Key Points
- Director William Williams III sold 1,810 Live Oak Bancshares shares for $72,400 under a pre-arranged Rule 10b5-1 plan, reducing his ownership by 0.16% to 1.11 million shares.
- Live Oak Bancshares recently exceeded quarterly earnings expectations, reporting $0.74 EPS versus the $0.64 consensus estimate on $156.15 million in revenue. The company also declared a $0.03 quarterly dividend, yielding approximately 0.3% annually.
- Analysts maintain a “Moderate Buy” consensus with an average price target of $46.40, compared with the stock’s recent price near $39.63; institutional investors own 63.95% of the company.
Live Oak Bancshares, Inc. (NYSE:LOB - Get Free Report) Director William Williams III sold 1,810 shares of the stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $40.00, for a total transaction of $72,400.00. Following the transaction, the director directly owned 1,112,316 shares in the company, valued at approximately $44,492,640. The trade was a 0.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Live Oak Bancshares Stock Up 0.3%
Shares of NYSE LOB opened at $39.63 on Friday. The firm has a market cap of $1.83 billion, a price-to-earnings ratio of 13.95 and a beta of 1.86. The company's 50-day simple moving average is $41.64 and its 200-day simple moving average is $38.30. Live Oak Bancshares, Inc. has a 52-week low of $29.36 and a 52-week high of $44.53.
Live Oak Bancshares (NYSE:LOB - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.10. The firm had revenue of $156.15 million during the quarter. Live Oak Bancshares had a net margin of 12.68% and a return on equity of 11.77%. Equities research analysts anticipate that Live Oak Bancshares, Inc. will post 3.07 EPS for the current fiscal year.
Live Oak Bancshares Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a dividend of $0.03 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.3%. Live Oak Bancshares's dividend payout ratio is presently 4.23%.
Analysts Set New Price Targets
A number of brokerages have recently issued reports on LOB. Cantor Fitzgerald lifted their price target on Live Oak Bancshares from $44.00 to $45.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 19th. Keefe, Bruyette & Woods increased their price objective on Live Oak Bancshares from $45.00 to $47.00 and gave the company an "outperform" rating in a research note on Friday, July 24th. Zacks Research cut shares of Live Oak Bancshares from a "strong-buy" rating to a "hold" rating in a research note on Monday. TD Cowen upped their price objective on shares of Live Oak Bancshares from $47.00 to $49.00 and gave the company a "buy" rating in a research note on Monday, July 27th. Finally, Weiss Ratings upgraded shares of Live Oak Bancshares from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, August 5th. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $46.40.
Get Our Latest Report on LOB
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently modified their holdings of LOB. Royal Bank of Canada raised its stake in Live Oak Bancshares by 28.7% during the first quarter. Royal Bank of Canada now owns 18,592 shares of the company's stock worth $495,000 after purchasing an additional 4,146 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Live Oak Bancshares by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 20,594 shares of the company's stock valued at $549,000 after buying an additional 880 shares during the period. Millennium Management LLC grew its stake in shares of Live Oak Bancshares by 655.6% in the 1st quarter. Millennium Management LLC now owns 687,885 shares of the company's stock valued at $18,339,000 after buying an additional 596,841 shares during the period. Goldman Sachs Group Inc. increased its stake in Live Oak Bancshares by 15.2% during the first quarter. Goldman Sachs Group Inc. now owns 264,122 shares of the company's stock worth $7,041,000 after acquiring an additional 34,849 shares during the last quarter. Finally, Empowered Funds LLC acquired a new position in Live Oak Bancshares in the first quarter valued at about $1,758,000. Institutional investors and hedge funds own 63.95% of the company's stock.
Live Oak Bancshares Company Profile
(
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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