National Commercial Banks stocks: intrinsic value, ROIC & growth
26 U.S. national commercial banks companies with at least three years of SEC filings, ranked by size. 19 of the 24 with a current price trade below their Graham intrinsic value. The median company earned a 8.9% average return on invested capital and grew revenue 7.0% a year.
Updated October 18, 2026
26companies
19below Graham value
8.9%median 10-yr ROIC
7.0%median revenue CAGR
Most undervalued national commercial banks stocks
| Ticker | Company | Upside | Price | Graham value | Price vs value | Market cap | ROIC (10y) | Revenue CAGR |
|---|---|---|---|---|---|---|---|---|
| FSUN | FIRSTSUN CAPITAL BANCORP | +204% | $37.95 | $115.26 | 67% below | $1.1B | 8.9% | 7.9% |
| ZION | ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ | +183% | $63.37 | $179.61 | 65% below | $9.3B | 8.6% | 42.6% |
| RF | Regions Financial Corporation | +126% | $27.45 | $62.15 | 56% below | $24.6B | 3.1% | 64.0% |
| UMBF | UMB FINANCIAL CORP | +105% | $131.10 | $268.34 | 51% below | $9.7B | 15.3% | 17.0% |
| DCOM | Dime Community Bancshares, Inc. /NY/ | +102% | $38.83 | $78.39 | 50% below | $1.7B | 8.5% | 10.1% |
| FULT | FULTON FINANCIAL CORP | +96% | $22.40 | $43.97 | 49% below | $4.1B | 11.0% | 4.4% |
| FISI | FINANCIAL INSTITUTIONS INC | +66% | $39.31 | $65.09 | 40% below | $798.7M | 5.9% | 9.4% |
| PNC | PNC Financial Services | +61% | $217.39 | $350.67 | 38% below | $86.1B | 11.3% | 4.8% |
| BAC | BANK OF AMERICA CORP /DE/ | +57% | $51.23 | $80.53 | 36% below | $393.5B | 9.1% | 3.4% |
| KEY | KeyCorp | +53% | $19.99 | $30.53 | 35% below | $22.1B | 4.9% | -11.1% |
Highest-ROIC national commercial banks stocks
| Ticker | Company | 10-yr ROIC | Price | Graham value | Price vs value | Market cap | ROIC (10y) | Revenue CAGR |
|---|---|---|---|---|---|---|---|---|
| UMBF | UMB FINANCIAL CORP | 15.3% | $131.10 | $268.34 | 51% below | $9.7B | 15.3% | 17.0% |
| JPM | JPMorgan Chase | 13.3% | $339.72 | $423.17 | 20% below | $944.9B | 13.3% | 7.4% |
| CFR | CULLEN/FROST BANKERS, INC. | 12.9% | $155.05 | $209.68 | 26% below | $9.9B | 12.9% | -21.9% |
| NBTB | NBT BANCORP INC | 12.1% | $50.85 | $70.39 | 28% below | $2.6B | 12.1% | 5.7% |
| PNC | PNC Financial Services | 11.3% | $217.39 | $350.67 | 38% below | $86.1B | 11.3% | 4.8% |
| FULT | FULTON FINANCIAL CORP | 11.0% | $22.40 | $43.97 | 49% below | $4.1B | 11.0% | 4.4% |
| CBU | COMMUNITY FINANCIAL SYSTEM, INC. | 10.8% | $60.24 | $71.24 | 15% below | $3.2B | 10.8% | 4.8% |
| WFC | Wells Fargo | 9.7% | $83.87 | $101.32 | 17% below | $271.9B | 9.7% | -0.6% |
| SFST | SOUTHERN FIRST BANCSHARES INC | 9.3% | $59.81 | $75.42 | 21% below | $488.1M | 9.3% | -0.9% |
| BAC | BANK OF AMERICA CORP /DE/ | 9.1% | $51.23 | $80.53 | 36% below | $393.5B | 9.1% | 3.4% |
All national commercial banks stocks
| Ticker | Company | Price | Graham value | Price vs value | Market cap | ROIC (10y) | Revenue CAGR |
|---|---|---|---|---|---|---|---|
| JPM | JPMorgan Chase | $339.72 | $423.17 | 20% below | $944.9B | 13.3% | 7.4% |
| BAC | BANK OF AMERICA CORP /DE/ | $51.23 | $80.53 | 36% below | $393.5B | 9.1% | 3.4% |
| WFC | Wells Fargo | $83.87 | $101.32 | 17% below | $271.9B | 9.7% | -0.6% |
| C | Citigroup | $124.26 | $105.05 | 18% above | $232.8B | 6.4% | 2.2% |
| COF | Capital One | $201.74 | — | — | $109.2B | 6.8% | -12.0% |
| PNC | PNC Financial Services | $217.39 | $350.67 | 38% below | $86.1B | 11.3% | 4.8% |
| RF | Regions Financial Corporation | $27.45 | $62.15 | 56% below | $24.6B | 3.1% | 64.0% |
| KEY | KeyCorp | $19.99 | $30.53 | 35% below | $22.1B | 4.9% | -11.1% |
| CFR | CULLEN/FROST BANKERS, INC. | $155.05 | $209.68 | 26% below | $9.9B | 12.9% | -21.9% |
| UMBF | UMB FINANCIAL CORP | $131.10 | $268.34 | 51% below | $9.7B | 15.3% | 17.0% |
| ZION | ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ | $63.37 | $179.61 | 65% below | $9.3B | 8.6% | 42.6% |
| FULT | FULTON FINANCIAL CORP | $22.40 | $43.97 | 49% below | $4.1B | 11.0% | 4.4% |
| WSBC | WESBANCO INC | $37.22 | $17.70 | 110% above | $3.4B | 5.2% | 7.0% |
| CBU | COMMUNITY FINANCIAL SYSTEM, INC. | $60.24 | $71.24 | 15% below | $3.2B | 10.8% | 4.8% |
| BANC | BANC OF CALIFORNIA, INC. | $17.18 | $12.82 | 34% above | $2.8B | -5.5% | 22.3% |
| NBTB | NBT BANCORP INC | $50.85 | $70.39 | 28% below | $2.6B | 12.1% | 5.7% |
| CASH | PATHWARD FINANCIAL, INC. | $72.93 | $261.41 | 72% below | $1.7B | -55.3% | 30.4% |
| DCOM | Dime Community Bancshares, Inc. /NY/ | $38.83 | $78.39 | 50% below | $1.7B | 8.5% | 10.1% |
| FSUN | FIRSTSUN CAPITAL BANCORP | $37.95 | $115.26 | 67% below | $1.1B | 8.9% | 7.9% |
| FISI | FINANCIAL INSTITUTIONS INC | $39.31 | $65.09 | 40% below | $798.7M | 5.9% | 9.4% |
| CARE | Carter Bankshares, Inc. | $30.21 | $22.84 | 32% above | $678.4M | 5.5% | 8.0% |
| SFST | SOUTHERN FIRST BANCSHARES INC | $59.81 | $75.42 | 21% below | $488.1M | 9.3% | -0.9% |
| WBS | WEBSTER FINANCIAL CORP | — | $195.97 | — | — | 11.9% | 3.6% |
| FUNC | FIRST UNITED CORP/MD/ | $44.24 | $109.61 | 60% below | $287.7M | 8.2% | 40.8% |
| NKSH | NATIONAL BANKSHARES INC | $43.58 | $25.31 | 72% above | $277.3M | 9.6% | 4.7% |
| MRBK | Meridian Corp | $18.51 | $62.78 | 71% below | $213.6M | 8.2% | 10.3% |
Stock lists
Undervalued Stocks Below Graham Intrinsic Value
Highest ROIC Stocks (10-Year Average)
Highest Free Cash Flow Yield Stocks
Fastest-Growing Stocks by 10-Year Revenue