Fifth Third Bancorp Has Been a Solid Performer. It Deserves More Credit

Regional banks have gotten off to a solid start to 2023: The SPDR S&P Regional Banking ETF is up by about 5.3%, outpacing the year-to-date gains of the broader market. Regional lender Fifth Third Bancorp (NASDAQ: FITB) has gotten off to an even better start: Its stock is up by about 10% year-to-date, and last month it delivered solid fourth-quarter results and guidance for the full year, which has more or less been the theme in its peer group. Fifth Third currently trades at about 242% of its tangible book value, or net worth, which is a strong valuation.