Zacks Investment Research Lowers Fidelity Southern Corp. (LION) to Hold
Fidelity Southern Corp. (NASDAQ:LION) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report released on Thursday.
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 research firms have also recently commented on LION. Keefe, Bruyette & Woods upgraded shares of Fidelity Southern Corp. from a “market perform” rating to an “outperform” rating and set a $20.00 target price for the company in a research note on Friday, July 22nd. FBR & Co reiterated a “hold” rating and issued a $18.00 target price on shares of Fidelity Southern Corp. in a research note on Friday, July 22nd.
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Shares of Fidelity Southern Corp. (NASDAQ:LION) traded down 3.13% during midday trading on Thursday, reaching $18.27. 44,402 shares of the company’s stock were exchanged. Fidelity Southern Corp. has a 12-month low of $14.01 and a 12-month high of $23.05. The stock’s 50 day moving average is $18.11 and its 200-day moving average is $16.80. The stock has a market cap of $475.66 million, a PE ratio of 16.78 and a beta of 0.91.
Fidelity Southern Corp. (NASDAQ:LION) last released its earnings results on Thursday, July 21st. The financial services provider reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.45 by $0.19. Fidelity Southern Corp. had a return on equity of 12.41% and a net margin of 10.97%. On average, equities analysts expect that Fidelity Southern Corp. will post $1.63 EPS for the current year.
In other Fidelity Southern Corp. news, Director Rankin M. Smith, Jr. sold 52,078 shares of the company’s stock in a transaction dated Tuesday, August 9th. The shares were sold at an average price of $17.46, for a total value of $909,281.88. Following the transaction, the director now owns 238,330 shares of the company’s stock, valued at $4,161,241.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Rankin M. Smith, Jr. sold 27,571 shares of the company’s stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $17.34, for a total transaction of $478,081.14. Following the completion of the transaction, the director now directly owns 266,330 shares in the company, valued at approximately $4,618,162.20. The disclosure for this sale can be found here. 19.93% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. boosted its position in 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 worth $10,824,000 after buying an additional 181,885 shares during the last quarter. Madden Advisory Services Inc. acquired a new stake in shares of Fidelity Southern Corp. during the second quarter worth about $311,000. Kennedy Capital Management Inc. raised its stake in shares of Fidelity Southern Corp. by 16.3% in the first quarter. Kennedy Capital Management Inc. now owns 270,231 shares of the financial services provider’s stock worth $4,335,000 after buying an additional 37,775 shares during the period. Royce & Associates LP raised its stake in shares of Fidelity Southern Corp. by 8.1% in the first quarter. Royce & Associates LP now owns 221,097 shares of the financial services provider’s stock worth $3,546,000 after buying an additional 16,502 shares during the period. Finally, Prudential Financial Inc. raised its stake in shares of Fidelity Southern Corp. by 1.6% in the first quarter. Prudential Financial Inc. now owns 317,059 shares of the financial services provider’s stock worth $5,086,000 after buying an additional 5,100 shares during the period. 59.46% of the stock is currently owned by institutional investors.
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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