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FCNCP - First Citizens: A Few Supportive Tailwinds But The Tide May Still Shift
First Citizens BancShares Inc. Depositary Shares Each Representing a 1/40th Interest in a Share of 5.375% Non-Cumulative Perpetual Preferred Stock Series A
2024-03-12 23:47:24 ET
Summary
First Citizens BancShares has outperformed its regional banking peers with outstanding alpha over the past 12 months.
The acquisition of Silicon Valley Bank has raised FCNCA's positioning, but key cogs of SVB are still experiencing pressure.
The Company's net interest income is poised to decline, and pressures could be felt on the non-interest income side too.
FCNCA manages its cost base very well, and its strong capital position should see buybacks return soon enough.
We are not enthused by the risk-reward on the charts.
Introduction
First Citizens BancShares Inc. ( FCNCA ) (FCNCB) is a holding company that owns First Citizens Bank, an entity that renders a broad range of financial services for consumer and commercial clients across 600 branches in the US....
First Citizens BancShares Inc. Depositary Shares Each Representing a 1/40th Interest in a Share of 5.375% Non-Cumulative Perpetual Preferred Stock Series A