Live Oak Bancshares (NASDAQ:LOB) Lowered to “Hold” at Zacks Investment Research

Live Oak Bancshares (NASDAQ:LOBGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Tuesday, Zacks.com reports.

According to Zacks, “Live Oak Bancshares Inc. is the parent and registered bank holding company of Live Oak Banking Company which offers online platform for small business lending. The company accepts deposit products as well as offers loans which comprise small business administration loans; conventional commercial business loans to small and medium sized businesses and construction loans. It offers loans to the veterinary, pharmacy, investment advisory, beverages, funeral homes, entertainment centers, agricultural and healthcare sectors. Live Oak Bancshares Inc. is headquartered in Wilmington, North Carolina. “

Several other brokerages have also recently issued reports on LOB. StockNews.com began coverage on Live Oak Bancshares in a research note on Thursday, March 31st. They set a “sell” rating on the stock. Raymond James cut their target price on Live Oak Bancshares from $80.00 to $55.00 in a research note on Friday. JPMorgan Chase & Co. raised their target price on Live Oak Bancshares from $75.00 to $85.00 and gave the company an “overweight” rating in a research note on Thursday, February 17th. Finally, Truist Financial cut their target price on Live Oak Bancshares from $75.00 to $55.00 in a research note on Monday. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Live Oak Bancshares has a consensus rating of “Hold” and a consensus target price of $63.75.

Shares of LOB opened at $43.33 on Tuesday. The business’s fifty day moving average price is $52.98 and its 200 day moving average price is $70.33. Live Oak Bancshares has a 12-month low of $41.74 and a 12-month high of $99.89. The stock has a market capitalization of $1.89 billion, a PE ratio of 12.07 and a beta of 1.50.

Live Oak Bancshares (NASDAQ:LOBGet Rating) last announced its quarterly earnings data on Wednesday, April 27th. The bank reported $0.76 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.70 by $0.06. Live Oak Bancshares had a return on equity of 23.58% and a net margin of 30.72%. During the same quarter in the previous year, the firm earned $0.88 EPS. Sell-side analysts predict that Live Oak Bancshares will post 2.88 EPS for the current year.

In other news, insider Steve Smits sold 2,747 shares of the firm’s stock in a transaction on Wednesday, March 2nd. The stock was sold at an average price of $63.13, for a total transaction of $173,418.11. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO William C. Losch III purchased 3,125 shares of the stock in a transaction dated Wednesday, February 9th. The shares were acquired at an average cost of $64.32 per share, for a total transaction of $201,000.00. The disclosure for this purchase can be found here. Insiders have bought 9,025 shares of company stock worth $580,835 over the last three months. Corporate insiders own 25.70% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. Catalyst Capital Advisors LLC acquired a new position in Live Oak Bancshares during the fourth quarter worth about $29,000. USA Financial Portformulas Corp acquired a new position in Live Oak Bancshares during the fourth quarter worth about $34,000. Private Capital Group LLC acquired a new position in Live Oak Bancshares during the first quarter worth about $39,000. Compagnie Lombard Odier SCmA acquired a new position in Live Oak Bancshares during the first quarter worth about $102,000. Finally, Ensign Peak Advisors Inc acquired a new position in Live Oak Bancshares during the fourth quarter worth about $103,000. 62.15% of the stock is currently owned by institutional investors.

Live Oak Bancshares Company Profile (Get Rating)

Live Oak Bancshares, Inc operates as the bank holding company for Live Oak Banking Company that provides various commercial banking products and services to individuals, small businesses, and professionals in North Carolina, the United States. The company accepts various deposit products, including noninterest-bearing demand, as well as interest-bearing checking, money market, savings, and time deposits.

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