Live Oak Bancshares (NYSE:LOB) Posts Quarterly Earnings Results, Misses Estimates By $0.12 EPS

Live Oak Bancshares (NYSE:LOB) released its earnings results on Wednesday. The company reported $0.52 EPS for the quarter, missing the consensus estimate of $0.64 by ($0.12), Zacks reports. Live Oak Bancshares had a net margin of 12.68% and a return on equity of 11.77%.

Live Oak Bancshares Price Performance

LOB traded down $0.06 during trading on Wednesday, hitting $35.30. 247,611 shares of the stock traded hands, compared to its average volume of 267,562. The firm has a market capitalization of $1.63 billion, a P/E ratio of 12.43 and a beta of 1.94. The firm has a 50-day moving average of $38.30 and a 200 day moving average of $38.71. Live Oak Bancshares has a 12-month low of $29.36 and a 12-month high of $44.53.

Live Oak Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st were issued a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date was Tuesday, September 1st. Live Oak Bancshares’s dividend payout ratio is currently 4.23%.

Insider Activity

In other Live Oak Bancshares news, Director Willam Williams, III sold 6,590 shares of the company’s stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $40.09, for a total transaction of $264,193.10. Following the completion of the transaction, the director owned 1,105,726 shares of the company’s stock, valued at $44,328,555.34. This represents a 0.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director David Lucht sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $44.36, for a total value of $88,720.00. Following the transaction, the director directly owned 13,623 shares of the company’s stock, valued at $604,316.28. The trade was a 12.80% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 29,654 shares of company stock valued at $1,240,814. Company insiders own 22.40% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on LOB shares. Keefe, Bruyette & Woods upped their price target on shares of Live Oak Bancshares from $45.00 to $47.00 and gave the company an “outperform” rating in a research report on Friday, July 24th. Weiss Ratings raised Live Oak Bancshares from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday. Cantor Fitzgerald decreased their price objective on Live Oak Bancshares from $45.00 to $41.00 and set a “neutral” rating on the stock in a report on Wednesday, October 14th. Zacks Research lowered Live Oak Bancshares from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 31st. Finally, Piper Sandler dropped their target price on Live Oak Bancshares from $46.00 to $38.00 and set a “neutral” rating for the company in a report on Wednesday, October 7th. Two analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, Live Oak Bancshares has a consensus rating of “Hold” and a consensus target price of $42.50.

About Live Oak Bancshares

Live Oak Bancshares, Inc is the parent company of Live Oak Bank, a digital-focused financial institution headquartered in Wilmington, North Carolina. Founded in 2008, the company specializes in providing banking services to small and mid-sized businesses, with a particular emphasis on loans to owners of professional and industry-specific businesses.

Through Live Oak Bank, the company offers commercial lending, Small Business Administration (SBA) loans, business deposits, treasury management and other financial services.