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First Citizens Bancshares, Inc (FCNCA)

Company Profile

Founded in 1898 and headquartered in Raleigh, N.C., First Citizens Bank is one of the largest family-controlled banks in the U.S., with offices in 19 states. Drawing from over a century of experience serving the needs of business customers, First Citizens focuses on developing long-term relationships and offers a comprehensive array of products and services to help small businesses manage their finances and grow. First Citizens Bank is a major subsidiary of First Citizens BancShares Inc., which has over $48 billion in assets.

Company profile

Ticker

FCNCA, FCNCB, FCNCP

Exchange

Website

www.firstcitizens.com

CEO

Jeffrey Agee

Incorporated

Location

Fiscal year end

Sector

Finance and Insurance > Commercial Banking

Industry (SIC)

State Commercial Banks

Bank Of New York Mellon • Citizens Financial • Ally Financial • Northern Trust • M & T Bank • Fifth Third Bancorp • Associated Banc-Corp. • SVB Financial • Commerce Bancshares • Hancock Whitney ...

SEC CIK

Corporate docs

Articles of Incorporation & Bylaws

Underwriting Agreements

Plans of Reorganization

Material Contracts & Credit Agreements

Subsidiaries Lists

Subsidiaries

First-Citizens Bank & Trust Company • The CIT Group • CIT Lending Services, LLC • CIT Capital Securities LLC ...

IRS number

561528994

FCNCA stock data

1M 1Y 5Y

Analyst ratings and price targets

Last 3 months

Average target

$1,331.67

Low target

$1,025.00

High target

$1,500.00

Keefe, Bruyette & Woods

Latest filings (excl ownership)

View all

Quarterly report

10 May 23

First Citizens Bancshares Reports First Quarter 2023 Earnings

Amendments to Articles of Incorporation or Bylaws

Entry into a Material Definitive Agreement

Entry into a Material Definitive Agreement

Annual report to shareholders

Definitive proxy

13 Mar 23

Preliminary proxy

24 Feb 23

Results of Operations and Financial Condition

Transcripts

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Earnings call transcript

Earnings call transcript

Earnings call transcript

Earnings call transcript

Earnings call transcript

Earnings call transcript

Earnings call transcript

Earnings call transcript

Earnings call transcript

Earnings call transcript

Latest ownership filings

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FRANK B HOLDING JR

FRANK B HOLDING JR

Andrew Giangrave

Ellen R Alemany

Andrew Giangrave

HOPE HOLDING BRYANT

Financial summary

Financial statements Chart FCNCA financial data

Quarter (USD)	Mar 23	Dec 22	Sep 22	Jun 22
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Annual (USD)	Dec 22	Dec 21	Dec 20	Dec 19
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Cash burn rate (est.)	Burn method: Change in cash		Burn method: Operating income		Burn method: FCF (opex + capex)
	Last Q	Avg 4Q	Last Q	Avg 4Q	Last Q	Avg 4Q
Cash on hand (at last report)	1.60 bn	1.60 bn	1.60 bn	1.60 bn	1.60 bn	1.60 bn
Cash burn (monthly)	(no burn)	(no burn)	(no burn)	(no burn)	120.67 mm	(no burn)
Cash used (since last report)	n/a	n/a	n/a	n/a	239.28 mm	n/a
Cash remaining	n/a	n/a	n/a	n/a	1.36 bn	n/a
Runway (months of cash)	n/a	n/a	n/a	n/a	11.3	n/a

Beta Read what these cash burn values mean

Financial data from company earnings reports.

Recent insider trades

FCNCA insider ownership history Insider history

Date	Owner	Security	Transaction	Code	Indirect	10b5-1	$Price	#Shares	$Value	#Remaining
9 Mar 23	Craig L Nix	Series C Preferred Stock	Buy	Acquire P	No	No	21.75	9,228	200.71 k	9,265
9 Mar 23	Craig L Nix	Series C Preferred Stock	Buy	Acquire P	No	No	23.05	37	852.85	37
9 Mar 23	Frank B Holding JR	Class B Common Stock	Buy	Acquire P	No	No	650	165	107.25 k	93,632
8 Mar 23	Craig L Nix	Class A Common Stock	Buy	Acquire P	No	No	678.795	73	49.55 k	1,119
7 Mar 23	Frank B Holding JR	Class B Common Stock	Buy	Acquire P	No	No	650	235	152.75 k	93,467
2 Mar 23	Craig L Nix	Class A Common Stock	Buy	Acquire P	No	No	710.04	70	49.70 k	1,046

Data from 3, 4 and 5 filings. Values as filed, not updated for current price.

News

From Benzinga Pro

'First Citizens Lays Off Almost 500 Silicon Valley Bank Employees' - Axios

https://www.axios.com/2023/05/24/scoop-first-citizens-lays-off-almost-500-silicon-valley-bank-employees First Citizens Bancshares on Wednesday laid off just under 500 Silicon Valley Bank employees, two months

What's Driving Regional Bank Stocks Tuesday? KRE ETF Tests Key Resistance Amid Bullish Reversal Signals

Regional bank stocks have enjoyed positive price momentum as concerns about the industry's survival and anxiety about deposit withdrawals have abated.

UBS Maintains Buy on First Citizens BancShares, Raises Price Target to $1470

UBS analyst Brody Preston maintains First Citizens BancShares (NASDAQ:FCNCA) with a Buy and raises the price target from $1206 to $1470.

David Einhorn's Greenlight Capital Reported Stakes in New York Community Bancorp, First Citizens Bancshares As Reported In 13-F Filing On Monday

Keefe, Bruyette & Woods Maintains Outperform on First Citizens BancShares, Raises Price Target to $1500

Press releases

From Benzinga Pro

CIT Northbridge Credit Refinances and Upsizes $45 Million Credit Facility with Tubular Synergy

NEW YORK, May 22, 2023 /PRNewswire/ -- First Citizens Bank today announced that CIT Northbridge Credit, as advised by CIT Asset Management LLC, has provided $45 million to refinance and upsize a secured credit facility

CIT Northbridge Credit Provides $40 Million Credit Facility for Tronair

NEW YORK, May 18, 2023 /PRNewswire/ -- First Citizens Bank today announced that CIT Northbridge Credit, as advised by CIT Asset Management LLC, has provided $40 million in financing for Tronair, a leader in the

J.Jill, Inc. Completes Refinancing of ABL Credit Facility

J.Jill, Inc. (NYSE:JILL) ("J.Jill" or the "Company") today announced that it has successfully completed the refinancing of its Asset-Based Revolving Credit Facility (ABL), which was previously set to expire in May 2024.

First Citizens BancShares Reports First Quarter 2023 Earnings

Pivot Energy Closes $200 Million Financing Facility for a 100 MW Multi-State Portfolio of Distributed Solar Projects

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