First Citizens BancShares Inc Class A

FCNCA: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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First Citizens: We Launch Coverage With $2,150 Per Share Fair Value Estimate and a No-Moat Rating

Maoyuan Chen

Jan 13, 2026

We are initiating coverage of First Citizens, the bank that bought Silicon Valley Bridge Bank from the FDIC in March 2023, which led to over 100% tangible book value per share accretion and doubled its asset size. First Citizens specializes in distressed bank acquisitions.

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First Citizens BancShares Inc Class A

First Citizens: We Launch Coverage With $2,150 Per Share Fair Value Estimate and a No-Moat Rating

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