+ 3.21
+ 0.93%
+ 0.69
+ 0.2%
+ 2.27
+ 0.54%
+ 0.35
+ 0.24%

UPDATE: Keefe, Bruyette & Woods Upgrades Fidelity Southern Corporation to Outperform, Reiterates $16 PT Following 1Q14 Earnings Beat

April 22, 2014 8:08 am
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More

In a report published Tuesday, Keefe, Bruyette & Woods analyst Brady Gailey upgraded the rating on Fidelity Southern Corporation (NASDAQ: LION) from Market Perform to Outperform, and reiterated the $16.00 price target.

In the report, Keefe, Bruyette & Woods noted, “LION reported a 1Q14 earnings beat driven mostly by a negative provision as the LLR fell 11 bpts and there were no NCOs. Mortgage revenues declined 8% LQ, better than 4Q’s 31% LQ decline. Noncovered loan balances fell 8% LQ as LION sold some HFI indirect auto in the qtr. Excluding this loan sale, loan growth would have been 3% LQA. LION doubled its qtrly cash dividend to 8c and now has a nice 2.3% yield. Modestly lowering EPS estimates on lower NIM/loan growth. $16 price target unchanged. Raising to Outperform on valuation.”

Fidelity Southern Corporation closed on Monday at $13.97.

For the latest in financial news, exclusive stories, memes follow Benzinga on Twitter, Facebook & Instagram. For the best interviews, stock market talk & videos, subscribe to our YouTube channel.

Related Articles

UPDATE: Keefe, Bruyette & Woods Initiates Market Perform, $9 PT on Fidelity Southern Corporation on Below-Peer Capital

FBR Initiates Fidelity Southern At Market Perform; Says Shares Reflect Mortgage Banking, Indirect Auto Loans

Short Sellers Are Betting Against Financials

Sterne Agee Adjust Estimates On Fidelity Southern