Harbor Capital Advisors Inc. Reduces Stock Position in Live Oak Bancshares, Inc. (NASDAQ:LOB)

Harbor Capital Advisors Inc. lowered its stake in Live Oak Bancshares, Inc. (NASDAQ:LOB) by 20.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 8,679 shares of the bank’s stock after selling 2,197 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Live Oak Bancshares were worth $343,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in LOB. Barrow Hanley Mewhinney & Strauss LLC increased its holdings 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 worth $54,701,000 after acquiring an additional 15,496 shares during the period. Dimensional Fund Advisors LP grew its position in Live Oak Bancshares by 3.5% in the second quarter. Dimensional Fund Advisors LP now owns 1,402,516 shares of the bank’s stock worth $49,169,000 after acquiring an additional 48,018 shares in the last quarter. State Street Corp increased its stake in Live Oak Bancshares by 13.4% in the third quarter. State Street Corp now owns 1,109,413 shares of the bank’s stock valued at $52,553,000 after acquiring an additional 131,343 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Live Oak Bancshares by 1.8% during the 3rd quarter. Geode Capital Management LLC now owns 773,724 shares of the bank’s stock valued at $36,658,000 after buying an additional 13,824 shares in the last quarter. Finally, abrdn plc bought a new stake in shares of Live Oak Bancshares in the 3rd quarter worth approximately $14,501,000. Hedge funds and other institutional investors own 63.95% of the company’s stock.

Insider Activity

In other news, Director William Henderson Cameron acquired 1,000 shares of Live Oak Bancshares stock in a transaction on Tuesday, October 29th. The stock was acquired at an average cost of $39.76 per share, for a total transaction of $39,760.00. Following the purchase, the director now owns 202,217 shares in the company, valued at $8,040,147.92. This trade represents a 0.50 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 stock was sold at an average price of $49.00, for a total transaction of $616,812.00. Following the completion of the transaction, the chief accounting officer now owns 14,015 shares in the company, valued at approximately $686,735. This represents a 47.32 % decrease in their position. The disclosure for this sale can be found here. 23.90% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on LOB shares. Truist Financial lowered their target price on Live Oak Bancshares from $57.00 to $46.00 and set a “buy” rating for the company in a research note on Monday, October 28th. Piper Sandler dropped 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. Two equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, Live Oak Bancshares has an average rating of “Moderate Buy” and a consensus target price of $45.50.

Live Oak Bancshares Stock Up 4.8 %

Shares of LOB stock opened at $39.26 on Wednesday. The firm has a market capitalization of $1.77 billion, a price-to-earnings ratio of 24.69 and a beta of 1.69. The stock has a fifty day moving average of $43.72 and a 200 day moving average of $42.99. Live Oak Bancshares, Inc. has a 52 week low of $31.03 and a 52 week high of $50.57.

Live Oak Bancshares (NASDAQ:LOB) last announced its earnings results on Wednesday, October 23rd. The bank reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates 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 company had revenue of $241.87 million for the quarter, compared to the consensus estimate of $126.63 million. During the same period in the previous year, the firm posted $0.88 EPS. Equities research analysts anticipate that Live Oak Bancshares, Inc. will post 1.97 earnings per share for the current year.

Live Oak Bancshares Announces Dividend

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

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.