Fifth Third's shares closed at $13.77 Wednesday, returning 14% year-to-date, following an 11% decline during 2011.

FITB Chart FITB data by YCharts

The shares trade for 1.2 times their reported June 30 tangible book value of $11.89, and for nine times the consensus 2013 earnings estimate of $1.54 a share. The consensus 2012 EPS estimate is also $1.58.

Based on a quarterly payout of eight cents, the shares have a dividend yield of 2.32%.

Konrad rates Fifth Third "Outperform," with a price target of $16, saying "we still believe the stock offers a compelling story at these levels as it offers strong profitability metrics with a pre-tax, pre-provision for loan losses ROA north of 2.0% yet still trades at a discount to peers on 2012 estimates (9.0x vs. 9.9x) and 2013 estimates (8.9x vs. 10.1x)."

Interested in more on Fifth Third Bancorp? See TheStreet Ratings' report card for this stock.

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-- Written by Philip van Doorn in Jupiter, Fla.

>Contact by Email.

Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for TheStreet.com Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.

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