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Shares of Fifth Third Bancorp (FITB - Analyst Report) crafted a new 52-week high, touching $20.16 at the beginning of the trading session on Nov 15. However, the stock closed the session at $19.94, which reflects a solid year-to-date return of 29.0%.The trading volume for the session was 6.1 million shares.

Despite the strong price appreciation, this Zacks Rank #3 (Hold) stock has plenty of upside left, given its strong estimate revisions over the last 30 days and expected long-term earnings growth of 8.7%.

Growth Drivers

Though Fifth Third’s third-quarter 2013 results missed expectations, its top-line growth and strong capital position were the tailwinds. Additionally, lower non-interest expenses reflected disciplined expense management.

On Oct 17, Fifth Third reported third-quarter 2013 adjusted earnings of 41 cents per share (excluding the benefit on the sale of shares of Vantiv and valuation of the warrant which Fifth Third holds in Vantiv), which missed the Zacks Consensus Estimate by a penny. However, results surpassed the prior-year quarter earnings of 39 cents.

The company recorded  year-over-year increase of 2.6% in total revenue, aided by a 7% year-over-year rise in non-interest income. Additionally, a 5.0% year-over-year drop in non-interest expenses was reported. Further, improvement in deposits and loans as well as capital ratios reflected the company’s strong position. However, a 1.0% drop in net-interest income was a headwind.

Estimate Revisions Show Potency

Over the last 30 days, 10 out of 18 estimates for 2013 have been revised upward, lifting the Zacks Consensus Estimate by 3.6% to $2.00 per share. For 2014, 7 out of 19 estimates moved north, helping the Zacks Consensus Estimate advance 1.1% to $1.76 per share.

Other better performing banks include KeyCorp. (KEY - Analyst Report), BankUnited, Inc. (BKU - Analyst Report) and Comerica Incorporated (CMA - Analyst Report). All these stocks carry a Zacks Rank #2 (Buy).

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