Live Oak Bancshares (NYSE:LOB) Price Target Cut to $47.00 by Analysts at TD Cowen

Live Oak Bancshares (NYSE:LOB) had its price objective cut by TD Cowen from $51.00 to $47.00 in a research note released on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other equities research analysts have also commented on the stock. Weiss Ratings upgraded shares of Live Oak Bancshares from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, April 21st. Zacks Research upgraded shares of Live Oak Bancshares from a “strong sell” rating to a “hold” rating in a report on Tuesday, March 17th. Piper Sandler lifted their target price on shares of Live Oak Bancshares from $40.00 to $41.00 and gave the stock a “neutral” rating in a research report on Monday. Finally, Keefe, Bruyette & Woods lowered their price target on shares of Live Oak Bancshares from $44.00 to $42.00 and set an “outperform” rating on the stock in a research report on Friday. Two investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Live Oak Bancshares currently has an average rating of “Hold” and a consensus price target of $44.40.

Live Oak Bancshares Price Performance

NYSE LOB opened at $37.88 on Monday. The business has a 50 day moving average price of $35.38 and a 200 day moving average price of $35.25. The company has a market capitalization of $1.74 billion, a P/E ratio of 14.51 and a beta of 1.90. Live Oak Bancshares has a 1-year low of $25.53 and a 1-year high of $42.89.

Live Oak Bancshares (NYSE:LOB) last posted its earnings results on Wednesday, April 22nd. The company reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.54 by $0.06. The company had revenue of $145.47 million for the quarter, compared to the consensus estimate of $146.02 million. Live Oak Bancshares had a return on equity of 11.36% and a net margin of 11.79%. On average, research analysts expect that Live Oak Bancshares will post 2.87 earnings per share for the current fiscal year.

Live Oak Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Sunday, March 15th. Investors of record on Thursday, March 5th were paid a $0.03 dividend. The ex-dividend date of this dividend was Thursday, March 5th. This represents a $0.12 annualized dividend and a yield of 0.3%. Live Oak Bancshares’s payout ratio is presently 4.60%.

Insider Transactions at Live Oak Bancshares

In other news, CFO Walter J. Phifer sold 4,712 shares of Live Oak Bancshares stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $36.58, for a total transaction of $172,364.96. Following the completion of the sale, the chief financial officer directly owned 10,103 shares in the company, valued at $369,567.74. The trade was a 31.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, General Counsel Gregory W. Seward sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $36.70, for a total transaction of $110,100.00. Following the completion of the transaction, the general counsel directly owned 113,797 shares of the company’s stock, valued at approximately $4,176,349.90. This represents a 2.57% decrease in their position. The disclosure for this sale is available in the SEC filing. 22.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Live Oak Bancshares

Several hedge funds and other institutional investors have recently bought and sold shares of LOB. NewEdge Wealth LLC purchased a new position in shares of Live Oak Bancshares during the 4th quarter worth $43,261,000. William Blair Investment Management LLC purchased a new position in Live Oak Bancshares during the fourth quarter worth about $22,278,000. Millennium Management LLC boosted its stake in Live Oak Bancshares by 655.6% in the 1st quarter. Millennium Management LLC now owns 687,885 shares of the company’s stock worth $18,339,000 after buying an additional 596,841 shares during the last quarter. Loomis Sayles & Co. L P purchased a new stake in Live Oak Bancshares in the 4th quarter valued at about $19,181,000. Finally, Ameriprise Financial Inc. increased its stake in shares of 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 acquiring an additional 408,591 shares during the last quarter. 63.95% of the stock is owned by hedge funds and other 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.