NewEdge Wealth LLC Takes Position in Live Oak Bancshares, Inc. $LOB

NewEdge Wealth LLC purchased a new stake in shares of Live Oak Bancshares, Inc. (NYSE:LOB) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 1,259,422 shares of the company’s stock, valued at approximately $43,261,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in 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 during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Live Oak Bancshares by 0.3% in the third quarter. Dimensional Fund Advisors LP now owns 1,545,210 shares of the company’s stock worth $54,424,000 after acquiring an additional 5,046 shares in the last quarter. Millennium Management LLC boosted its holdings in Live Oak Bancshares by 655.6% in the first quarter. Millennium Management LLC now owns 687,885 shares of the company’s stock valued at $18,339,000 after purchasing an additional 596,841 shares during the last quarter. Ameriprise Financial Inc. boosted its holdings in Live Oak Bancshares by 366.9% in the third quarter. Ameriprise Financial Inc. now owns 519,957 shares of the company’s stock valued at $18,313,000 after purchasing an additional 408,591 shares during the last quarter. Finally, Hotchkis & Wiley Capital Management LLC grew its stake in Live Oak Bancshares by 14.3% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 370,869 shares of the company’s stock valued at $13,062,000 after purchasing an additional 46,521 shares in the last quarter. Hedge funds and other institutional investors own 63.95% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on LOB shares. Zacks Research upgraded Live Oak Bancshares from a “strong sell” rating to a “hold” rating in a report on Tuesday, March 17th. TD Cowen decreased their price target on shares of Live Oak Bancshares from $51.00 to $47.00 and set a “buy” rating for the company in a research report on Monday, April 27th. Keefe, Bruyette & Woods dropped their price target 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. Piper Sandler upped their price target on shares of Live Oak Bancshares from $40.00 to $41.00 and gave the company a “neutral” rating in a report on Monday, April 27th. Finally, Weiss Ratings raised shares of Live Oak Bancshares from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, April 21st. 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, the company presently has a consensus rating of “Hold” and an average price target of $44.40.

Insider Transactions at Live Oak Bancshares

In related news, CFO Walter J. Phifer sold 4,712 shares of the business’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $36.58, for a total transaction of $172,364.96. Following the completion of the sale, the chief financial officer owned 10,103 shares of the company’s stock, valued at $369,567.74. This represents a 31.81% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Gregory W. Seward sold 3,000 shares of the stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $36.70, for a total transaction of $110,100.00. Following the sale, the general counsel owned 113,797 shares in the company, valued at approximately $4,176,349.90. This trade represents a 2.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 82,712 shares of company stock worth $3,119,715. 22.40% of the stock is currently owned by insiders.

Live Oak Bancshares Trading Up 0.2%

Shares of LOB opened at $37.70 on Friday. Live Oak Bancshares, Inc. has a 52 week low of $26.19 and a 52 week high of $42.89. The firm has a market cap of $1.73 billion, a price-to-earnings ratio of 14.44 and a beta of 1.92. The stock has a 50 day moving average of $35.13 and a 200-day moving average of $35.37.

Live Oak Bancshares (NYSE:LOB) last posted its quarterly earnings results on Wednesday, April 22nd. The company reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.06. Live Oak Bancshares had a return on equity of 11.18% and a net margin of 11.79%.The business had revenue of $145.47 million for the quarter, compared to analyst estimates of $146.02 million. On average, sell-side analysts predict that Live Oak Bancshares, Inc. will post 2.95 earnings per share for the current fiscal year.

Live Oak Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Sunday, March 15th. Shareholders of record on Thursday, March 5th were issued a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend was Thursday, March 5th. Live Oak Bancshares’s dividend payout ratio is 4.60%.

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.