Live Oak Bancshares (NYSE:LOB) Shares Gap Down – What’s Next?

Live Oak Bancshares, Inc. (NYSE:LOB) shares gapped down before the market opened on Monday . The stock had previously closed at $43.69, but opened at $42.21. Live Oak Bancshares shares last traded at $42.0580, with a volume of 8,283 shares changing hands.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on LOB. Cantor Fitzgerald upped their price objective on shares of Live Oak Bancshares from $41.00 to $44.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 15th. TD Cowen dropped their target price 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. Piper Sandler boosted their price target 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. Weiss Ratings raised shares of Live Oak Bancshares from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, June 23rd. Finally, Keefe, Bruyette & Woods lowered their price objective 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. Two investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Live Oak Bancshares has an average rating of “Hold” and an average target price of $44.80.

Live Oak Bancshares Trading Down 0.3%

The stock has a market capitalization of $1.92 billion, a PE ratio of 15.91 and a beta of 1.88. The business has a fifty day moving average price of $39.14 and a 200-day moving average price of $37.58.

Live Oak Bancshares (NYSE:LOB) last announced its quarterly earnings data on Wednesday, April 22nd. The company reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.54 by $0.06. The company had revenue of $145.47 million for the quarter, compared to analysts’ expectations of $146.02 million. Live Oak Bancshares had a return on equity of 11.18% and a net margin of 11.79%. On average, equities analysts anticipate that Live Oak Bancshares, Inc. will post 2.97 earnings per share for the current fiscal year.

Live Oak Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Tuesday, June 2nd were paid 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 4.60%.

Insider Buying and Selling

In other news, insider Renato Derraik sold 75,000 shares of the business’s stock in a transaction that occurred on 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. The trade was a 94.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director William L. Williams III sold 8,400 shares of the stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $41.61, for a total transaction of $349,524.00. Following the transaction, the director directly owned 1,122,526 shares in the company, valued at approximately $46,708,306.86. This represents a 0.74% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 91,800 shares of company stock valued at $3,523,194. Company insiders own 22.40% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. NewEdge Wealth LLC purchased a new position in shares of Live Oak Bancshares in the fourth quarter worth about $43,261,000. William Blair Investment Management LLC bought a new position in Live Oak Bancshares during the 4th quarter worth approximately $22,278,000. Millennium Management LLC grew its position in Live Oak Bancshares by 655.6% during the 1st quarter. Millennium Management LLC now owns 687,885 shares of the company’s stock worth $18,339,000 after acquiring an additional 596,841 shares during the last quarter. Loomis Sayles & Co. L P purchased a new position in Live Oak Bancshares in the 4th quarter worth approximately $19,181,000. Finally, Ameriprise Financial Inc. increased its stake in Live Oak Bancshares by 366.9% in the 3rd quarter. Ameriprise Financial Inc. now owns 519,957 shares of the company’s stock worth $18,313,000 after purchasing an additional 408,591 shares during the period. 63.95% of the stock is owned by institutional investors.

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.