Live Oak Bancshares, Inc. (NASDAQ:LOB – Get Rating) dropped 7.4% during trading on Friday . The company traded as low as $30.71 and last traded at $30.71. Approximately 347 shares were traded during mid-day trading, a decline of 100% from the average daily volume of 287,051 shares. The stock had previously closed at $33.17.
Analyst Ratings Changes
LOB has been the subject of a number of recent research reports. JPMorgan Chase & Co. cut shares of Live Oak Bancshares from an "overweight" rating to a "neutral" rating and reduced their target price for the company from $58.00 to $41.00 in a research report on Friday, July 1st. TheStreet cut shares of Live Oak Bancshares from a "b-" rating to a "c" rating in a research report on Thursday, June 23rd. Raymond James cut shares of Live Oak Bancshares from an "outperform" rating to a "market perform" rating in a research report on Thursday, July 7th. Piper Sandler cut their price objective on shares of Live Oak Bancshares from $40.00 to $35.00 and set a "neutral" rating for the company in a research report on Wednesday. Finally, Truist Financial cut their price objective on shares of Live Oak Bancshares from $55.00 to $45.00 and set a "buy" rating for the company in a research report on Wednesday, September 14th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $44.00.
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Live Oak Bancshares Stock Down 1.2 %
The firm has a market capitalization of $1.34 billion, a price-to-earnings ratio of 7.05 and a beta of 1.53. The business's 50-day simple moving average is $36.63 and its two-hundred day simple moving average is $39.87.
Live Oak Bancshares (NASDAQ:LOB – Get Rating) last announced its quarterly earnings results on Wednesday, July 27th. The bank reported $2.16 earnings per share for the quarter, beating analysts' consensus estimates of $0.51 by $1.65. Live Oak Bancshares had a net
margin of 32.74% and a return on equity of 26.88%. The business had revenue of $208.46 million during the quarter, compared to analysts' expectations of $97.90 million. Sell-side analysts anticipate that Live Oak Bancshares, Inc. will post 2.15 earnings per share for the current year.
Live Oak Bancshares Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Tuesday, September 20th. Shareholders of record on Tuesday, September 6th were given a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.39%. The ex-dividend date of this dividend was Friday, September 2nd. Live Oak Bancshares's dividend payout ratio is presently 2.76%.
Insider Buying and Selling at Live Oak Bancshares
In other Live Oak Bancshares news, Director Diane Beth Glossman acquired 2,000 shares of the stock in a transaction dated Thursday, August 25th. The stock was acquired at an average price of $38.25 per share, with a total value of $76,500.00. Following the completion of the purchase, the director now owns 64,981 shares in the company, valued at approximately $2,485,523.25. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 26.40% of the company's stock.
Institutional Inflows and Outflows
A number of institutional investors have recently added to or reduced their stakes in LOB. State Street Corp lifted its stake in Live Oak Bancshares by 74.9% in the first quarter. State Street Corp now owns 2,278,820 shares of the bank's stock worth $115,969,000 after acquiring an additional 976,101 shares during the last quarter. Capital International Investors purchased a new stake in shares of Live Oak Bancshares during the 4th quarter worth approximately $34,995,000. abrdn plc lifted its position in shares of Live Oak Bancshares by 60.9% during the 1st quarter. abrdn plc now owns 898,205 shares of the bank's stock worth $45,710,000 after buying an additional 339,834 shares during the last quarter. Diamond Hill Capital Management Inc. lifted its position in shares of Live Oak Bancshares by 158.2% during the 1st quarter. Diamond Hill Capital Management Inc. now owns 509,284 shares of the bank's stock worth $25,917,000 after buying an additional 312,054 shares during the last quarter. Finally, RMB Capital Management LLC purchased a new stake in shares of Live Oak Bancshares during the 2nd quarter worth approximately $10,167,000. Hedge funds and other institutional investors own 67.78% of the company's stock.
Live Oak Bancshares Company Profile
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Live Oak Bancshares, Inc operates as the bank holding company for Live Oak Banking Company that provides various commercial banking products and services to individuals, small businesses, and professionals in North Carolina, the United States. The company accepts various deposit products, including noninterest-bearing demand, as well as interest-bearing checking, money market, savings, and time deposits.
Read More
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