Truist Financial Lowers Live Oak Bancshares (NASDAQ:LOB) Price Target to $38.00

Live Oak Bancshares (NASDAQ:LOB) had its target price lowered by Truist Financial from $40.00 to $38.00 in a report issued on Monday, Benzinga reports. The firm currently has a “buy” rating on the bank’s stock. Truist Financial’s target price suggests a potential upside of 12.39% from the stock’s previous close.

A number of other brokerages also recently issued reports on LOB. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $40.00 target price (down from $45.00) on shares of Live Oak Bancshares in a research note on Friday, April 26th. JPMorgan Chase & Co. cut their target price on Live Oak Bancshares from $46.00 to $45.00 and set an “overweight” rating for the company in a research note on Thursday, June 27th. One research analyst has rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $39.25.

Live Oak Bancshares Stock Up 0.6 %

Shares of NASDAQ LOB opened at $33.81 on Monday. The stock has a market cap of $1.52 billion, a PE ratio of 16.99 and a beta of 1.62. Live Oak Bancshares has a 52-week low of $26.11 and a 52-week high of $47.22. The business has a 50-day moving average price of $34.06 and a 200 day moving average price of $37.74.

Live Oak Bancshares (NASDAQ:LOB) last posted its quarterly earnings data on Wednesday, April 24th. The bank reported $0.36 EPS for the quarter, missing the consensus estimate of $0.48 by ($0.12). The company had revenue of $116.21 million for the quarter, compared to analysts’ expectations of $118.89 million. Live Oak Bancshares had a net margin of 10.62% and a return on equity of 10.25%. Sell-side analysts anticipate that Live Oak Bancshares will post 1.93 earnings per share for the current year.

Insider Activity at Live Oak Bancshares

In related news, Director Tonya Williams Bradford sold 2,600 shares of the firm’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $35.97, for a total value of $93,522.00. Following the completion of the transaction, the director now directly owns 5,870 shares of the company’s stock, valued at approximately $211,143.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 23.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Live Oak Bancshares

A number of large investors have recently bought and sold shares of the stock. Capital International Investors acquired a new stake in shares of Live Oak Bancshares during the first quarter worth $18,628,000. Trust Co of the South acquired a new stake in shares of Live Oak Bancshares during the fourth quarter worth $15,042,000. Norges Bank acquired a new stake in shares of Live Oak Bancshares during the fourth quarter worth $7,474,000. Mendon Capital Advisors Corp acquired a new stake in shares of Live Oak Bancshares during the fourth quarter worth $4,550,000. Finally, Homestead Advisers Corp boosted its holdings in shares of Live Oak Bancshares by 103.6% during the fourth quarter. Homestead Advisers Corp now owns 123,000 shares of the bank’s stock worth $5,596,000 after purchasing an additional 62,600 shares during the last quarter. Institutional investors and hedge funds 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.