Live Oak Bancshares (NASDAQ:LOB) Price Target Cut to $38.00 by Analysts at Truist Financial

Live Oak Bancshares (NASDAQ:LOB) had its price objective trimmed by Truist Financial from $47.00 to $38.00 in a research report sent to investors on Friday morning, Benzinga reports. The firm currently has a buy rating on the bank’s stock.

A number of other equities research analysts have also recently commented on LOB. TheStreet cut shares of Live Oak Bancshares from a b- rating to a c+ rating in a research note on Monday, January 29th. Keefe, Bruyette & Woods restated a market perform rating and set a $40.00 target price (down previously from $45.00) on shares of Live Oak Bancshares in a research note on Friday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of Hold and an average target price of $38.00.

Live Oak Bancshares Stock Down 3.2 %

Shares of NASDAQ:LOB opened at $33.18 on Friday. The firm’s 50 day moving average price is $39.11 and its 200-day moving average price is $37.39. Live Oak Bancshares has a twelve month low of $19.53 and a twelve month high of $47.22. The stock has a market capitalization of $1.49 billion, a PE ratio of 16.67 and a beta of 1.60.

Live Oak Bancshares (NASDAQ:LOB) last issued its quarterly earnings data on Wednesday, January 24th. The bank reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.20). Live Oak Bancshares had a return on equity of 10.45% and a net margin of 10.62%. The business had revenue of $119.68 million during the quarter, compared to the consensus estimate of $119.36 million. Analysts expect that Live Oak Bancshares will post 2.22 earnings per share for the current fiscal year.

Live Oak Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Tuesday, February 27th were paid a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a yield of 0.36%. The ex-dividend date of this dividend was Monday, February 26th. Live Oak Bancshares’s payout ratio is 6.03%.

Insiders Place Their Bets

In other news, insider Micah S. Davis sold 8,613 shares of Live Oak Bancshares stock in a transaction on Monday, March 11th. The stock was sold at an average price of $39.87, for a total transaction of $343,400.31. Following the completion of the sale, the insider now directly owns 43,864 shares in the company, valued at $1,748,857.68. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Director Miltom Emmett Petty sold 10,000 shares of Live Oak Bancshares stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $39.73, for a total value of $397,300.00. Following the completion of the sale, the director now directly owns 121,941 shares in the company, valued at $4,844,715.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Micah S. Davis sold 8,613 shares of the business’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $39.87, for a total transaction of $343,400.31. Following the completion of the transaction, the insider now owns 43,864 shares of the company’s stock, valued at $1,748,857.68. The disclosure for this sale can be found here. 23.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Live Oak Bancshares

A number of large investors have recently modified their holdings of LOB. Riverview Trust Co purchased a new stake in shares of Live Oak Bancshares during the first quarter worth about $28,000. Allspring Global Investments Holdings LLC boosted its position in Live Oak Bancshares by 66.0% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,386 shares of the bank’s stock valued at $40,000 after buying an additional 551 shares during the last quarter. Independence Bank of Kentucky purchased a new stake in Live Oak Bancshares in the first quarter valued at approximately $44,000. Blue Trust Inc. boosted its position in Live Oak Bancshares by 1,127.6% in the fourth quarter. Blue Trust Inc. now owns 2,136 shares of the bank’s stock valued at $97,000 after buying an additional 1,962 shares during the last quarter. Finally, Toth Financial Advisory Corp boosted its position in Live Oak Bancshares by 34.8% in the fourth quarter. Toth Financial Advisory Corp now owns 3,000 shares of the bank’s stock valued at $136,000 after buying an additional 775 shares during the last quarter. Hedge funds and other institutional investors own 63.95% of the company’s stock.

About Live Oak Bancshares

Live Oak Bancshares, Inc operates as the bank holding company for Live Oak Banking Company that provides various banking products and services in the United States. It operates through two segments, Banking and Fintech. The company accepts various deposit products, including noninterest-bearing demand, as well as interest-bearing checking, money market, savings, and time deposits.