Live Oak Bancshares (NASDAQ:LOB) Given New $51.00 Price Target at TD Cowen

Live Oak Bancshares (NASDAQ:LOB) had its price target reduced by TD Cowen from $53.00 to $51.00 in a research note released on Tuesday morning,Benzinga reports. TD Cowen currently has a buy rating on the bank’s stock.

Separately, Piper Sandler reduced their price target on Live Oak Bancshares from $37.00 to $35.00 and set a “neutral” rating on the stock in a research report on Friday, October 24th. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $44.20.

Live Oak Bancshares Price Performance

Shares of NASDAQ:LOB opened at $40.71 on Tuesday. Live Oak Bancshares has a one year low of $22.68 and a one year high of $42.89. The company has a market cap of $1.87 billion, a price-to-earnings ratio of 28.07 and a beta of 2.02. The firm has a 50 day simple moving average of $35.98 and a 200 day simple moving average of $34.82.

Live Oak Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Tuesday, December 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, December 2nd. Live Oak Bancshares’s payout ratio is currently 5.41%.

Insiders Place Their Bets

In other news, insider Courtney Spencer sold 9,700 shares of Live Oak Bancshares stock in a transaction on Monday, January 26th. The shares were sold at an average price of $39.01, for a total value of $378,397.00. Following the completion of the sale, the insider owned 25,160 shares in the company, valued at $981,491.60. The trade was a 27.83% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, General Counsel Gregory W. Seward sold 1,200 shares of the stock in a transaction on Wednesday, November 19th. The stock was sold at an average price of $30.20, for a total transaction of $36,240.00. Following the transaction, the general counsel directly owned 106,126 shares in the company, valued at approximately $3,205,005.20. This represents a 1.12% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 23.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in LOB. Jones Financial Companies Lllp raised its holdings in shares of Live Oak Bancshares by 60.1% in the 3rd quarter. Jones Financial Companies Lllp now owns 1,364 shares of the bank’s stock worth $49,000 after acquiring an additional 512 shares during the last quarter. Laurel Wealth Advisors LLC acquired a new position in Live Oak Bancshares during the 4th quarter valued at about $55,000. State of Alaska Department of Revenue bought a new stake in Live Oak Bancshares during the 3rd quarter worth approximately $63,000. Tower Research Capital LLC TRC raised its stake in shares of Live Oak Bancshares by 138.9% in the second quarter. Tower Research Capital LLC TRC now owns 3,182 shares of the bank’s stock worth $95,000 after purchasing an additional 1,850 shares during the last quarter. Finally, CWM LLC lifted its holdings in shares of Live Oak Bancshares by 1,547.3% in the second quarter. CWM LLC now owns 3,904 shares of the bank’s stock valued at $116,000 after purchasing an additional 3,667 shares in the last quarter. 63.95% of the stock is currently owned by institutional investors and hedge funds.

Live Oak Bancshares Company Profile

Live Oak Bancshares, Inc is a bank holding company based in Wilmington, North Carolina, and the parent of Live Oak Banking Company and Live Oak Bank. The company specializes in small business and commercial lending, offering a suite of financing solutions that includes U.S. Small Business Administration (SBA) 7(a) and 504 loans, equipment finance, commercial real estate loans, and industry-specific lending programs. Live Oak Bancshares combines a digital-first banking platform with a team of lending specialists to serve customers across all 50 states.

Founded in 2008 and headquartered in Wilmington, Live Oak Bancshares was chartered by the Office of the Comptroller of the Currency to focus on underserved small business sectors.