State Street Corp Raises Position in Live Oak Bancshares, Inc. (NASDAQ:LOB)

State Street Corp grew its position in shares of Live Oak Bancshares, Inc. (NASDAQ:LOB) by 13.4% during the third quarter, according to its most recent filing with the SEC. The firm owned 1,109,413 shares of the bank’s stock after acquiring an additional 131,343 shares during the period. State Street Corp owned about 2.46% of Live Oak Bancshares worth $52,553,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Barrow Hanley Mewhinney & Strauss LLC lifted its position in Live Oak Bancshares by 1.0% during the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,560,218 shares of the bank’s stock valued at $54,701,000 after acquiring an additional 15,496 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of 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 valued at $49,169,000 after purchasing an additional 48,018 shares in the last quarter. abrdn plc bought a new position in shares of Live Oak Bancshares during the third quarter valued at approximately $14,501,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of Live Oak Bancshares by 3.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 278,821 shares of the bank’s stock valued at $13,208,000 after purchasing an additional 8,116 shares during the last quarter. Finally, Loomis Sayles & Co. L P boosted its position in shares of Live Oak Bancshares by 3.6% in the 3rd quarter. Loomis Sayles & Co. L P now owns 221,263 shares of the bank’s stock worth $10,481,000 after purchasing an additional 7,662 shares in the last quarter. Hedge funds and other institutional investors own 63.95% of the company’s stock.

Insider Activity at Live Oak Bancshares

In other Live Oak Bancshares news, Director William Henderson Cameron bought 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 29th. The stock was bought at an average cost of $39.76 per share, for a total transaction of $39,760.00. Following the completion of the transaction, the director now owns 202,217 shares of the company’s stock, valued at $8,040,147.92. This represents a 0.50 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO John W. Sutherland sold 12,588 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The shares were 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 of the company’s stock, valued at approximately $686,735. This represents a 47.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 23.90% of the stock is owned by insiders.

Live Oak Bancshares Trading Down 3.8 %

Shares of LOB opened at $38.65 on Friday. The company has a market cap of $1.75 billion, a price-to-earnings ratio of 24.31 and a beta of 1.66. The business’s fifty day simple moving average is $45.78 and its two-hundred day simple moving average is $42.17. 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 quarterly earnings data on Wednesday, October 23rd. The bank reported $0.28 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.25). Live Oak Bancshares had a net margin of 7.99% and a return on equity of 7.65%. The business had revenue of $241.87 million for the quarter, compared to analysts’ expectations of $126.63 million. During the same period last year, the business earned $0.88 earnings per share. As a group, research analysts forecast that Live Oak Bancshares, Inc. will post 1.97 EPS for the current year.

Live Oak Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were issued a dividend of $0.03 per share. The ex-dividend date was Monday, December 2nd. This represents a $0.12 annualized dividend and a dividend yield of 0.31%. Live Oak Bancshares’s payout ratio is 7.55%.

Analyst Ratings Changes

A number of brokerages have issued reports on LOB. Piper Sandler lowered their price objective on Live Oak Bancshares from $50.00 to $44.00 and set a “neutral” rating for the company in a research note on Friday, October 25th. 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. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $45.50.

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.