The current five-year bull market in stocks from the 2009 low is the second-strongest since World War II, but financial stocks have been significantly lagging. Marty Mosby, banking analyst at Guggenheim Partners, told CNBC on Friday that patient investors could be rewarded, because banks could see an upside of 15 percent over the next three to five years.
"The banks lost over 85 percent of their shareholder value in the financial crisis and the recession. We've only made back a little bit more than half of that," Mosby said in a "Squawk Box" interview. "This will be a much longer recovery in banks—probably a full decade before we get back to the full value."
But continuing economic growth and eventual interest rate increases are factors that are going to be the next catalysts for bank stocks he added—saying he was encouraged by the stronger February jobs report released Friday morning.
(Read more: Heating up: Job creation accelerates in February)
(Disclosure: Guggenheim has investment banking and securities-related service interests in these companies.)