Live Oak Bancshares (NYSE:LOB) Price Target Raised to $47.00

Live Oak Bancshares (NYSE:LOB) had its price objective increased by Keefe, Bruyette & Woods from $45.00 to $47.00 in a research report report published on Friday morning,Benzinga reports. The firm currently has an outperform rating on the stock.

Several other brokerages have also issued reports on LOB. Piper Sandler lifted their target price on shares of Live Oak Bancshares from $40.00 to $41.00 and gave the company a “neutral” rating in a research report on Monday, April 27th. TD Cowen decreased their price target on shares of Live Oak Bancshares from $51.00 to $47.00 and set a “buy” rating on the stock in a report on Monday, April 27th. Cantor Fitzgerald raised their price objective on shares of Live Oak Bancshares from $41.00 to $44.00 and gave the company a “neutral” rating in a research report on Wednesday, July 15th. 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, Zacks Research upgraded shares of Live Oak Bancshares from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 21st. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $45.80.

Live Oak Bancshares Stock Up 0.1%

NYSE:LOB opened at $42.11 on Friday. The stock has a market cap of $1.95 billion, a P/E ratio of 14.83 and a beta of 1.88. The business’s 50-day moving average price is $39.50 and its two-hundred day moving average price is $37.73. Live Oak Bancshares has a twelve month low of $29.36 and a twelve month high of $43.85.

Live Oak Bancshares (NYSE:LOB) last issued its quarterly earnings data on Wednesday, July 22nd. The company reported $0.74 EPS for the quarter, topping the consensus estimate of $0.64 by $0.10. The company had revenue of $156.15 million during the quarter. Live Oak Bancshares had a return on equity of 11.95% and a net margin of 12.68%. On average, equities research analysts expect that Live Oak Bancshares will post 3.05 EPS for the current fiscal year.

Live Oak Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Tuesday, June 2nd were paid a $0.03 dividend. 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 Tuesday, June 2nd. Live Oak Bancshares’s payout ratio is 4.23%.

Insider Activity

In related news, Director William L. Williams III sold 8,400 shares of the firm’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 transaction of $349,524.00. Following the transaction, the director directly owned 1,122,526 shares in the company, valued at $46,708,306.86. This trade represents a 0.74% decrease in their position. The transaction 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 Live Oak Bancshares 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 completion of the transaction, the insider directly owned 4,243 shares in the company, valued at $160,512.69. This trade represents a 94.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 91,800 shares of company stock valued at $3,523,194 over the last 90 days. 22.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Live Oak Bancshares

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in LOB. NewEdge Wealth LLC purchased a new position in shares of Live Oak Bancshares in the fourth quarter valued at about $43,261,000. William Blair Investment Management LLC purchased a new stake in shares of Live Oak Bancshares during the fourth quarter worth about $22,278,000. Millennium Management LLC grew its stake in shares of Live Oak Bancshares by 655.6% in the first quarter. Millennium Management LLC now owns 687,885 shares of the company’s stock worth $18,339,000 after purchasing an additional 596,841 shares during the last quarter. Loomis Sayles & Co. L P bought a new stake in shares of Live Oak Bancshares in the fourth quarter worth about $19,181,000. Finally, Ameriprise Financial Inc. increased its holdings in Live Oak Bancshares by 366.9% during the 3rd 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 period. 63.95% of the stock is currently owned by institutional investors.

Live Oak Bancshares Company 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.