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10 Bank Stock Picks for Bottom-Fishing Investors

8. Fifth Third Bancorp

Shares of Fifth Third Bancorp (FITB - Get Report) of Cincinnati closed at $9.42 Wednesday, for a one-week decline of 22% and a year-to-date decline of 35%.

The shares traded for 0.9 times tangible book value as of Wednesday's market close, according to SNL Financial.

Fifth Third reported second-quarter net income available to common shareholders of $328 million, or 35 cents a share, increasing from to $88 million, or 10 cents a share in the first quarter and $130 million, or 16 cents a share, in the second quarter of 2010. The second-quarter numbers were boosted by a $191 million reserve release.

Following Fifth Third's second-quarter earnings announcement, Guggenheim Securities analyst Marty Mosby reiterated his "Buy" rating for the shares and $16 price target, saying that "pre-provision profits increased by 2% sequentially," and that "FITB generated an annualized 8% sequential quarter growth in commercial loans."

The shares trade for 7.2 times the consensus 2012 EPS estimate of $1.47, among analysts polled by FactSet.

Out of 23 analysts covering Fifth Third Bancorp, 14 rate the shares a buy, eight have neutral ratings and one lonely analyst recommends selling the shares.

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SYM TRADE IT LAST %CHG
BAC $15.81 0.00%
BPOP $34.51 0.00%
CATY $25.83 0.00%
C $52.42 0.00%
FITB $19.36 0.00%

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DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
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