Truist Financial Trims Live Oak Bancshares (NASDAQ:LOB) Target Price to $38.00

Live Oak Bancshares (NASDAQ:LOB) had its price objective trimmed by Truist Financial from $47.00 to $38.00 in a report published on Friday morning, Benzinga reports. The brokerage currently has a buy rating on the bank’s stock.

Several other research firms have also commented on LOB. TheStreet lowered shares of Live Oak Bancshares from a b- rating to a c+ rating in a research report on Monday, January 29th. Keefe, Bruyette & Woods reiterated a market perform rating and issued a $40.00 price objective (down from $45.00) on shares of Live Oak Bancshares in a research report on Friday. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $38.00.

Live Oak Bancshares Stock Down 3.2 %

Live Oak Bancshares stock opened at $33.18 on Friday. Live Oak Bancshares has a 52 week low of $19.53 and a 52 week high of $47.22. The firm’s 50-day simple moving average is $39.11 and its 200 day simple moving average is $37.39. The firm has a market capitalization of $1.49 billion, a PE ratio of 16.67 and a beta of 1.60.

Live Oak Bancshares (NASDAQ:LOB) last released its quarterly earnings data on Wednesday, January 24th. The bank reported $0.36 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.20). Live Oak Bancshares had a return on equity of 10.45% and a net margin of 10.62%. The business had revenue of $119.68 million during the quarter, compared to analysts’ expectations of $119.36 million. On average, research analysts expect that Live Oak Bancshares will post 2.22 EPS for the current fiscal year.

Live Oak Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Tuesday, February 27th were issued a $0.03 dividend. The ex-dividend date of this dividend was Monday, February 26th. This represents a $0.12 dividend on an annualized basis and a yield of 0.36%. Live Oak Bancshares’s dividend payout ratio (DPR) is 6.03%.

Insider Transactions at Live Oak Bancshares

In other news, Director Miltom Emmett Petty sold 10,000 shares of the stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $39.73, for a total transaction of $397,300.00. Following the transaction, the director now directly owns 121,941 shares in the company, valued at approximately $4,844,715.93. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, insider Micah S. Davis sold 8,613 shares of the firm’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $39.87, for a total transaction of $343,400.31. Following the transaction, the insider now directly owns 43,864 shares in the company, valued at $1,748,857.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Miltom Emmett Petty sold 10,000 shares of the firm’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $39.73, for a total value of $397,300.00. Following the completion of the sale, the director now owns 121,941 shares in the company, valued at $4,844,715.93. The disclosure for this sale can be found here. Insiders own 23.90% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of LOB. Trust Co of the South acquired a new position in shares of Live Oak Bancshares during the fourth quarter valued at $15,042,000. Norges Bank acquired a new position in Live Oak Bancshares during the fourth quarter worth about $7,474,000. Mendon Capital Advisors Corp acquired a new position in Live Oak Bancshares during the fourth quarter worth about $4,550,000. Homestead Advisers Corp grew its holdings in Live Oak Bancshares by 103.6% during the fourth quarter. Homestead Advisers Corp now owns 123,000 shares of the bank’s stock worth $5,596,000 after acquiring an additional 62,600 shares during the period. Finally, Dimensional Fund Advisors LP grew its holdings in Live Oak Bancshares by 4.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,327,754 shares of the bank’s stock worth $60,415,000 after acquiring an additional 61,029 shares during the period. 63.95% of the stock is owned by institutional investors and hedge funds.

Live Oak Bancshares Company Profile

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.