, 2026 |
| Issuer Q2 2026 results | Q2 2026 net income of $672 million, net income available to common stockholders of $640 million or $55.52 per share, CET1 of 10.77%, and a benefit for credit losses of $10 million | First Citizens Q2 2026 earnings release | August 2, 2026 |
| Last close, after-hours, and 52-week range | $24.82 close and $24.94 after-hours on July 31, 2026, with a 52-week range of $23.74 to $25.64, RSI near 42, and about 51,000 shares traded | Benzinga FCNCN quote page | August 2, 2026 |
| Yield cross-check | Indicated annual distribution of $1.65625 per depositary share implies about 6.67% at the $24.82 close; Benzinga and TradingView show 6.65% to 6.67% | Benzinga and TradingView FCNCN pages | August 2, 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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