Fidelity Southern Corp. (LION) Upgraded to Buy at Zacks Investment Research
Fidelity Southern Corp. (NASDAQ:LION) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The firm currently has a $20.00 target price on the financial services provider’s stock. Zacks Investment Research’s price objective would suggest a potential upside of 10.38% from the company’s previous close.
According to Zacks, “Fidelity Southern Corporation, through its operating subsidiary Fidelity Bank, provides a wide range of banking, mortgage and investment services through branches in Atlanta, Georgia. Mortgage, construction, and automobile loans are also provided through offices in Jacksonville, Florida. “
A number of other analysts also recently issued reports on the company. Keefe, Bruyette & Woods upgraded Fidelity Southern Corp. from a “market perform” rating to an “outperform” rating and set a $20.00 price target for the company in a research report on Friday, July 22nd. FBR & Co reiterated a “hold” rating and set a $18.00 price target on shares of Fidelity Southern Corp. in a research report on Friday, July 22nd.
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Shares of Fidelity Southern Corp. (NASDAQ:LION) traded up 0.67% during mid-day trading on Wednesday, hitting $18.12. 23,073 shares of the stock traded hands. The firm’s 50-day moving average is $17.68 and its 200-day moving average is $16.52. Fidelity Southern Corp. has a 52 week low of $14.01 and a 52 week high of $23.05. The stock has a market cap of $471.75 million, a price-to-earnings ratio of 16.64 and a beta of 0.87.
Fidelity Southern Corp. (NASDAQ:LION) last issued its quarterly earnings results on Thursday, July 21st. The financial services provider reported $0.26 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.45 by $0.19. Fidelity Southern Corp. had a net margin of 10.97% and a return on equity of 12.41%. On average, analysts forecast that Fidelity Southern Corp. will post $1.63 earnings per share for the current year.
In related news, Director Rankin M. Smith, Jr. sold 52,078 shares of the business’s stock in a transaction that occurred on Tuesday, August 9th. The stock was sold at an average price of $17.46, for a total value of $909,281.88. Following the completion of the sale, the director now owns 238,330 shares in the company, valued at approximately $4,161,241.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Rankin M. Smith, Jr. sold 27,571 shares of the business’s stock in a transaction that occurred on Monday, August 8th. The stock was sold at an average price of $17.34, for a total value of $478,081.14. Following the completion of the sale, the director now owns 266,330 shares of the company’s stock, valued at approximately $4,618,162.20. The disclosure for this sale can be found here. 19.93% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in the company. LSV Asset Management increased its stake in Fidelity Southern Corp. by 100.5% in the second quarter. LSV Asset Management now owns 969,644 shares of the financial services provider’s stock worth $15,194,000 after buying an additional 485,914 shares during the last quarter. RMB Capital Management LLC increased its stake in shares of Fidelity Southern Corp. by 352.9% in the first quarter. RMB Capital Management LLC now owns 275,564 shares of the financial services provider’s stock valued at $4,420,000 after buying an additional 214,726 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Fidelity Southern Corp. by 35.7% in the second quarter. JPMorgan Chase & Co. now owns 690,714 shares of the financial services provider’s stock valued at $10,824,000 after buying an additional 181,885 shares during the last quarter. Context BH Capital Management LP bought a new stake in shares of Fidelity Southern Corp. during the second quarter valued at $1,551,000. Finally, Bank of Montreal Can bought a new stake in shares of Fidelity Southern Corp. during the second quarter valued at $1,155,000. Institutional investors own 59.46% of the company’s stock.
About Fidelity Southern Corp.
Fidelity Southern Corporation is a bank holding company. The Company operates in the community banking segment. It conducts its operations through its subsidiary bank, Fidelity Bank (the Bank). The Bank provides various financial products and services for retail customers and small to medium-sized businesses, primarily in Atlanta and Jacksonville, Orlando and Sarasota-Bradenton, Florida markets.
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