Stock fact sheet · data as of
First Citizens BancShares, Inc. Depositary Shares, each representing a 1/40th interest in a share of 6.625% Non-Cumulative Perpetual Preferred Stock, Series E (FCNCN): fair value, margin of safety and Wheel Score
Ticker symbol FCNCN · Financial Services · Banks - Regional · United States · Depositary preferred shares · Fund / Note
FCNCN is not First Citizens BancShares, Inc. Depositary Shares, each representing a 1/40th interest in a share of 6.625% Non-Cumulative Perpetual Preferred Stock, Series E's common stock: it is a depositary share of its preferred stock - each one a fraction of a single preferred share. Preferred shares pay a set dividend and rank ahead of the common stock if the company fails, but usually carry no vote and do not share in the company's growth the same way. The valuation models on this page are built for common stock and say little about a preferred share. The common stock trades as FCNCA (Class A common stock).
Is FCNCN undervalued?
FCNCN has a margin of safety of 99%: the stock closed at 22.40 on 5 Nov 2026 against a GLS average fair value of 2,724.89. 8 of the 9 valuation models that produced a number sit above the price. Our scans treat a discount this large as a strong starting point for a cash-secured put, not as a verdict - the fair value is a model output, and a wide gap can mean the models are missing something the market knows.
The 9 models disagree widely: Lynch gives 12.22 while DCF gives 17,813.90. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.
FCNCN looks like a fund, note or preferred share rather than an operating company, so the nightly engine files it under Fund / Note: the valuation models are not built for it, and its Wheel Score is capped at 45.
Nine valuation models for FCNCN
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 17,813.90 | +79426% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 3,028.97 | +13422% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 40.88 | +82% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 12.22 | -45% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 125.03 | +458% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 3,154.48 | +13983% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 202.18 | +803% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 123.60 | +452% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 22.69 | +1% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -2,466.12 | -11109% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 0.0000 | -100% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
On financial health FCNCN scores 7/9 (Piotroski): most of the nine tests - positive earnings and cash flow, falling debt, rising margins and turnover - are passed, which is the kind of balance sheet a wheel trader is happy to be assigned. There is no GLS Moat score for FCNCN: funds, notes and second share lines get none, and so does a company with fewer than two years of accounts on file. The Moat part of the Wheel Score is zero.
Returns on capital are thin or negative - ROIC 3.8%, ROE 9.9%, ROA 1.0% - with debt at 1.62 times equity and a free-cash-flow yield of 6.0%.
The dividend yield is 0.36% with a payout ratio of 6% - a small yield that leaves most of the earnings in the business. Revenue comes mainly from Deposit Fees and Service Charges 29%, Asset Management 24%, Credit and Debit Card 15% (quarter Q2 FY2026).
Institutional ownership scores 5/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 7 / 9 | ROIC | 3.8% |
|---|---|---|---|
| GLS Moat | - / 10 | ROE | 9.9% |
| Debt / equity | 1.62 | ROA | 1.0% |
| Free-cash-flow yield | 6.0% | Payout ratio | 6% |
| Institutions | 5 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 29: No options
FCNCN has no listed options in the nightly snapshot, so there is nothing to sell and the stock cannot be wheeled however good the business. It fails the first Wheel Trade Filter (options that actually trade), so the score stays under 70 and is shown as "No options" (29 here). The valuation and quality numbers still apply to owning the shares outright.
Volume runs at 54k shares a day on a market cap of $358M, with a beta of 0.06 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score rates that fair.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Fails | no listed options |
| 2 | A real business, not a gamble | Fails | a fund or note, not a company |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Passes | Piotroski F-score 6 or more out of 9 (a company with no score on file passes) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Fails | no implied volatility |
| 8 | Big enough | Fails | market cap $358M (under $1.0B) |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Strong | 99% below fair value | |
| Premium | Weak | no option data | |
| Moat | Weak | no moat score | |
| Health | Good | Piotroski 7/9 | |
| Red Flags | Fair | not scored yet - half marks | |
| Option trading | Weak | no option volume data | |
| Stability | Fair | beta 0.06, $358M company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
The next earnings report is due on 22 Jan 2027, 78 days away - outside the window of a 30-45-day put sold today. The shares go ex-dividend on 30 Nov 2026 (0.4140 per share), so a covered call sold before then carries a small early-assignment risk around that date.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Banks - Regional
The 12 companies below are the closest to First Citizens BancShares, Inc. Depositary Shares, each representing a 1/40th interest in a share of 6.625% Non-Cumulative Perpetual Preferred Stock, Series E by market cap within the Banks - Regional industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| CFFI C&F Financial Corporation | 112.23 | 102.19 | -10% | 21No options | $365M |
| BRBS Blue Ridge Bankshares, Inc. | 4.07 | 2.23 | -82% | 30Weak | $365M |
| FSBW FS Bancorp, Inc. | 44.47 | 76.16 | +42% | 36No options | $350M |
| USCB USCB Financial Holdings, Inc. | 19.94 | 31.98 | +38% | 34No options | $368M |
| WSBF Waterstone Financial, Inc. | 20.50 | 31.04 | +34% | 45Weak | $369M |
| BFCC BankFirst Capital Corporation | 64.97 | 105.15 | +38% | 35No options | $344M |
| FRST Primis Financial Corp | 15.07 | 57.28 | +74% | 41Weak | $374M |
| COSO CoastalSouth Bancshares, Inc. | 28.75 | 48.39 | +41% | 33No options | $344M |
| TSBK Timberland Bancorp, Inc. | 48.16 | 46.79 | -3% | 36Weak | $374M |
| BCML BayCom Corp | 31.41 | 24.10 | -30% | 34Weak | $343M |
| MVBF MVB Financial Corp. | 26.01 | 41.22 | +37% | 47Weak | $338M |
| CBNA Chain Bridge Bancorp, Inc. | 51.17 | 135.25 | +62% | 32No options | $336M |
⚖ Compare FCNCN with 7 of them All Financial Services stocks →
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Start free See the Sunday ScanQuestions about FCNCN
Is FCNCN the same as First Citizens BancShares, Inc. Depositary Shares, each representing a 1/40th interest in a share of 6.625% Non-Cumulative Perpetual Preferred Stock, Series E stock?
No. FCNCN is not First Citizens BancShares, Inc. Depositary Shares, each representing a 1/40th interest in a share of 6.625% Non-Cumulative Perpetual Preferred Stock, Series E's common stock: it is a depositary share of its preferred stock - each one a fraction of a single preferred share. Preferred shares pay a set dividend and rank ahead of the common stock if the company fails, but usually carry no vote and do not share in the company's growth the same way. The valuation models on this page are built for common stock and say little about a preferred share. The common stock trades as FCNCA (Class A common stock).
Is FCNCN undervalued right now?
By the GLS models, yes: at 22.40 the stock is 99% below the average fair value of 2,724.89 (data as of 5 Nov 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of FCNCN and what does it mean?
FCNCN has no listed options in our nightly snapshot, so it cannot be wheeled; it fails the first Wheel Trade Filter (options that actually trade), stays under 70 and is shown as "No options".
What is the GLS fair value for FCNCN?
2,724.89 per share as of 5 Nov 2026 - the simple average of the 9 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does First Citizens BancShares, Inc. Depositary Shares, each representing a 1/40th interest in a share of 6.625% Non-Cumulative Perpetual Preferred Stock, Series E report earnings next?
The next earnings report is due on 22 Jan 2027, 78 days from the data date of 5 Nov 2026. The Calendars page lists every upcoming report with its time of day.
Does FCNCN have listed options, and how liquid are they?
No. The nightly options snapshot found no listed contracts on FCNCN, so the wheel strategy cannot be run on it and the Wheel Score stays under 70.