Live Oak Bancshares (NYSE:LOB) Announces Quarterly Earnings Results

Live Oak Bancshares (NYSE:LOB) issued its quarterly earnings results on Wednesday. The company reported $0.74 EPS for the quarter, beating the consensus estimate of $0.64 by $0.10, FiscalAI reports. The firm 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%.

Live Oak Bancshares Stock Performance

Live Oak Bancshares stock opened at $42.72 on Friday. The stock has a market cap of $1.98 billion, a P/E ratio of 14.93 and a beta of 1.88. Live Oak Bancshares has a fifty-two week low of $29.36 and a fifty-two week high of $43.85. The firm’s fifty day moving average price is $39.37 and its 200-day moving average price is $37.68.

Live Oak Bancshares Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on LOB. Keefe, Bruyette & Woods dropped their price target on Live Oak Bancshares from $44.00 to $42.00 and set an “outperform” rating for the company in a report on Friday, April 24th. Weiss Ratings raised Live Oak Bancshares from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, June 23rd. Zacks Research upgraded Live Oak Bancshares from a “hold” rating to a “strong-buy” rating in a report on Tuesday. Piper Sandler increased their price target on Live Oak Bancshares from $40.00 to $41.00 and gave the stock a “neutral” rating in a report on Monday, April 27th. Finally, Cantor Fitzgerald boosted their target price 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. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $44.80.

Insider Buying and Selling

In related news, insider Renato Derraik sold 75,000 shares of Live Oak Bancshares stock in a transaction 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 transaction, the insider owned 4,243 shares in the company, valued at $160,512.69. This trade represents a 94.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William L. Williams III sold 8,400 shares of the firm’s stock in a transaction dated Wednesday, July 1st. The shares were 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 in the company, valued at $46,708,306.86. This trade represents a 0.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 91,800 shares of company stock valued at $3,523,194 in the last 90 days. 22.40% of the stock is currently owned by corporate 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 the company. Royal Bank of Canada grew its position in shares of Live Oak Bancshares by 28.7% in the 1st quarter. Royal Bank of Canada now owns 18,592 shares of the company’s stock worth $495,000 after buying an additional 4,146 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Live Oak Bancshares by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 20,594 shares of the company’s stock worth $549,000 after purchasing an additional 880 shares during the last quarter. Millennium Management LLC lifted 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 acquiring an additional 596,841 shares during the period. Goldman Sachs Group Inc. increased its holdings in Live Oak Bancshares by 15.2% during the first quarter. Goldman Sachs Group Inc. now owns 264,122 shares of the company’s stock valued at $7,041,000 after buying an additional 34,849 shares during the last quarter. Finally, Empowered Funds LLC bought a new position in shares of Live Oak Bancshares in the first quarter worth about $1,758,000. 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.