Broyhill Asset Management initiates a position in First Citizens BancShares, citing significant share repurchases and an undervalued rail leasing division as core drivers for mid-term appreciation.
Broyhill Asset Management believes FCNCA is undervalued with catalysts including share buybacks and a rail leasing fleet valued at bank multiples.
Broyhill Asset Management identified First Citizens BancShares (FCNCA) as a key holding in its Q2 2026 investor letter. The firm cites aggressive share buybacks and an undervalued rail leasing fleet as primary catalysts for future growth, noting the bank's strong management alignment and consistent capital return strategy.
Broyhill believes the stock is undervalued, pointing to the company's aggressive share retirement program and the market's failure to properly value its substantial rail leasing fleet.