Pinnacle Associates Ltd. Purchases 5,575 Shares of Live Oak Bancshares, Inc. $LOB

Pinnacle Associates Ltd. lifted its position in shares of Live Oak Bancshares, Inc. (NASDAQ:LOB) by 25.9% during the second quarter, Holdings Channel.com reports. The firm owned 27,059 shares of the bank’s stock after buying an additional 5,575 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Live Oak Bancshares were worth $806,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in the company. T. Rowe Price Investment Management Inc. increased its stake in shares of Live Oak Bancshares by 1.0% during the first quarter. T. Rowe Price Investment Management Inc. now owns 6,484,524 shares of the bank’s stock worth $172,878,000 after purchasing an additional 65,038 shares during the period. Vanguard Group Inc. increased its stake in shares of Live Oak Bancshares by 1.0% during the first quarter. Vanguard Group Inc. now owns 2,657,737 shares of the bank’s stock worth $70,855,000 after purchasing an additional 26,481 shares during the period. Millennium Management LLC increased its stake in shares of Live Oak Bancshares by 655.6% during the first quarter. Millennium Management LLC now owns 687,885 shares of the bank’s stock worth $18,339,000 after purchasing an additional 596,841 shares during the period. Motley Fool Wealth Management LLC increased its stake in shares of Live Oak Bancshares by 38.9% during the second quarter. Motley Fool Wealth Management LLC now owns 366,608 shares of the bank’s stock worth $10,925,000 after purchasing an additional 102,749 shares during the period. Finally, Nuveen LLC bought a new position in shares of Live Oak Bancshares during the first quarter worth approximately $8,116,000. Institutional investors own 63.95% of the company’s stock.

Live Oak Bancshares Stock Performance

Shares of LOB opened at $31.54 on Tuesday. Live Oak Bancshares, Inc. has a 52-week low of $22.68 and a 52-week high of $50.17. The business’s fifty day moving average is $35.68 and its 200-day moving average is $31.89. The firm has a market cap of $1.44 billion, a price-to-earnings ratio of 21.75 and a beta of 1.81.

Live Oak Bancshares Dividend Announcement

The firm also recently declared a sep 25 dividend, which was paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd were paid a $0.03 dividend. The ex-dividend date was Tuesday, September 2nd. This represents a dividend yield of 32.0%. Live Oak Bancshares’s dividend payout ratio (DPR) is presently 8.05%.

Analyst Ratings Changes

LOB has been the topic of a number of recent research reports. Keefe, Bruyette & Woods upgraded Live Oak Bancshares from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $37.00 to $43.00 in a research note on Tuesday, August 19th. National Bankshares set a $50.00 price objective on Live Oak Bancshares in a research note on Wednesday, September 24th. Piper Sandler lowered their price objective on Live Oak Bancshares from $37.00 to $35.00 and set a “neutral” rating on the stock in a research note on Friday, October 24th. Cowen initiated coverage on Live Oak Bancshares in a research note on Wednesday, September 24th. They set a “buy” rating on the stock. Finally, Cantor Fitzgerald initiated coverage on Live Oak Bancshares in a research note on Wednesday, September 10th. They set a “neutral” rating and a $42.00 price objective on the stock. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $42.50.

Live Oak Bancshares 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.