Live Oak Bancshares (NYSE:LOB) Shares Gap Down After Earnings Miss

Shares of Live Oak Bancshares, Inc. (NYSE:LOB) gapped down prior to trading on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $34.65, but opened at $33.35. Live Oak Bancshares shares last traded at $33.20, with a volume of 19,632 shares trading hands.

The company reported $0.55 earnings per share for the quarter, missing the consensus estimate of $0.58 by ($0.03). The firm had revenue of $146.10 million during the quarter, compared to the consensus estimate of $147.35 million. Live Oak Bancshares had a return on equity of 6.73% and a net margin of 6.94%.

Analyst Upgrades and Downgrades

Several research firms have commented on LOB. Weiss Ratings reissued a “hold (c)” rating on shares of Live Oak Bancshares in a report on Wednesday, October 8th. Wall Street Zen raised shares of Live Oak Bancshares from a “sell” rating to a “hold” rating in a report on Saturday, September 20th. TD Cowen raised shares of Live Oak Bancshares to a “strong-buy” rating in a report on Thursday, September 25th. Keefe, Bruyette & Woods raised shares of Live Oak Bancshares from a “hold” rating to a “moderate buy” rating in a report on Tuesday, August 19th. Finally, Cantor Fitzgerald raised shares of Live Oak Bancshares to a “hold” rating in a report on Tuesday, September 9th. One equities research analyst has rated the stock with a Strong Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy”.

Live Oak Bancshares Price Performance

The company has a market cap of $1.53 billion, a price-to-earnings ratio of 22.51 and a beta of 1.81. The business has a 50 day moving average price of $36.17.

About Live Oak Bancshares

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.