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. But I actually think this valuation is artificially high right now and more upside could be merited given the bank's performance.

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Source Fool.com