Live Oak Bancshares (NYSE:LOB) Announces Quarterly Earnings Results

Live Oak Bancshares (NYSE:LOB) released its quarterly earnings data on Wednesday. The company reported $0.52 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.12), Zacks reports. Live Oak Bancshares had a return on equity of 11.77% and a net margin of 12.68%. The business had revenue of $175.65 million for the quarter, compared to analyst estimates of $167.50 million.

Live Oak Bancshares Stock Down 0.2%

Live Oak Bancshares stock opened at $35.30 on Thursday. Live Oak Bancshares has a twelve month low of $29.36 and a twelve month high of $44.53. The firm has a 50 day moving average price of $38.15 and a 200-day moving average price of $38.73. The company has a market capitalization of $1.63 billion, a P/E ratio of 12.43 and a beta of 1.94.

Live Oak Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st were given a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend was Tuesday, September 1st. Live Oak Bancshares’s dividend payout ratio is currently 4.23%.

Insider Transactions at Live Oak Bancshares

In other Live Oak Bancshares news, Director Willam Williams, III sold 8,400 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $43.08, for a total transaction of $361,872.00. Following the completion of the transaction, the director directly owned 1,114,126 shares of the company’s stock, valued at approximately $47,996,548.08. This represents a 0.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Tonya Bradford sold 1,600 shares of the firm’s stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $39.89, for a total value of $63,824.00. Following the completion of the sale, the director directly owned 8,043 shares of the company’s stock, valued at $320,835.27. This represents a 16.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 29,654 shares of company stock worth $1,240,814 in the last ninety days. Company insiders own 22.40% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on LOB shares. Zacks Research downgraded Live Oak Bancshares from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 31st. Keefe, Bruyette & Woods upped their price target on Live Oak Bancshares from $45.00 to $47.00 and gave the stock an “outperform” rating in a report on Friday, July 24th. TD Cowen dropped their price objective on Live Oak Bancshares from $49.00 to $44.00 and set a “buy” rating on the stock in a research note on Monday, October 5th. Cantor Fitzgerald cut their price objective on shares of Live Oak Bancshares from $45.00 to $41.00 and set a “neutral” rating on the stock in a report on Wednesday, October 14th. Finally, Piper Sandler reduced their target price on shares of Live Oak Bancshares from $46.00 to $38.00 and set a “neutral” rating for the company in a research note on Wednesday, October 7th. Two investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Live Oak Bancshares currently has an average rating of “Hold” and a consensus price target of $42.50.

About Live Oak Bancshares

Live Oak Bancshares, Inc is the parent company of Live Oak Bank, a digital-focused financial institution headquartered in Wilmington, North Carolina. Founded in 2008, the company specializes in providing banking services to small and mid-sized businesses, with a particular emphasis on loans to owners of professional and industry-specific businesses.

Through Live Oak Bank, the company offers commercial lending, Small Business Administration (SBA) loans, business deposits, treasury management and other financial services.