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 research report issued on Tuesday. The firm currently has a $20.00 price objective on the financial services provider’s stock. Zacks Investment Research’s price objective indicates a potential upside of 8.64% 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. “
Other equities analysts have also recently issued reports about the stock. FBR & Co reaffirmed a “hold” rating and issued a $18.00 target price on shares of Fidelity Southern Corp. in a report on Friday, July 22nd. Keefe, Bruyette & Woods raised shares of Fidelity Southern Corp. from a “market perform” rating to an “outperform” rating and set a $20.00 target price on the stock in a report on Friday, July 22nd.
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Fidelity Southern Corp. (NASDAQ:LION) traded up 0.77% during trading on Tuesday, reaching $18.41. 27,507 shares of the company’s stock were exchanged. The stock has a 50-day moving average price of $18.14 and a 200 day moving average price of $16.82. The firm has a market capitalization of $479.30 million, a price-to-earnings ratio of 16.91 and a beta of 0.91. Fidelity Southern Corp. has a 52 week low of $14.01 and a 52 week high of $23.05.
Fidelity Southern Corp. (NASDAQ:LION) last released its quarterly earnings data on Thursday, July 21st. The financial services provider reported $0.26 earnings per share 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%. Equities research analysts forecast that Fidelity Southern Corp. will post $1.63 earnings per share for the current fiscal year.
In related news, Director Rankin M. Smith, Jr. sold 27,571 shares of Fidelity Southern Corp. stock in a transaction on Monday, August 8th. The shares were sold at an average price of $17.34, for a total value of $478,081.14. Following the transaction, the director now directly owns 266,330 shares in the company, valued at approximately $4,618,162.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Rankin M. Smith, Jr. sold 52,078 shares of Fidelity Southern Corp. stock in a transaction on Tuesday, August 9th. The shares were sold at an average price of $17.46, for a total transaction of $909,281.88. Following the completion of the transaction, the director now owns 238,330 shares in the company, valued at $4,161,241.80. The disclosure for this sale can be found here. 19.93% of the stock is currently owned by insiders.
A number of institutional investors have recently bought and sold shares of LION. Allianz Asset Management AG purchased a new position in Fidelity Southern Corp. during the fourth quarter worth $12,315,000. LSV Asset Management raised its stake in shares of 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 valued at $15,194,000 after buying an additional 485,914 shares during the last quarter. RMB Capital Management LLC raised 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. raised 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. Finally, Foundry Partners LLC bought a new stake in shares of Fidelity Southern Corp. during the third quarter valued at approximately $2,815,000. Hedge funds and other 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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