Zacks Investment Research upgraded shares of Live Oak Bancshares (NASDAQ:LOB) from a strong sell rating to a hold rating in a research report report published on Wednesday morning.
According to Zacks, “Live Oak Bancshares Inc. is the parent and registered bank holding company of Live Oak Banking Company which offers online platform for small business lending. The company accepts deposit products as well as offers loans which comprise small business administration loans; conventional commercial business loans to small and medium sized businesses and construction loans. It offers loans to the veterinary, pharmacy, investment advisory, beverages, funeral homes, entertainment centers, agricultural and healthcare sectors. Live Oak Bancshares Inc. is headquartered in Wilmington, North Carolina. “
LOB has been the subject of several other research reports. BidaskClub cut shares of Live Oak Bancshares from a hold rating to a sell rating in a research report on Saturday, September 15th. Sandler O’Neill cut shares of Live Oak Bancshares from a buy rating to a hold rating in a research report on Monday, July 9th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus price target of $29.25.
LOB opened at $27.40 on Wednesday. The stock has a market capitalization of $1.12 billion, a PE ratio of 21.92 and a beta of 0.13. Live Oak Bancshares has a 1-year low of $22.00 and a 1-year high of $32.95. The company has a quick ratio of 0.64, a current ratio of 0.90 and a debt-to-equity ratio of 0.01.
Live Oak Bancshares (NASDAQ:LOB) last announced its quarterly earnings data on Wednesday, July 25th. The bank reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.03. Live Oak Bancshares had a net margin of 35.16% and a return on equity of 13.41%. The business had revenue of $57.66 million during the quarter, compared to the consensus estimate of $59.31 million. equities analysts expect that Live Oak Bancshares will post 1.38 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, September 25th. Shareholders of record on Tuesday, September 11th were given a $0.03 dividend. This represents a $0.12 annualized dividend and a yield of 0.44%. The ex-dividend date of this dividend was Monday, September 10th. Live Oak Bancshares’s dividend payout ratio (DPR) is 9.60%.
In related news, Vice Chairman William L. Williams III purchased 35,000 shares of Live Oak Bancshares stock in a transaction dated Monday, July 30th. The stock was bought at an average cost of $28.27 per share, with a total value of $989,450.00. Following the purchase, the insider now owns 28,100 shares in the company, valued at approximately $794,387. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, CFO S. Brett Caines sold 3,355 shares of the company’s stock in a transaction that occurred on Thursday, August 9th. The stock was sold at an average price of $29.81, for a total transaction of $100,012.55. Following the completion of the sale, the chief financial officer now directly owns 274,040 shares of the company’s stock, valued at $8,169,132.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 27,310 shares of company stock valued at $799,996. 25.70% of the stock is owned by insiders.
Several large investors have recently modified their holdings of the company. Citigroup Inc. lifted its stake in Live Oak Bancshares by 45.1% during the first quarter. Citigroup Inc. now owns 5,550 shares of the bank’s stock valued at $154,000 after purchasing an additional 1,724 shares during the last quarter. Element Capital Management LLC acquired a new stake in Live Oak Bancshares during the first quarter valued at approximately $202,000. UBS Group AG lifted its stake in Live Oak Bancshares by 440.3% during the first quarter. UBS Group AG now owns 7,315 shares of the bank’s stock valued at $204,000 after purchasing an additional 5,961 shares during the last quarter. ZWJ Investment Counsel Inc. acquired a new stake in Live Oak Bancshares during the second quarter valued at approximately $215,000. Finally, Arbor Investment Advisors LLC acquired a new stake in Live Oak Bancshares during the second quarter valued at approximately $221,000. 44.29% of the stock is owned by institutional investors.
About Live Oak Bancshares
Live Oak Bancshares, Inc operates as the bank holding company for the Live Oak Banking Company that provides various commercial banking products and services to individuals and businesses in North Carolina. The company accepts various deposit products, including noninterest-bearing demand, interest-bearing checking, money market, saving, and time deposits.
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