Key Points
- Director sale: Live Oak Bancshares director William Williams III sold 8,400 shares at $40.05 each, totaling $336,420, in a transaction made under a pre-arranged Rule 10b5-1 plan.
- Stock performance and valuation: The stock rose 1.9% and opened at $41.06, near its 52-week high of $42.89. The company has a market cap of about $1.9 billion and a P/E ratio of 15.73.
- Operational and analyst backdrop: The company recently beat quarterly EPS estimates, reporting $0.60 versus $0.54 expected, while analysts currently hold a consensus rating of Hold with an average price target of $44.40.
Live Oak Bancshares, Inc. (NYSE:LOB - Get Free Report) Director William Williams III sold 8,400 shares of the stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $40.05, for a total value of $336,420.00. Following the completion of the transaction, the director directly owned 1,130,926 shares in the company, valued at approximately $45,293,586.30. This trade represents a 0.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Live Oak Bancshares Stock Up 1.9%
Shares of NYSE LOB opened at $41.06 on Friday. The business has a fifty day simple moving average of $37.60 and a two-hundred day simple moving average of $36.78. The firm has a market cap of $1.90 billion, a PE ratio of 15.73 and a beta of 1.89. Live Oak Bancshares, Inc. has a twelve month low of $29.26 and a twelve month high of $42.89.
Live Oak Bancshares (NYSE:LOB - Get Free Report) last released its quarterly earnings data on Wednesday, April 22nd. The company reported $0.60 earnings per share for the quarter, topping analysts' consensus estimates of $0.54 by $0.06. Live Oak Bancshares had a net margin of 11.79% and a return on equity of 11.18%. The company had revenue of $145.47 million during the quarter, compared to analyst estimates of $146.02 million. On average, research analysts expect that Live Oak Bancshares, Inc. will post 2.95 earnings per share for the current year.
Live Oak Bancshares Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Tuesday, June 2nd were issued a $0.03 dividend. The ex-dividend date was Tuesday, June 2nd. This represents a $0.12 annualized dividend and a dividend yield of 0.3%. Live Oak Bancshares's payout ratio is currently 4.60%.
Analyst Upgrades and Downgrades
LOB has been the topic of a number of recent research reports. Weiss Ratings upgraded shares of Live Oak Bancshares from a "hold (c)" rating to a "hold (c+)" rating in a research note on Tuesday. Zacks Research raised shares of Live Oak Bancshares from a "strong sell" rating to a "hold" rating in a research note on Tuesday, March 17th. Piper Sandler upped their target price on Live Oak Bancshares from $40.00 to $41.00 and gave the stock a "neutral" rating in a report on Monday, April 27th. TD Cowen dropped their target price on Live Oak Bancshares from $51.00 to $47.00 and set a "buy" rating on the stock in a research report on Monday, April 27th. Finally, Keefe, Bruyette & Woods cut their price target on Live Oak Bancshares from $44.00 to $42.00 and set an "outperform" rating on the stock in a report on Friday, April 24th. Two investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $44.40.
Read Our Latest Stock Analysis on LOB
Institutional Trading of Live Oak Bancshares
Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Live Oak Bancshares by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 2,702,627 shares of the company's stock valued at $92,835,000 after buying an additional 17,181 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Live Oak Bancshares by 3.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,593,185 shares of the company's stock worth $52,685,000 after acquiring an additional 54,750 shares in the last quarter. State Street Corp lifted its position in Live Oak Bancshares by 5.1% during the fourth quarter. State Street Corp now owns 1,308,462 shares of the company's stock valued at $44,946,000 after acquiring an additional 63,325 shares during the last quarter. NewEdge Wealth LLC purchased a new stake in Live Oak Bancshares during the fourth quarter valued at approximately $43,261,000. Finally, Southernsun Asset Management LLC boosted its stake in Live Oak Bancshares by 0.4% in the first quarter. Southernsun Asset Management LLC now owns 1,033,539 shares of the company's stock valued at $34,179,000 after acquiring an additional 4,431 shares in the last quarter. 63.95% of the stock is owned by hedge funds and other institutional investors.
About Live Oak Bancshares
(
Get Free Report)
Live Oak Bancshares, Inc is a bank holding company headquartered in Wilmington, North Carolina, and operates through its subsidiary Live Oak Banking Company. Founded in 2008, the company leverages a branchless, technology-driven platform to deliver specialty lending and deposit products across the United States. Live Oak Bancshares completed its initial public offering in February 2018 and trades on the NYSE under the ticker symbol LOB.
The company's primary focus is on originating and servicing commercial loans for small businesses in select industry verticals.
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