10 High Growth Non-Tech Stocks That Are Profitable in 2024

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

5-Year Net Income Growth: 43.95%

5-Year Revenue Growth: 42.02%

TTM Net Income: $2.64 Billion

Number of Hedge Fund Holders: 46

First Citizens BancShares, Inc. (NASDAQ:FCNCA) is a financial holding company that oversees several banking-related activities through its subsidiaries. Standing amongst the Fortune 500 companies the bank engages in providing various banking services including General Banking and Commercial Banking.

Notably, it also serves major commercial clients in Silicon Valley, particularly those related to healthcare and technology.

First Citizens BancShares, Inc. (NASDAQ:FCNCA) delivered significant financial improvement during the second quarter. Its performance was driven by a strong Net Interest Margin (NIM), controlled expenses, and continued stabilization of credit.

The loan and deposit was strong across General Banking, Commercial Banking, and SVB Commercial segments. The General Banking and Commercial Banking loans grew by 9.29% and 10.10%, year-over-year, respectively. Whereas the SVB segment saw a 5.33% increase subsequently.

On the deposit side, the Direct Banking segment took the lead by growing deposits by more than 35.73% year-over-year. The board has also approved a $3.5 billion share repurchase plan, signaling confidence in the firm’s financial health.

The company was held by 46 hedge funds in Q2 2024 and has grown its revenue by more than 42% during the past 5 years making it one of the high-growth non-tech stocks that are profitable in 2024.

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.”