Piper Sandler Maintains First Citizens BancShares, Inc.

On October 24, 2025, Piper Sandler maintained a Neutral recommendation for First Citizens BancShares, Inc. Preferred Stock (FCNCO), with an average one-year price target of $28.20, suggesting a 24.51% upside from its latest closing price of $22.65. Institutional ownership data indicates a 1.22% decrease in total shares held by institutions over the last quarter, despite the number of reporting funds remaining unchanged, with notable shifts including PFF and PGX reducing their stakes while PFFD significantly increased its position.

Analysis

Piper Sandler maintained a Neutral recommendation for First Citizens BancShares, Inc. Preferred Stock (FCNCO) on October 24, 2025. The average one-year price target is set at $28.20, implying a significant 24.51% upside from its last reported closing price of $22.65 per share. This target, ranging from $24.93 to $32.87, suggests potential appreciation despite the neutral stance.

Institutional ownership data reveals a mixed picture, with total shares held by institutions decreasing by 1.22% to 1,167K shares over the last quarter, even as the number of reporting funds remained unchanged at seven. However, the average portfolio weight dedicated to FCNCO increased by 1.91% to 0.24%, indicating a slight re-allocation by existing holders.

Key ETF holders exhibited divergent strategies: iShares Preferred and Income Securities ETF (PFF) reduced its FCNCO stake by 8.89%, and Invesco Preferred ETF (PGX) decreased its holdings by 4.79%. Conversely, Global X U.S. Preferred ETF (PFFD) significantly increased its position by 27.69%, boosting its portfolio allocation by 34.26%. This divergence underscores varied institutional perspectives on the preferred stock's near-term outlook.

Key Decisions for Investors

• Investors should consider the implied 24.51% upside to the $28.20 average price target, but balance this against Piper Sandler's maintained Neutral recommendation.
• Monitor FCNCO's institutional ownership trends, particularly the conflicting signals from major ETF holders like PFFD increasing its stake while PFF and PGX reduced theirs, indicating varied conviction.
• Evaluate the projected non-GAAP EPS of $174.69 in conjunction with the preferred stock's yield and credit quality to assess its attractiveness relative to other preferred equity opportunities.