Whittier Trust Co. Purchases 27,078 Shares of Live Oak Bancshares, Inc. $LOB

Whittier Trust Co. lifted its position in shares of Live Oak Bancshares, Inc. (NYSE:LOB) by 13.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 225,955 shares of the company’s stock after purchasing an additional 27,078 shares during the quarter. Whittier Trust Co.’s holdings in Live Oak Bancshares were worth $7,640,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. NewEdge Wealth LLC acquired a new position in shares of Live Oak Bancshares in the fourth quarter valued at $43,261,000. William Blair Investment Management LLC bought a new stake in Live Oak Bancshares in the 4th quarter valued at $22,278,000. Millennium Management LLC increased its holdings in 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. Loomis Sayles & Co. L P acquired a new position in shares of Live Oak Bancshares in the 4th quarter valued at $19,181,000. Finally, Ameriprise Financial Inc. raised its stake in shares of Live Oak Bancshares by 366.9% in the 3rd quarter. Ameriprise Financial Inc. now owns 519,957 shares of the company’s stock valued at $18,313,000 after buying an additional 408,591 shares in the last quarter. 63.95% of the stock is currently owned by institutional investors.

Live Oak Bancshares Stock Performance

Shares of NYSE:LOB traded down $0.29 on Tuesday, hitting $41.51. The stock had a trading volume of 8,449 shares, compared to its average volume of 293,660. The firm’s 50 day moving average price is $38.23 and its 200-day moving average price is $37.11. Live Oak Bancshares, Inc. has a twelve month low of $29.36 and a twelve month high of $42.89. The company has a market capitalization of $1.92 billion, a price-to-earnings ratio of 15.94 and a beta of 1.88.

Live Oak Bancshares (NYSE:LOB) last announced 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 net margin of 11.79% and a return on equity of 11.18%. The firm had revenue of $145.47 million during the quarter, compared to the consensus estimate of $146.02 million. As a group, sell-side analysts predict that Live Oak Bancshares, Inc. will post 2.95 EPS for the current year.

Live Oak Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Tuesday, June 2nd were issued a dividend of $0.03 per share. The ex-dividend date of this dividend was Tuesday, June 2nd. This represents a $0.12 annualized dividend and a dividend yield of 0.3%. Live Oak Bancshares’s dividend payout ratio (DPR) is presently 4.60%.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Keefe, Bruyette & Woods decreased their target price on shares of Live Oak Bancshares from $44.00 to $42.00 and set an “outperform” rating on the stock in a research report on Friday, April 24th. Weiss Ratings raised shares of Live Oak Bancshares from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, June 23rd. Zacks Research upgraded shares of Live Oak Bancshares from a “strong sell” rating to a “hold” rating in a research note on Tuesday, March 17th. TD Cowen decreased their price objective on Live Oak Bancshares from $51.00 to $47.00 and set a “buy” rating on the stock in a report on Monday, April 27th. Finally, Piper Sandler upped their price objective on Live Oak Bancshares from $40.00 to $41.00 and gave the company a “neutral” rating in a research note on Monday, April 27th. Two analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $44.40.

Insider Activity at Live Oak Bancshares

In other news, Director William L. Williams III sold 8,400 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $41.61, for a total value of $349,524.00. Following the transaction, the director directly owned 1,122,526 shares of the company’s stock, valued at $46,708,306.86. The trade was a 0.74% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through 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 stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $37.83, for a total value of $2,837,250.00. Following the sale, the insider owned 4,243 shares in the company, valued at approximately $160,512.69. This trade represents a 94.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 91,800 shares of company stock valued at $3,523,194. Company insiders own 22.40% of the company’s stock.

Live Oak Bancshares Profile

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.