Patriot Investment Management Group Inc. Reduces Stake in Live Oak Bancshares, Inc. (NASDAQ:LOB)

Patriot Investment Management Group Inc. lessened its holdings in shares of Live Oak Bancshares, Inc. (NASDAQ:LOB) by 4.4% during the 4th quarter, Holdings Channel.com reports. The fund owned 8,978 shares of the bank’s stock after selling 415 shares during the period. Patriot Investment Management Group Inc.’s holdings in Live Oak Bancshares were worth $355,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its holdings in Live Oak Bancshares by 3.5% during the second quarter. Dimensional Fund Advisors LP now owns 1,402,516 shares of the bank’s stock worth $49,169,000 after purchasing an additional 48,018 shares in the last quarter. State Street Corp increased its position in Live Oak Bancshares by 13.4% during the third quarter. State Street Corp now owns 1,109,413 shares of the bank’s stock worth $52,553,000 after buying an additional 131,343 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Live Oak Bancshares by 1.8% in the third quarter. Geode Capital Management LLC now owns 773,724 shares of the bank’s stock valued at $36,658,000 after acquiring an additional 13,824 shares during the period. abrdn plc purchased a new stake in shares of Live Oak Bancshares in the third quarter valued at about $14,501,000. Finally, Charles Schwab Investment Management Inc. increased its position in Live Oak Bancshares by 3.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 278,821 shares of the bank’s stock worth $13,208,000 after purchasing an additional 8,116 shares during the period. Hedge funds and other institutional investors own 63.95% of the company’s stock.

Analysts Set New Price Targets

LOB has been the subject of several recent analyst reports. Truist Financial reduced their price target on Live Oak Bancshares from $57.00 to $46.00 and set a “buy” rating for the company in a report on Monday, October 28th. Piper Sandler reduced their target price on Live Oak Bancshares from $50.00 to $44.00 and set a “neutral” rating for the company in a report on Friday, October 25th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $44.00 price target (down from $48.00) on shares of Live Oak Bancshares in a research note on Friday. Two investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, Live Oak Bancshares presently has a consensus rating of “Moderate Buy” and an average price target of $44.75.

Live Oak Bancshares Trading Down 14.0 %

Shares of NASDAQ:LOB opened at $35.07 on Friday. The firm has a market cap of $1.58 billion, a price-to-earnings ratio of 24.18 and a beta of 1.69. The stock’s 50-day moving average price is $42.51 and its two-hundred day moving average price is $43.18. Live Oak Bancshares, Inc. has a 12-month low of $31.03 and a 12-month high of $50.57.

Live Oak Bancshares (NASDAQ:LOB) last released its earnings results on Wednesday, October 23rd. The bank reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.25). The company had revenue of $241.87 million during the quarter, compared to analyst estimates of $126.63 million. Live Oak Bancshares had a return on equity of 6.88% and a net margin of 7.10%. During the same period in the prior year, the business posted $0.88 earnings per share. As a group, research analysts forecast that Live Oak Bancshares, Inc. will post 2.52 earnings per share for the current fiscal year.

Live Oak Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were paid a dividend of $0.03 per share. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $0.12 annualized dividend and a yield of 0.34%. Live Oak Bancshares’s dividend payout ratio is currently 8.28%.

Insider Transactions at Live Oak Bancshares

In other Live Oak Bancshares news, CAO John W. Sutherland sold 12,588 shares of Live Oak Bancshares stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $49.00, for a total transaction of $616,812.00. Following the sale, the chief accounting officer now directly owns 14,015 shares in the company, valued at $686,735. The trade was a 47.32 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William Henderson Cameron bought 1,000 shares of Live Oak Bancshares stock in a transaction dated Tuesday, October 29th. The shares were acquired at an average price of $39.76 per share, with a total value of $39,760.00. Following the completion of the purchase, the director now owns 202,217 shares in the company, valued at approximately $8,040,147.92. The trade was a 0.50 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 23.90% of the company’s stock.

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.