10 Best Extremely Profitable Stocks to Buy Now

4. First Citizens BancShares, Inc. (NASDAQ:FCNCA)

5 Year Revenue Growth: 41.29%

5 Year Net Income Growth: 42.24%

TTM Net Income: $2.53 Billion

Number of Hedge Fund Holders: 46

First Citizens BancShares, Inc. (NASDAQ:FCNCA) is a financial holding company that operates primarily through its subsidiary, First-Citizens Bank & Trust Company. The services provided by the company range from basic banking services like checking and savings accounts, loans for homes, cars, and businesses, as well as credit cards, to Commercial Banking, Silicon Valley Banking, and Rail Segment.

The bank stands out due to its Silicon Valley Banking, through which it caters to businesses in innovation sectors such as healthcare and technology. This segment also serves private equity firms and venture capitalists, offering them financial products that support their investments.

First Citizens BancShares, Inc. (NASDAQ:FCNCA) demonstrated resilience in its third-quarter performance despite some challenges related to loan origination and net income declines. The bank reported a net income of $624 million, which represents a 15% decrease compared to the same quarter in the previous year. Net income for the quarter was mainly impacted by acquisition-related expenses of $46 million, intangible asset amortization of $15 million, and other noninterest expenses of $8 million.

However, on the bright side, the total deposits of the bank improved by $495 million subsequently reaching $151.57 billion. Management attributed the improvement in deposits to the growth in the General Bank and SVB Commercial segments. General Bank segment deposits increased by $690 million and the SVB commercial segment improved by $54 million subsequently during the quarter. First Citizens BancShares, Inc. (NASDAQ:FCNCA) is one of the best extremely profitable stocks to buy now.

Greenlight Capital stated the following regarding First Citizens BancShares, Inc. (NASDAQ:FCNCA) in its Q2 2024 investor letter:

“We exited a few positions during the quarter, including, First Citizens BancShares, Inc. (NASDAQ:FCNCA): The bargain acquisition of the corpse of Silicon Valley Bank worked out well. The shares appreciated more than 80% and no longer appear cheap.”