Barclays Maintains First Citizens BancShares, Inc. - Preferred Stock (FCNCO) Equal-Weight Recommendation

Barclays maintained an "Equal-Weight" rating on First Citizens BancShares, Inc. Preferred Stock (FCNCO) on October 24, 2025, setting an average one-year price target of $28.20, which implies a 24.51% upside from its $22.65 closing price. Despite the number of institutional holders remaining stable, total institutional ownership decreased by 1.22% to 1,167K shares, reflecting mixed sentiment as major ETFs like iShares Preferred and Income Securities ETF (PFF) and Invesco Preferred ETF (PGX) reduced their positions, while Global X U.S. Preferred ETF (PFFD) significantly increased its stake.

Analysis

Barclays maintained an "Equal-Weight" rating on First Citizens BancShares, Inc. Preferred Stock (FCNCO) on October 24, 2025, setting an average one-year price target of $28.20/share. This target implies a substantial 24.51% upside from the latest closing price of $22.65, suggesting a positive valuation outlook from the analyst despite the neutral rating. The projected annual non-GAAP EPS stands at 174.69, a key fundamental metric for valuation.

Despite the stable number of institutional holders at seven, total shares owned by institutions decreased by 1.22% over the last quarter to 1,167K shares. However, the average portfolio weight dedicated to FCNCO by these funds saw a slight increase of 1.91% to 0.24%, indicating some rebalancing towards the preferred stock by certain investors.

Institutional activity was notably mixed, with major preferred ETFs exhibiting divergent strategies. iShares Preferred and Income Securities ETF (PFF) and Invesco Preferred ETF (PGX) reduced their holdings by 8.89% and 4.79% respectively. Conversely, Global X U.S. Preferred ETF (PFFD) significantly increased its position by 27.69%, suggesting a more bullish stance from that specific fund.

Key Decisions for Investors

• Investors should evaluate the 24.51% implied upside from Barclays' $28.20 price target against the "Equal-Weight" rating, considering the preferred stock's risk-reward profile.
• Monitor the mixed institutional ownership trends, particularly the divergent actions of major ETFs, as they may signal differing views on FCNCO's future performance or sector allocation strategies.
• Conduct further due diligence on the projected non-GAAP EPS of 174.69 to understand its implications for preferred stock valuation and income stability.