Live Oak Bancshares (NASDAQ:LOB) Shares Down 4.5% – Here’s Why

Shares of Live Oak Bancshares, Inc. (NASDAQ:LOB) traded down 4.5% during trading on Wednesday . The company traded as low as $26.92 and last traded at $27.02. 143,170 shares changed hands during trading, a decline of 22% from the average session volume of 184,718 shares. The stock had previously closed at $28.29.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $44.00 target price (down previously from $48.00) on shares of Live Oak Bancshares in a report on Friday, January 24th.

Live Oak Bancshares Price Performance

The company has a market cap of $1.23 billion, a PE ratio of 18.71 and a beta of 1.69. The company has a 50-day moving average price of $34.09 and a two-hundred day moving average price of $40.97.

Live Oak Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 11th. Shareholders of record on Tuesday, February 25th were issued a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 0.44%. The ex-dividend date was Tuesday, February 25th. Live Oak Bancshares’s dividend payout ratio is presently 8.28%.

Hedge Funds Weigh In On Live Oak Bancshares

A number of institutional investors have recently added to or reduced their stakes in LOB. Apollon Wealth Management LLC purchased a new position in Live Oak Bancshares in the third quarter valued at about $231,000. Quest Partners LLC raised its position in shares of Live Oak Bancshares by 746.3% in the 3rd quarter. Quest Partners LLC now owns 17,146 shares of the bank’s stock valued at $812,000 after purchasing an additional 15,120 shares in the last quarter. Intech Investment Management LLC purchased a new position in shares of Live Oak Bancshares during the 3rd quarter valued at approximately $317,000. Charles Schwab Investment Management Inc. grew its position 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 worth $13,208,000 after buying an additional 8,116 shares in the last quarter. Finally, 49 Wealth Management LLC increased its stake in shares of Live Oak Bancshares by 2.1% in the third quarter. 49 Wealth Management LLC now owns 10,212 shares of the bank’s stock worth $484,000 after buying an additional 212 shares during the last quarter. Institutional investors and hedge funds own 63.95% of the company’s stock.

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.