10 Best Local Bank Stocks to Buy

6. Truist Financial Corporation (NYSE:TFC)

Number of Hedge Fund Investors: 45

Truist Financial Corporation (NYSE:TFC) provides banking and trust services in the Southeastern and Mid-Atlantic United States through its three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings. It is another script offering a generous forward dividend yield of 4.62%.

Truist Financial Corporation (NYSE:TFC) has been successful in leveraging its digital channel by achieving a 7% y-o-y growth in its mobile users. It also managed to open 730,000 new digital loan and deposit accounts in 2024. The investment banking division has been the best performer, achieving a 46% growth in trading revenue. In its latest earnings call, the CFO estimates that the net interest margin should increase marginally accompanied by a modest growth in its loan and deposit book. Truist Financial Corporation (NYSE:TFC) is adequately capitalized with a CET1 of 11.5% and targets a capitalization level of around 10% in the near future. There is also an impetus provided to generate fee-based revenue in order to counter any headwinds from any unfavorable interest rate movement.