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Live Oak Bancshares (NASDAQ:LOB) Stock Price Down 7.4%

Financial News Live · Sep 30, 2022 13:32

Live Oak Bancshares, Inc. (NASDAQ:LOB – Get Rating) fell 7.4% during mid-day trading on Friday . The stock traded as low as $30.71 and last traded at $30.71. 347 shares changed hands during mid-day trading, a decline of 100% from the average session volume of 287,051 shares. The stock had previously closed at $33.17.

Analysts Set New Price Targets

Several brokerages have recently issued reports on LOB. TheStreet downgraded shares of Live Oak Bancshares from a "b-" rating to a "c" rating in a research note on Thursday, June 23rd. Piper Sandler reduced their target price on shares of Live Oak Bancshares from $40.00 to $35.00 and set a "neutral" rating for the company in a report on Wednesday. Truist Financial reduced 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 note on Wednesday, September 14th. JPMorgan Chase & Co. cut shares of Live Oak Bancshares from an "overweight" rating to a "neutral" rating and cut their target price for the company from $58.00 to $41.00 in a research note on Friday, July 1st. Finally, Raymond James cut shares of Live Oak Bancshares from an "outperform" rating to a "market perform" rating in a research note on Thursday, July 7th. One analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, Live Oak Bancshares currently has an average rating of "Hold" and a consensus target price of $44.00.

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Live Oak Bancshares Price Performance

The business has a fifty day moving average of $36.71 and a 200-day moving average of $40.16. The stock has a market cap of $1.38 billion, a PE ratio of 7.06 and a beta of 1.53.

Live Oak Bancshares (NASDAQ:LOB – Get Rating) last posted its earnings results on Wednesday, July 27th. The bank reported $2.16 earnings per share for the quarter, topping analysts' consensus estimates of $0.51 by $1.65. The company had revenue of $208.46 million during the quarter, compared to analyst estimates of $97.90 million. Live Oak Bancshares had a return on equity of 26.88% and a net margin of 32.74%. As a group, equities research analysts predict that Live Oak Bancshares, Inc. will post 2.15 EPS for the current year.

Live Oak Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 20th. Investors of record on Tuesday, September 6th were given a $0.03 dividend. This represents a $0.12 annualized dividend and a dividend yield of 0.38%. The ex-dividend date was Friday, September 2nd. Live Oak Bancshares's payout ratio is 2.76%.

Insider Activity at Live Oak Bancshares

In related news, Director Diane Beth Glossman acquired 2,000 shares of the stock in a transaction on Thursday, August 25th. The shares were acquired at an average price of $38.25 per share, for a total transaction of $76,500.00. Following the transaction, the director now owns 64,981 shares in the company, valued at approximately $2,485,523.25. The purchase was disclosed in a filing with the SEC, which is available through this link. 26.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Private Capital Group LLC purchased a new stake in Live Oak Bancshares in the 1st quarter valued at $39,000. Glassman Wealth Services purchased a new stake in Live Oak Bancshares in the 2nd quarter valued at $51,000. San Luis Wealth Advisors LLC purchased a new stake in Live Oak Bancshares in the 1st quarter valued at $52,000. Compagnie Lombard Odier SCmA purchased a new stake in Live Oak Bancshares in the 1st quarter valued at $102,000. Finally, Ensign Peak Advisors Inc purchased a new stake in Live Oak Bancshares in the 4th quarter valued at $103,000. 67.78% of the stock is owned by institutional investors and hedge funds.

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.