Live Oak Bancshares (NASDAQ:LOB) Announces Quarterly Earnings Results

Live Oak Bancshares (NASDAQ:LOB) announced its earnings results on Wednesday. The bank reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.13, Zacks reports. The company had revenue of $232.61 million during the quarter, compared to analyst estimates of $123.08 million. Live Oak Bancshares had a net margin of 10.62% and a return on equity of 10.25%. During the same quarter last year, the firm posted $0.39 earnings per share.

Live Oak Bancshares Trading Up 3.8 %

NASDAQ:LOB traded up $1.63 during mid-day trading on Thursday, hitting $44.50. The stock had a trading volume of 357,813 shares, compared to its average volume of 179,399. The stock has a 50-day simple moving average of $35.22 and a two-hundred day simple moving average of $37.47. The company has a market capitalization of $2.00 billion, a PE ratio of 22.36 and a beta of 1.62. Live Oak Bancshares has a twelve month low of $26.11 and a twelve month high of $47.22.

Live Oak Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 18th. Stockholders of record on Tuesday, June 4th were given a dividend of $0.03 per share. The ex-dividend date of this dividend was Tuesday, June 4th. This represents a $0.12 annualized dividend and a dividend yield of 0.27%. Live Oak Bancshares’s dividend payout ratio is presently 6.03%.

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 shares were sold at an average price of $35.97, for a total value of $93,522.00. Following the sale, the director now owns 5,870 shares of the company’s stock, valued at $211,143.90. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 23.90% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have weighed in on LOB shares. JPMorgan Chase & Co. lowered their target price on shares of 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. Truist Financial reduced their price target on shares of Live Oak Bancshares from $40.00 to $38.00 and set a “buy” rating on the stock in a research report on Monday, July 8th. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating and set a $40.00 price target (down previously from $45.00) on shares of Live Oak Bancshares in a research report on Friday, April 26th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Live Oak Bancshares presently has an average rating of “Hold” and an average target price of $39.25.

Live Oak Bancshares Company Profile

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.