Bank of New York Mellon Corp Lowers Position in Live Oak Bancshares, Inc. (LOB)
Bank of New York Mellon Corp lessened its stake in Live Oak Bancshares, Inc. (NASDAQ:LOB) by 3.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 107,410 shares of the bank’s stock after selling 4,155 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.31% of Live Oak Bancshares worth $2,600,000 at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. US Bancorp DE raised its holdings in shares of Live Oak Bancshares by 77.5% in the 1st quarter. US Bancorp DE now owns 4,614 shares of the bank’s stock worth $100,000 after purchasing an additional 2,014 shares during the period. Bank of America Corp DE raised its holdings in Live Oak Bancshares by 3.5% during the 1st quarter. Bank of America Corp DE now owns 5,468 shares of the bank’s stock valued at $118,000 after acquiring an additional 185 shares during the period. Profit Investment Management LLC bought a new stake in Live Oak Bancshares during the 2nd quarter valued at $226,000. California Public Employees Retirement System bought a new stake in Live Oak Bancshares during the 1st quarter valued at $223,000. Finally, Credit Suisse AG raised its holdings in Live Oak Bancshares by 2.0% during the 1st quarter. Credit Suisse AG now owns 10,677 shares of the bank’s stock valued at $231,000 after acquiring an additional 207 shares during the period. 37.47% of the stock is currently owned by institutional investors.
In related news, Director Diane Beth Glossman purchased 2,000 shares of Live Oak Bancshares stock in a transaction on Friday, August 11th. The shares were bought at an average cost of $23.07 per share, for a total transaction of $46,140.00. Following the acquisition, the director now owns 26,892 shares in the company, valued at approximately $620,398.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 30.10% of the company’s stock.
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Live Oak Bancshares, Inc. (NASDAQ:LOB) opened at 24.10 on Friday. The stock’s 50 day moving average is $22.97 and its 200-day moving average is $22.97. Live Oak Bancshares, Inc. has a 52-week low of $14.05 and a 52-week high of $26.05. The stock has a market capitalization of $835.40 million, a price-to-earnings ratio of 34.83 and a beta of -0.09.
Live Oak Bancshares (NASDAQ:LOB) last announced its quarterly earnings data on Wednesday, July 26th. The bank reported $0.28 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.24 by $0.04. The firm had revenue of $45.06 million for the quarter, compared to the consensus estimate of $45.92 million. Live Oak Bancshares had a net margin of 13.71% and a return on equity of 11.50%. Equities research analysts anticipate that Live Oak Bancshares, Inc. will post $0.88 EPS for the current fiscal year.
A number of equities research analysts have issued reports on LOB shares. BidaskClub cut shares of Live Oak Bancshares from a “hold” rating to a “sell” rating in a report on Tuesday, August 22nd. Zacks Investment Research upgraded shares of Live Oak Bancshares from a “hold” rating to a “strong-buy” rating and set a $29.00 price target for the company in a research report on Tuesday, August 1st. TheStreet upgraded shares of Live Oak Bancshares from a “c” rating to a “b-” rating in a research report on Monday, July 24th. Sandler O’Neill upgraded shares of Live Oak Bancshares from a “hold” rating to a “buy” rating and reduced their price target for the company from $25.00 to $24.00 in a research report on Wednesday, September 6th. Finally, SunTrust Banks, Inc. restated a “buy” rating and set a $27.00 price target on shares of Live Oak Bancshares in a research report on Thursday. One analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $26.67.
Live Oak Bancshares Company Profile
Live Oak Bancshares, Inc is a bank holding company. The Company conducts business operations primarily through its commercial bank subsidiary, Live Oak Banking Company (the Bank). The Bank specializes in providing lending services to small businesses nationwide in targeted industries. The loans originated by the Bank are guaranteed by the small business administration (SBA).
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