Live Oak Bancshares (NYSE:LOB) Issues Earnings Results

Live Oak Bancshares (NYSE:LOB) posted its quarterly earnings results on Wednesday. The company reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.10, FiscalAI reports. Live Oak Bancshares had a return on equity of 11.18% and a net margin of 11.79%.The business had revenue of $156.15 million during the quarter.

Live Oak Bancshares Trading Down 1.5%

LOB stock opened at $41.03 on Thursday. The firm has a market cap of $1.90 billion, a PE ratio of 15.72 and a beta of 1.88. Live Oak Bancshares has a 1 year low of $29.36 and a 1 year high of $43.85. The company has a fifty day simple moving average of $39.24 and a 200 day simple moving average of $37.63.

Live Oak Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Tuesday, June 2nd were given a $0.03 dividend. This represents a $0.12 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend was Tuesday, June 2nd. Live Oak Bancshares’s payout ratio is currently 4.60%.

Analysts Set New Price Targets

Several research firms recently weighed in on LOB. Piper Sandler increased their price objective on shares of Live Oak Bancshares from $40.00 to $41.00 and gave the stock a “neutral” rating in a research note on Monday, April 27th. Zacks Research raised Live Oak Bancshares from a “hold” rating to a “strong-buy” rating in a research report on Tuesday. Keefe, Bruyette & Woods reduced their target price on shares of Live Oak Bancshares from $44.00 to $42.00 and set an “outperform” rating for the company in a research note on Friday, April 24th. TD Cowen cut their target price on Live Oak Bancshares from $51.00 to $47.00 and set a “buy” rating on the stock in a research note on Monday, April 27th. Finally, Weiss Ratings raised Live Oak Bancshares from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, June 23rd. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $44.80.

Insider Activity at Live Oak Bancshares

In other Live Oak Bancshares news, Director William L. Williams III sold 8,400 shares of the stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $41.61, for a total transaction of $349,524.00. Following the transaction, the director owned 1,122,526 shares in the company, valued at $46,708,306.86. This trade represents a 0.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Renato Derraik sold 75,000 shares of the firm’s stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $37.83, for a total value of $2,837,250.00. Following the completion of the sale, the insider directly owned 4,243 shares in the company, valued at approximately $160,512.69. This represents a 94.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 91,800 shares of company stock valued at $3,523,194. Corporate insiders own 22.40% of the company’s stock.

Institutional Trading of Live Oak Bancshares

Hedge funds have recently modified their holdings of the company. Royal Bank of Canada lifted its holdings in shares of Live Oak Bancshares by 53.3% during the 1st quarter. Royal Bank of Canada now owns 75,125 shares of the company’s stock worth $2,484,000 after acquiring an additional 26,116 shares during the period. Empowered Funds LLC lifted its stake in Live Oak Bancshares by 3.5% during the first quarter. Empowered Funds LLC now owns 89,188 shares of the company’s stock worth $2,949,000 after purchasing an additional 3,038 shares during the period. Quantinno Capital Management LP lifted its stake in Live Oak Bancshares by 53.2% during the first quarter. Quantinno Capital Management LP now owns 29,691 shares of the company’s stock worth $982,000 after purchasing an additional 10,305 shares during the period. Sei Investments Co. boosted its holdings in Live Oak Bancshares by 4.5% during the first quarter. Sei Investments Co. now owns 41,124 shares of the company’s stock valued at $1,360,000 after purchasing an additional 1,770 shares in the last quarter. Finally, Southernsun Asset Management LLC lifted its position in shares of Live Oak Bancshares by 0.4% during the 1st quarter. Southernsun Asset Management LLC now owns 1,033,539 shares of the company’s stock worth $34,179,000 after buying an additional 4,431 shares during the period. Institutional investors own 63.95% of the company’s stock.

About Live Oak Bancshares

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.