Recent Insider Transactions • Jun 10
Director recently sold €4.4m worth of stock On the 4th of June, Ellen Alemany sold around 3k shares on-market at roughly €1,761 per share. This transaction amounted to 15% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €8.7m. Insiders have been net sellers, collectively disposing of €13m more than they bought in the last 12 months. New Risk • May 22
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: €8.7m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. This is currently the only risk that has been identified for the company. Declared Dividend • May 20
First quarter dividend of US$2.10 announced Shareholders will receive a dividend of US$2.10. Ex-date: 29th May 2026 Payment date: 15th June 2026 Dividend yield will be 0.4%, which is lower than the industry average of 4.8%. Payout Ratios Payout ratio: 5%. Forecast payout ratio in 3 years: 4%. Announcement • Apr 25
First Citizens Bancshares, Inc Declares Quarterly Dividends on Class A and Class B Common Stock, Payable on June 15, 2026 The Board of Directors of First Citizens BancShares, Inc. has declared the following dividends on the company's common, in each case to be paid on June 15, 2026, to holders of record as of May 29, 2026: A quarterly common stock dividend of $2.10 per share on the company's Class A and Class B common stock. Announcement • Apr 01
First Citizens BancShares, Inc. to Report Q1, 2026 Results on Apr 23, 2026 First Citizens BancShares, Inc. announced that they will report Q1, 2026 results at 9:30 AM, US Eastern Standard Time on Apr 23, 2026 Announcement • Mar 25
First Citizens BancShares, Inc., Annual General Meeting, May 04, 2026 First Citizens BancShares, Inc., Annual General Meeting, May 04, 2026. Announcement • Dec 31
First Citizens BancShares, Inc. to Report Q4, 2025 Results on Jan 23, 2026 First Citizens BancShares, Inc. announced that they will report Q4, 2025 results Pre-Market on Jan 23, 2026 Announcement • Nov 14
First Citizens Wealth Names Lee Erby as Region Head for Northern California First Citizens Wealth has announced that Lee Erby has been appointed as region head for Northern California market. In his new role based in San Francisco, Erby will lead a team of wealth consultants and will report to Art Saldivar, senior director of Regional Wealth for California. The company says that Erby will be responsible for building a team serving the needs of high-net-worth individuals and families; the entrepreneurs, founders, investors behind the innovation economy; businesses and corporations; and nonprofits across Northern California. Erby, who has more than 20 years of wealth and private banking experience serving high net worth families and institutions, has previously held senior positions at Bank of America Private Bank, Merrill Lynch, and Citi Private Bank. Announcement • Oct 29
First Citizens BancShares, Inc. Announces Appointment of Erin Mccaskill as Director of First Citizens Wealth First Citizens BancShares, Inc.'s First Citizens Wealth announced the appointment of Erin McCaskill as Director and Atlanta Market Leader. Based in Atlanta, she reports to Ethan Van Eck, Senior Director of Regional Wealth, and will lead a First Citizens team of wealth consultants. McCaskill is responsible for growing a high-caliber team serving the needs of high-net-worth individuals and families; businesses and corporations; entrepreneurs, founders, investors and nonprofits in the metro Atlanta area. Under her leadership, First Citizens Wealth will further enhance the delivery of the bank's full range of capabilities, including wealth planning, investment services, trust and fiduciary services, banking and lending. McCaskill has over 20 years of financial services experience serving high net worth individuals and families, having joined First Citizens Bank in 2009. She began her career in Columbia, SC, and has served in a variety of wealth management roles and most recently serving as a Wealth Consultant for the South Carolina market. Erin is a graduate of University of Virginia with a degree in financial economics and an MBA graduate of University of South Carolina. Erin holds a Certified Financial Planner designation and is a Certified Exit Planning Advisor. Announcement • Oct 24
First Citizens BancShares, Inc. Revises Earnings Guidance for the Full Year 2025 First Citizens BancShares, Inc. revised earnings guidance for the full year 2025. For the full year, the company is tightening its headline net interest income guidance to be in the range of $6.74 billion to $6.84 billion from $6.68 billion to $6.88 billion. The revision reflects the new forward interest rate curve as well as the jumping off point from the third quarter. In either case, as expected, we project that loan accretion will be down by over $200 million for the year compared to 2024. Announcement • Oct 02
First Citizens BancShares, Inc. to Report Q3, 2025 Results on Oct 23, 2025 First Citizens BancShares, Inc. announced that they will report Q3, 2025 results Pre-Market on Oct 23, 2025 Announcement • Jul 25
First Citizens BancShares, Inc. (NasdaqGS:FCNC.A) announces an Equity Buyback for $4,000 million worth of its shares. First Citizens BancShares, Inc. (NasdaqGS:FCNC.A) announces a share repurchase program. Under the program, the company will repurchase up to $4,000 million worth of its Class A Common Stock. The program will expire in 2026. Announcement • Jul 02
First Citizens BancShares, Inc. to Report Q2, 2025 Results on Jul 25, 2025 First Citizens BancShares, Inc. announced that they will report Q2, 2025 results Pre-Market on Jul 25, 2025 Announcement • Jun 27
First Citizens BancShares, Inc. and First-Citizens Bank & Trust Company Appoints Diane ("Di") Morais to the Board of Directors and Member of Joint Risk Committee and Joint Technology Committee, Effective July 1, 2025 Diane ("Di") Morais has been appointed to the board of directors of First Citizens BancShares, Inc. and its subsidiary, First-Citizens Bank & Trust Company (First Citizens Bank), effective July 1, 2025. Morais built an accomplished career in financial services with more than 30 years in the sector. Most recently, Morais held key leadership positions of increasing responsibility at Ally Bank ("Ally"). She was instrumental in the creation and launch of the Ally brand in 2009, and she most recently served as President of Consumer and Commercial Banking from 2017 until she retired in 2024. As Consumer and Commercial Banking President, her responsibilities included driving the growth, profitability and digital evolution of Ally's consumer and commercial banking division. She also had oversight of the deposits, online brokerage and advisory offering, mortgage, point of sale lending, credit card and corporate-finance businesses. In addition, Morais oversaw the company's customer care channels and Community Reinvestment Act program. Prior to Ally, Morais spent 12 years at Bank of America, where she served in senior roles in deposit and debit products, national customer experience, card services marketing and consumer mortgage vendor management. Morais also spent nine years in Citibank's credit card division in a variety of marketing, risk and finance roles. A native of Pittsburgh, Penn., Morais holds a bachelor's degree from Pennsylvania State University. She is a member of the board of directors for YMCA of Greater Charlotte, Junior Achievement of Central Carolinas and Charlotte Center City Partners. Morais was named to American Banker Magazine's25 Most Powerful Women in Banking list for nine consecutive years through 2023. Additionally, she received the 2024 Lifetime Achievement Award from the Charlotte Business Journal, was recognized as the 2022 Charlotte Businesswoman of the Year by Queens University and was named one of the top 25 outstanding businesswomen in the Charlotte Business Journal's 2018 Women in Business Awards. An active member in the Charlotte community, Morais has served as an 'Executive in Residence' for Queens University and volunteers for Habitat for Humanity, Dress for Success and the Salvation Army. Morais will serve on the Joint Risk Committee and Joint Technology Committee of First Citizens BancShares, Inc. and First Citizens Bank. Announcement • Apr 03
First Citizens BancShares, Inc. to Report Q1, 2025 Results on Apr 24, 2025 First Citizens BancShares, Inc. announced that they will report Q1, 2025 results Pre-Market on Apr 24, 2025 Announcement • Mar 19
First Citizens BancShares, Inc., Annual General Meeting, Apr 29, 2025 First Citizens BancShares, Inc., Annual General Meeting, Apr 29, 2025. Announcement • Jan 24
First Citizens BancShares, Inc. Declares Quarterly Common Stock Dividend, Payable on March 17, 2025 The Board of Directors of First Citizens BancShares, Inc. has declared the following dividends on the company's common stock, in each case to be paid on March 17, 2025, to holders of record as of Feb. 28, 2025: A quarterly common stock dividend of $1.95 per share on the company's Class A and Class B common stock. Announcement • Jan 03
First Citizens BancShares, Inc. to Report Q4, 2024 Results on Jan 24, 2025 First Citizens BancShares, Inc. announced that they will report Q4, 2024 results Pre-Market on Jan 24, 2025 New Risk • Nov 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 7.9% per year for the foreseeable future. Minor Risks Share price has been volatile over the past 3 months (7.0% average weekly change). Profit margins are more than 30% lower than last year (27% net profit margin). Valuation Update With 7 Day Price Move • Nov 06
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €2,040, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 8x in the Banks industry in Europe. Total returns to shareholders of 190% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €3,409 per share. Declared Dividend • Nov 04
Third quarter dividend of US$1.95 announced Shareholders will receive a dividend of US$1.95. Ex-date: 29th November 2024 Payment date: 16th December 2024 Dividend yield will be 0.4%, which is lower than the industry average of 4.8%. Payout Ratios Payout ratio: 4%. Forecast payout ratio in 3 years: 4%. Announcement • Oct 30
First Citizens Bank Offering Tax Equity Investments in Renewable Energy Projects First Citizens Bank announced that its Energy Finance business is introducing a new tax equity investment product to help finance renewable energy projects. Tax equity products enable qualified investors to reap the benefits of various tax incentives aimed at promoting the development of renewable energy. As an industry leader in renewable energy financing, First Citizens Energy Finance is well positioned to expand its product capabilities, which will now include tax equity investments. The new product helps address a market shortage of expertise needed to structure and deliver tax equity investments to clients that can benefit from the investment, thereby increasing the financing available to drive renewable energy project development. First Citizens Energy Finance intends to focus its tax equity investment product primarily in support of financing solar, wind and battery energy storage projects. By adding the new tax equity investment product, First Citizens Energy Finance joins a relatively small number of experienced lenders offering either senior debt or tax equity investments to further the growth of renewable energy. First Citizens Energy Finance leverages its deep industry knowledge and expertise to offer comprehensive financing solutions for renewable and conventional power generation. The unit manages a large, diverse portfolio that includes investments in all asset classes across the energy sector. Announcement • Oct 25
First Citizens BancShares, Inc. Declares Dividends on the Class A and Class B Common Stock, Payable on December 16, 2024 The Board of Directors of First Citizens BancShares, Inc. has declared the following dividends on the company's common to be paid on December 16, 2024, to holders of record as of November 29, 2024: A quarterly common stock dividend of $1.95 per share on the company's Class A and Class B common stock – which is an increase from the previous quarter's common stock dividend of $1.64 per share. Reported Earnings • Oct 24
Third quarter 2024 earnings released: EPS: US$43.41 (vs US$50.73 in 3Q 2023) Third quarter 2024 results: EPS: US$43.41 (down from US$50.73 in 3Q 2023). Revenue: US$2.33b (down 3.0% from 3Q 2023). Net income: US$624.0m (down 15% from 3Q 2023). Profit margin: 27% (down from 31% in 3Q 2023). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to stay flat during the next 3 years compared to a 2.9% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 45% per year whereas the company’s share price has increased by 40% per year. Announcement • Oct 03
First Citizens BancShares, Inc. to Report Q3, 2024 Results on Oct 24, 2024 First Citizens BancShares, Inc. announced that they will report Q3, 2024 results Pre-Market on Oct 24, 2024 Declared Dividend • Jul 29
Second quarter dividend of US$1.64 announced Shareholders will receive a dividend of US$1.64. Ex-date: 30th August 2024 Payment date: 16th September 2024 Dividend yield will be 0.3%, which is lower than the industry average of 4.8%. Payout Ratios Payout ratio: 3%. Forecast payout ratio in 3 years: 3%. New Risk • Jul 29
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.9% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.9% per year for the foreseeable future. Minor Risks Profit margins are more than 30% lower than last year (28% net profit margin). Significant insider selling over the past 3 months (€1.6m sold). Reported Earnings • Jul 29
Second quarter 2024 earnings released: EPS: US$47.54 (vs US$45.91 in 2Q 2023) Second quarter 2024 results: EPS: US$47.54 (up from US$45.91 in 2Q 2023). Revenue: US$2.37b (down 2.0% from 2Q 2023). Net income: US$691.0m (up 3.6% from 2Q 2023). Profit margin: 29% (up from 28% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to stay flat during the next 3 years compared to a 3.2% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 43% per year, which means it is significantly lagging earnings growth. Announcement • Jul 26
First Citizens BancShares, Inc. (NasdaqGS:FCNC.A) announces an Equity Buyback for $3,500 million worth of its shares. First Citizens BancShares, Inc. (NasdaqGS:FCNC.A) announces a share repurchase program. Under the program, the company will repurchase up to $3,500 million worth of its Class A Common Stock. The program will expire in 2025. Announcement • Jul 25
First Citizens Bancshares, Inc. Declares Dividends on the Company's Class A and Class B Common Stock, Payable on September 16, 2024 The Board of Directors of First Citizens BancShares, Inc. has declared dividends on the company's common stock, to be paid on September 16, 2024, to holders of record as of Aug. 30, 2024: A quarterly common stock dividend of $1.64 per share on the company's Class A and Class B common stock. Upcoming Dividend • May 24
Upcoming dividend of US$1.64 per share Eligible shareholders must have bought the stock before 31 May 2024. Payment date: 17 June 2024. Payout ratio is a comfortable 2.7% and this is well supported by cash flows. Trailing yield: 0.4%. Lower than top quartile of German dividend payers (4.6%). Lower than average of industry peers (6.3%). Reported Earnings • May 09
First quarter 2024 earnings released: EPS: US$49.27 (vs US$654 in 1Q 2023) First quarter 2024 results: EPS: US$49.27 (down from US$654 in 1Q 2023). Revenue: US$2.38b (up 374% from 1Q 2023). Net income: US$716.0m (down 93% from 1Q 2023). Profit margin: 30% (down from 1,893% in 1Q 2023). Revenue is forecast to stay flat during the next 3 years compared to a 3.3% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • May 01
Director recently sold €3.3m worth of stock On the 29th of April, Ellen Alemany sold around 2k shares on-market at roughly €1,644 per share. This transaction amounted to 8.9% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth €4.3m. Insiders have been net sellers, collectively disposing of €20m more than they bought in the last 12 months. Declared Dividend • Apr 29
Fourth quarter dividend of US$1.64 announced Shareholders will receive a dividend of US$1.64. Ex-date: 31st May 2024 Payment date: 17th June 2024 Dividend yield will be 0.3%, which is lower than the industry average of 4.8%. Payout Ratios Payout ratio: 0.4954%. Forecast payout ratio in 3 years: 3%. Announcement • Apr 26
First Citizens BancShares, Inc. Declares Quarterly Dividend, Payable on June 17, 2024 First Citizens BancShares, Inc. declared a quarterly dividend of $1.64 per share on the company's Class A and Class B common stock. The dividend is payable on June 17, 2024, to holders of record as of May 31, 2024. Announcement • Apr 04
First Citizens BancShares, Inc. to Report Q1, 2024 Results on Apr 25, 2024 First Citizens BancShares, Inc. announced that they will report Q1, 2024 results at 4:00 PM, US Eastern Standard Time on Apr 25, 2024 Recent Insider Transactions • Mar 24
Director recently sold €4.3m worth of stock On the 20th of March, Ellen Alemany sold around 3k shares on-market at roughly €1,432 per share. This transaction amounted to 12% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €17m more than they bought in the last 12 months. Announcement • Mar 21
First Citizens BancShares, Inc. (NasdaqGS:FCNC.A) entered into a definitive purchase agreement to acquire Svb Global Services India LLP from SVB Financial Group (OTCPK:SIVB.Q). First Citizens BancShares, Inc. (NasdaqGS:FCNC.A) entered into a definitive purchase agreement to acquire Svb Global Services India LLP from SVB Financial Group (OTCPK:SIVB.Q) on March 18, 2024. The agreement is subject to final approval of the Bankruptcy Court and regulatory approval in India, as well as other customary closing conditions. A hearing to seek required Bankruptcy Court approval is scheduled for April 9, 2024, and the transaction is expected to close shortly thereafter. Announcement • Mar 16
First Citizens BancShares, Inc., Annual General Meeting, May 01, 2024 First Citizens BancShares, Inc., Annual General Meeting, May 01, 2024, at 09:00 Eastern Daylight. Agenda: To consider and approve the election of directors; to consider and approve the compensation paid or provided to named executive officers; to consider and approve the appointment of the KPMG LLP as independent accountants of 2024; and to consider and approve any other matters. Reported Earnings • Feb 25
Full year 2023 earnings released: EPS: US$785 (vs US$67.47 in FY 2022) Full year 2023 results: EPS: US$785 (up from US$67.47 in FY 2022). Revenue: US$7.60b (up 90% from FY 2022). Net income: US$11.4b (up US$10.4b from FY 2022). Net interest margin (NIM): 3.92% (up from 3.14% in FY 2022). Non-performing loans: 0.73% (down from 0.89% in FY 2022). Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Feb 21
Upcoming dividend of US$1.64 per share Eligible shareholders must have bought the stock before 28 February 2024. Payment date: 15 March 2024. Payout ratio is a comfortable 0.4% and this is well supported by cash flows. Trailing yield: 0.4%. Lower than top quartile of German dividend payers (5.2%). Lower than average of industry peers (6.6%). Declared Dividend • Feb 05
Third quarter dividend of US$1.64 announced Shareholders will receive a dividend of US$1.64. Ex-date: 28th February 2024 Payment date: 15th March 2024 Dividend yield will be 0.3%, which is lower than the industry average of 4.8%. Payout Ratios Payout ratio: 0.3912%. Forecast payout ratio in 3 years: 3%. Announcement • Jan 28
First Citizens BancShares, Inc. Provides Net Interest Income Guidance for the First Quarter and Full Year of 2024 First Citizens BancShares, Inc. provided net interest income guidance for the first quarter and full year of 2024. For the first quarter, the company expects net interest income to be down in mid-single-digit percentage points range with and without accretion. The decline in headline net interest income will be driven by the impact of lower accretion and higher deposit costs, only partially offset by higher investment yields. For the full year, the company expects net interest income in the range of $6.9 billion to $7.1 billion, with the low end assuming 6 rate cuts and the high end, assuming 3 rate cuts. Announcement • Jan 24
First Citizens Bank Announces Appoints James Bennett as Executive Director of External Affairs First Citizens Bank has said that James Bennett has been appointed to the newly created role of executive director of External Affairs. Bennett, whose new position was effective January 1, 2024, will report to chairman and CEO Frank B. Holding, Jr. He will remain based in Columbia. In the new role, Bennett will now be responsible for nationwide community engagement, as well as strengthening relationships with state and federal government officials, members of Congress, trade groups and other public policy stakeholders. Bennett most recently served as Mid-South area executive at First Citizens, overseeing commercial, business and retail banking efforts, and leading market development efforts in the Columbia and Aiken areas of South Carolina and the Augusta area of Georgia. Prior to that, Bennett was executive vice president and director of public affairs for First Citizens Bank - South Carolina, before its merger with North Carolina-headquartered First Citizens Bank. During his career, Bennett has also served as chief executive officer at South Carolina Community Bank (now Optus Bank) and at the Columbia bank. Kevin Lindler, a former regional banking executive for First Citizens in Columbia, has assumed Bennett's prior role as Mid-South area executive. Announcement • Jan 05
First Citizens BancShares, Inc. to Report Q4, 2023 Results on Jan 26, 2024 First Citizens BancShares, Inc. announced that they will report Q4, 2023 results Pre-Market on Jan 26, 2024 Recent Insider Transactions • Dec 21
Vice Chairwoman recently sold €896k worth of stock On the 15th of December, Ellen Alemany sold around 674 shares on-market at roughly €1,330 per share. This transaction amounted to 2.2% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth €2.7m. Ellen has been a net seller over the last 12 months, reducing personal holdings by €5.6m. Announcement • Dec 15
First Citizens BancShares, Inc. and First-Citizens Bank & Trust Company Appoint David G. Leitch to its Board of Directors and Audit Committee and Compensation, Nominations and Governance Committee, Effective January 1, 2024 First Citizens BancShares, Inc. announced David G. Leitch has been appointed to the board of directors of First Citizens BancShares, Inc. and its subsidiary, First-Citizens Bank & Trust Company, effective January 1, 2024. A distinguished leader, executive and lawyer, Leitch brings extensive experience and valuable insight to the board. He retired from Bank of America Corp., where he served as vice chair from 2021 to 2022 and as its global general counsel from 2016 to 2021. During his tenure at Bank of America, his responsibilities included oversight of that bank's legal functions and relationships with regulatory and legal authorities around the world. In addition, he was chief legal advisor to the company's board of directors and senior management, participating on several management level committees overseeing risk management, including matters relating to operational and technology related risks, compensation practices and disclosure requirements. Prior to his role at Bank of America, he served as general counsel and group vice president of Ford Motor Co. from 2005 to 2015. Before joining Ford, Leitch spent several years working for the federal government in a range of roles, including deputy counsel to the president of the United States, chief counsel for the Federal Aviation Administration and deputy assistant attorney general in the U.S. Department of Justice. During his time in private practice, Leitch was a partner in the appellate litigation group at Hogan & Hartson L.L.P. (now Hogan Lovells US LLP) in Washington, D.C. After graduating first in his class from the University of Virginia School of Law in 1985, Leitch worked first as a law clerk for Circuit Judge J. Harvie Wilkinson III of the U.S. Court of Appeals for the Fourth Circuit and later for Chief Justice William H. Rehnquist of the Supreme Court of the United States. He earned his bachelor's degree from Duke University. Leitch will serve on the board's audit committee and compensation, nominations and governance committee. Upcoming Dividend • Nov 22
Upcoming dividend of US$1.64 per share at 0.5% yield Eligible shareholders must have bought the stock before 29 November 2023. Payment date: 15 December 2023. Payout ratio is a comfortable 0.4% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of German dividend payers (5.0%). Lower than average of industry peers (6.4%). Recent Insider Transactions • Nov 17
Vice Chairwoman recently sold €2.7m worth of stock On the 14th of November, Ellen Alemany sold around 2k shares on-market at roughly €1,340 per share. This transaction amounted to 6.0% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Ellen has been a net seller over the last 12 months, reducing personal holdings by €4.7m. Announcement • Nov 02
First Citizens BancShares, Inc. Announces Demise of Floyd Keels, Member of Board of Directors First Citizens BancShares, Inc. is deeply saddened to announce the death of Floyd Keels, a longtime member of the company's Board of Directors. The former president and CEO of Santee Electric Cooperative Inc., Mr. Keels has served with distinction on the First Citizens board since 2014. He was an active member of the board's audit and trust committees and provided valuable insights and guidance to management and the board during his tenure. Announcement • Oct 27
First Citizens BancShares, Inc. Declares Quarterly Dividend, Payable on December 15, 2023 The Board of Directors of First Citizens BancShares, Inc. declared a quarterly dividend of $1.64 per share on the company's Class A and Class B common stock. The dividend is payable Dec. 15, 2023, to shareholders of record Nov. 30, 2023. Reported Earnings • Oct 27
Third quarter 2023 earnings released: EPS: US$50.73 (vs US$19.29 in 3Q 2022) Third quarter 2023 results: EPS: US$50.73 (up from US$19.29 in 3Q 2022). Revenue: US$2.40b (up 106% from 3Q 2022). Net income: US$737.0m (up 143% from 3Q 2022). Profit margin: 31% (up from 26% in 3Q 2022). Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has only increased by 47% per year, which means it is significantly lagging earnings growth. Announcement • Oct 06
First Citizens BancShares, Inc. to Report Q3, 2023 Results on Oct 26, 2023 First Citizens BancShares, Inc. announced that they will report Q3, 2023 results Pre-Market on Oct 26, 2023 Upcoming Dividend • Aug 23
Upcoming dividend of US$0.75 per share at 0.2% yield Eligible shareholders must have bought the stock before 30 August 2023. Payment date: 15 September 2023. Payout ratio is a comfortable 0.4% and this is well supported by cash flows. Trailing yield: 0.2%. Lower than top quartile of German dividend payers (4.9%). Lower than average of industry peers (6.1%). Recent Insider Transactions • Aug 09
Vice Chairwoman recently sold €2.0m worth of stock On the 7th of August, Ellen Alemany sold around 2k shares on-market at roughly €1,363 per share. This transaction amounted to 4.3% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €4.2m. This was Ellen's only on-market trade for the last 12 months. Reported Earnings • Aug 04
Second quarter 2023 earnings released: EPS: US$46.97 (vs US$14.85 in 2Q 2022) Second quarter 2023 results: EPS: US$46.97 (up from US$14.85 in 2Q 2022). Revenue: US$2.41b (up 123% from 2Q 2022). Net income: US$682.0m (up 187% from 2Q 2022). Profit margin: 28% (up from 22% in 2Q 2022). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has only increased by 55% per year, which means it is significantly lagging earnings growth. Announcement • Jul 07
First Citizens BancShares, Inc. to Report Q2, 2023 Results on Aug 03, 2023 First Citizens BancShares, Inc. announced that they will report Q2, 2023 results at 9:30 AM, US Eastern Standard Time on Aug 03, 2023 Recent Insider Transactions • Jun 21
Chairman & CEO recently sold €4.2m worth of stock On the 16th of June, Frank Holding sold around 4k shares on-market at roughly €1,188 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Frank's only on-market trade for the last 12 months. Upcoming Dividend • May 23
Upcoming dividend of US$0.75 per share at 0.2% yield Eligible shareholders must have bought the stock before 30 May 2023. Payment date: 15 June 2023. Payout ratio is a comfortable 0.4% and this is well supported by cash flows. Trailing yield: 0.2%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (6.2%). Announcement • May 11
First Citizens BancShares, Inc. Reports Impairment Charges for the First Quarter Ended March 31, 2023 First Citizens BancShares, Inc. reported impairment charges for the first quarter that ended March 31, 2023. For the period, the company has posted net charge-offs of $50 million against $15 million a year ago. Reported Earnings • May 11
First quarter 2023 earnings released: EPS: US$654 (vs US$16.73 in 1Q 2022) First quarter 2023 results: EPS: US$654 (up from US$16.73 in 1Q 2022). Revenue: US$502.0m (down 16% from 1Q 2022). Net income: US$9.50b (up US$9.24b from 1Q 2022). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has only increased by 48% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 30
Investor sentiment improves as stock rises 56% After last week's 56% share price gain to €840, the stock trades at a forward P/E ratio of 2x. Average forward P/E is 7x in the Banks industry in Europe. Total returns to shareholders of 201% over the past three years. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €520, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 8x in the Banks industry in Europe. Total returns to shareholders of 100% over the past three years. Reported Earnings • Mar 01
Full year 2022 earnings released: EPS: US$67.47 (vs US$53.89 in FY 2021) Full year 2022 results: EPS: US$67.47 (up from US$53.89 in FY 2021). Revenue: US$4.00b (up 107% from FY 2021). Net income: US$1.05b (up 98% from FY 2021). Profit margin: 26% (down from 27% in FY 2021). The decrease in margin was driven by higher expenses. Net interest margin (NIM): 3.14% (up from 2.66% in FY 2021). Non-performing loans: 0.89% (up from 0.37% in FY 2021). Revenue is forecast to grow 7.5% p.a. on average during the next 2 years, compared to a 6.6% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 20% per year. Upcoming Dividend • Feb 20
Upcoming dividend of US$0.75 per share at 0.4% yield Eligible shareholders must have bought the stock before 27 February 2023. Payment date: 15 March 2023. Trailing yield: 0.4%. Lower than top quartile of German dividend payers (4.6%). Lower than average of industry peers (5.3%). Reported Earnings • Jan 28
Full year 2022 earnings released: EPS: US$67.47 (vs US$53.88 in FY 2021) Full year 2022 results: EPS: US$67.47 (up from US$53.88 in FY 2021). Revenue: US$4.00b (up 107% from FY 2021). Net income: US$1.05b (up 98% from FY 2021). Profit margin: 26% (down from 27% in FY 2021). The decrease in margin was driven by higher expenses. Net interest margin (NIM): 3.14% (up from 2.66% in FY 2021). Non-performing loans: 0.89% (up from 0.37% in FY 2021). Revenue is forecast to grow 7.3% p.a. on average during the next 2 years, compared to a 5.2% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 13% per year. Announcement • Jan 07
First Citizens BancShares, Inc. to Report Q4, 2022 Results on Jan 26, 2023 First Citizens BancShares, Inc. announced that they will report Q4, 2022 results Pre-Market on Jan 26, 2023 Recent Insider Transactions • Dec 02
CFO & Principal Accounting Officer recently bought €51k worth of stock On the 30th of November, Craig Nix bought around 67.0 shares on-market at roughly €768 per share. This transaction amounted to 8.3% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Craig has been a buyer over the last 12 months, purchasing a net total of €328k worth in shares. Upcoming Dividend • Nov 22
Upcoming dividend of US$0.75 per share Eligible shareholders must have bought the stock before 29 November 2022. Payment date: 15 December 2022. Payout ratio is a comfortable 2.9% and this is well supported by cash flows. Trailing yield: 0.4%. Lower than top quartile of German dividend payers (4.9%). Lower than average of industry peers (6.4%). Reported Earnings • Oct 30
Third quarter 2022 earnings released: EPS: US$19.29 (vs US$12.17 in 3Q 2021) Third quarter 2022 results: EPS: US$19.29 (up from US$12.17 in 3Q 2021). Revenue: US$1.17b (up 148% from 3Q 2021). Net income: US$303.0m (up 154% from 3Q 2021). Profit margin: 26% (in line with 3Q 2021). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 21% per year. Recent Insider Transactions • Aug 23
Chief Credit Officer recently sold €551k worth of stock On the 19th of August, Marisa Harney sold around 657 shares on-market at roughly €839 per share. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought €439k more than they sold in the last 12 months. Reported Earnings • Jul 29
Second quarter 2022 earnings released: EPS: US$15.94 (vs US$15.09 in 2Q 2021) Second quarter 2022 results: EPS: US$15.94 (up from US$15.09 in 2Q 2021). Revenue: US$1.08b (up 116% from 2Q 2021). Net income: US$255.0m (up 72% from 2Q 2021). Profit margin: 24% (down from 30% in 2Q 2021). Over the next year, revenue is forecast to grow 60%, compared to a 20% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • May 20
Upcoming dividend of US$0.47 per share Eligible shareholders must have bought the stock before 27 May 2022. Payment date: 15 June 2022. Payout ratio is a comfortable 3.3% but the company is not cash flow positive. Trailing yield: 0.3%. Lower than top quartile of German dividend payers (4.4%). Lower than average of industry peers (6.6%). Recent Insider Transactions • May 10
Lead Independent Director recently bought €478k worth of stock On the 5th of May, Robert Newcomb bought around 750 shares on-market at roughly €637 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €982k more in shares than they have sold in the last 12 months. Recent Insider Transactions • May 04
CFO & Principal Accounting Officer recently bought €188k worth of stock On the 29th of April, Craig Nix bought around 300 shares on-market at roughly €625 per share. This was the largest purchase by an insider in the last 3 months. Craig has been a buyer over the last 12 months, purchasing a net total of €277k worth in shares. Reported Earnings • Apr 29
First quarter 2022 earnings released: EPS: US$27.61 (vs US$14.54 in 1Q 2021) First quarter 2022 results: EPS: US$27.61 (up from US$14.54 in 1Q 2021). Revenue: US$598.0m (up 23% from 1Q 2021). Net income: US$271.0m (up 90% from 1Q 2021). Profit margin: 45% (up from 29% in 1Q 2021). Over the next year, revenue is forecast to grow 92%, compared to a 8.5% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 01
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$53.88 (up from US$47.50 in FY 2020). Revenue: US$1.94b (up 7.1% from FY 2020). Net income: US$528.9m (up 11% from FY 2020). Profit margin: 27% (in line with FY 2020). Net interest margin (NIM): 2.66% (down from 3.17% in FY 2020). Non-performing loans: 0.37% (down from 0.58% in FY 2020). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 117%, compared to a 9.7% growth forecast for the banks industry in Germany. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 20% per year. Recent Insider Transactions • Feb 26
Insider recently bought €98k worth of stock On the 24th of February, West Ludwig bought around 150 shares on-market at roughly €652 per share. In the last 3 months, there was an even bigger purchase from another insider worth €115k. Insiders have collectively bought €441k more in shares than they have sold in the last 12 months. Upcoming Dividend • Feb 18
Upcoming dividend of US$0.47 per share Eligible shareholders must have bought the stock before 25 February 2022. Payment date: 15 March 2022. Payout ratio is a comfortable 3.5% but the company is not cash flow positive. Trailing yield: 0.2%. Lower than top quartile of German dividend payers (3.3%). Lower than average of industry peers (4.4%). Recent Insider Transactions • Jan 31
CFO & Principal Accounting Officer recently bought €89k worth of stock On the 27th of January, Craig Nix bought around 129 shares on-market at roughly €691 per share. This was the largest purchase by an insider in the last 3 months. This was Craig's only on-market trade for the last 12 months. Reported Earnings • Jan 28
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$53.88 (up from US$47.50 in FY 2020). Revenue: US$1.94b (up 6.9% from FY 2020). Net income: US$528.9m (up 11% from FY 2020). Profit margin: 27% (in line with FY 2020). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 97%, compared to a 11% growth forecast for the banks industry in Germany. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 24% per year. Buying Opportunity • Jan 25
Now 25% undervalued after recent price drop Over the last 90 days, the stock is down 2.8%. The fair value is estimated to be US$926, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.2% per annum over the last 3 years. Earnings per share has grown by 20% per annum over the last 3 years. Upcoming Dividend • Nov 02
Upcoming dividend of US$0.47 per share Eligible shareholders must have bought the stock before 09 November 2021. Payment date: 30 November 2021. Trailing yield: 0.2%. Lower than top quartile of German dividend payers (3.2%). Lower than average of industry peers (2.9%). Reported Earnings • Oct 28
Third quarter 2021 earnings released: EPS US$12.17 (vs US$14.03 in 3Q 2020) The company reported a poor third quarter result with weaker earnings and profit margins, although revenues were flat. Third quarter 2021 results: Revenue: US$471.0m (flat on 3Q 2020). Net income: US$119.4m (down 14% from 3Q 2020). Profit margin: 25% (down from 29% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 24% per year. Reported Earnings • Aug 05
Second quarter 2021 earnings released: EPS US$15.09 (vs US$14.74 in 2Q 2020) The company reported a mediocre second quarter result with weaker profit margins, although earnings were flat and revenues improved. Second quarter 2021 results: Revenue: US$500.1m (up 3.7% from 2Q 2020). Net income: US$148.2m (flat on 2Q 2020). Profit margin: 30% (down from 31% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 20% per year. Upcoming Dividend • May 06
Upcoming dividend of US$0.47 per share Eligible shareholders must have bought the stock before 13 May 2021. Payment date: 28 May 2021. Trailing yield: 0.2%. Lower than top quartile of German dividend payers (3.1%). Lower than average of industry peers (2.7%). Reported Earnings • Apr 29
First quarter 2021 earnings released: EPS US$14.54 (vs US$5.46 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$487.3m (up 29% from 1Q 2020). Net income: US$142.7m (up 150% from 1Q 2020). Profit margin: 29% (up from 15% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Mar 24
Chief Strategy Officer recently bought €125k worth of stock On the 19th of March, Jeffery Ward bought around 178 shares on-market at roughly €704 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. 