Shares of Fifth Third Bancorp ( FITB ) crafted a new
52-week high, touching $18.60 at the beginning of the trading
session on May 28. The closing price of this financial services
provider reflects a solid year-to-date return of 17.7%. The trading
volume for the session was 6.8 million shares.META FINL GRP (CASH): Free Stock Analysis
ReportFIFTH THIRD BK (FITB): Free Stock Analysis
ReportPROVIDENT FINL (PROV): Free Stock Analysis
ReportWSFS FINL CORP (WSFS): Free Stock Analysis
ReportTo read this article on Zacks.com click here.Zacks Investment
Despite the strong price appreciation, this Zacks Rank #3 (Hold)
stock still has plenty of upside left, given its strong estimate
revisions over the last 60 days and expected year-over-year
earnings growth of 4.6% for 2013.
Fifth Third's impressive first-quarter 2013 results - including an
earnings surprise of 12.8% - and solid capital deployment
activities were the primary contributing factors behind the bank
achieving the new high.
On Apr 18, Fifth Third reported its first-quarter adjusted
earnings of 44 cents per share, surpassing the prior-year quarter
number of 36 cents and beating the Zacks Consensus Estimate by a
Improved credit quality aided by lower provision for loans and
leases as well as strong capital position were the positives for
the quarter. Moreover, an increase in loans and deposits reflect
the company's organic growth.
Moreover, Fifth Third has now delivered positive earnings
surprises in 3 of the last 4 quarters with an average beat of
Estimate Revisions Show Potency
Over the last 60 days, 19 of the 20 estimates for 2013 have been
revised upward for Fifth Third, lifting the Zacks Consensus
Estimate by 6.1% to $1.75 per share. For 2014, 14 of the 19
estimates moved north, helping the Zacks Consensus Estimate advance
2.4% to $1.74 per share.
Better performing regional banks include Meta Financial
Group, Inc. ( CASH ),
WSFS Financial Corp. ( WSFS ) and
Provident Financial Holdings, Inc. ( PROV ), both of which
carry a Zacks Rank #1 (Strong Buy).