Live Oak Bancshares, Inc. (LOB) Rating Increased to Hold at Zacks Investment Research
Live Oak Bancshares, Inc. (NASDAQ:LOB) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Wednesday.
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 reports. BidaskClub cut shares of Live Oak Bancshares from a “hold” rating to a “sell” rating in a research report on Tuesday, August 22nd. TheStreet upgraded shares of Live Oak Bancshares from a “c” rating to a “b-” rating in a research report on Monday, July 24th. Finally, Sandler O’Neill upgraded shares of Live Oak Bancshares from a “hold” rating to a “buy” rating and decreased their price target for the company from $25.00 to $24.00 in a research report on Wednesday, September 6th. One research analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $26.67.
Live Oak Bancshares (NASDAQ:LOB) last announced its quarterly earnings results on Wednesday, July 26th. The bank reported $0.28 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.24 by $0.04. Live Oak Bancshares had a net margin of 13.71% and a return on equity of 11.50%. The firm had revenue of $45.06 million during the quarter, compared to analysts’ expectations of $45.92 million.
In other Live Oak Bancshares news, Director Diane Beth Glossman purchased 2,000 shares of the firm’s stock in a transaction on Friday, August 11th. The stock was purchased at an average cost of $23.07 per share, for a total transaction of $46,140.00. Following the transaction, the director now owns 26,892 shares in the company, valued at approximately $620,398.44. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 30.10% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the company. US Bancorp DE increased its position in shares of Live Oak Bancshares by 77.5% during the first quarter. US Bancorp DE now owns 4,614 shares of the bank’s stock worth $100,000 after buying an additional 2,014 shares during the period. Bank of America Corp DE increased its position in shares of Live Oak Bancshares by 3.5% during the first quarter. Bank of America Corp DE now owns 5,468 shares of the bank’s stock worth $118,000 after buying an additional 185 shares during the period. Profit Investment Management LLC acquired a new stake in shares of Live Oak Bancshares during the second quarter worth $226,000. California Public Employees Retirement System acquired a new stake in shares of Live Oak Bancshares during the first quarter worth $223,000. Finally, Credit Suisse AG increased its position in shares of Live Oak Bancshares by 2.0% during the first quarter. Credit Suisse AG now owns 10,677 shares of the bank’s stock worth $231,000 after buying an additional 207 shares during the period. Institutional investors own 37.47% of the company’s stock.
About Live Oak Bancshares
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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