Is First Citizens BancShares ($FCNCA) Quietly Engineering a Banking Empire No One Saw Coming?
Here is FCNCA’s Price to Tangible Book Value:
I am calculating most of this with a price at end Feb of the year after. So if it is 2013, the price is taken in Feb 2024, at the conclusion of the financial year. You can view it as “I sat on my couch reading the annual report of 2013, on Feb 2014, and look at the stock price today”.
FCNCA typically trades above book value, but given this, and the ROTCE, how do we know the “yield” we are paying for?
We can calculate the Effective Yield which is ROTCE divide by Price-to-Tangible-Book value:
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