10 Best Local Bank Stocks to Buy

3. First Citizens BancShares Inc (NASDAQ:FCNCA)

Number of Hedge Fund Investors: 46

First Citizens BancShares Inc (NASDAQ:FCNCA) is based out of North Carolina and provides retail and commercial banking services to individuals, businesses, and professionals. The stock price is up 49.40% in the past year and it continues to receive upward price targets from analysts. Truist Securities revised the price target from $2,303 to $2,384 with a Hold rating.

The favorable price revisions come on the back of a strong 2024 fiscal with revenues up by 23% and EPS beating analyst estimates by 6.4%. First Citizens BancShares Inc (NASDAQ:FCNCA) showed operational resilience amidst industrial headwinds with NIM at 3.54%, lower than 3.92% in 2023. Non-interest income received a boost from a favorable market price of securities, a gain on the sale of leasing equipment, and a gain on the sale of mortgage loans. The proportion of non-performing loans also increased slightly from 0.73% to 0.84%. It is also on the verge of transitioning to a Category 3 bank. The stock is priced at 11.71x its trailing 12-month EPS.