Live Oak Bancshares, Inc. (NASDAQ:LOB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Friday, May 12th. The brokerage presently has a $29.00 target price on the bank’s stock. Zacks Investment Research‘s target price points to a potential upside of 13.73% from the stock’s previous close.
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. “
Shares of Live Oak Bancshares (NASDAQ:LOB) traded up 0.20% during mid-day trading on Friday, reaching $25.50. 104,092 shares of the company’s stock traded hands. The company has a 50 day moving average of $24.78 and a 200 day moving average of $21.71. The company has a market cap of $882.48 million, a price-to-earnings ratio of 59.16 and a beta of -0.16. Live Oak Bancshares has a 12 month low of $12.68 and a 12 month high of $26.05.
Live Oak Bancshares (NASDAQ:LOB) last issued its quarterly earnings data on Wednesday, April 26th. The bank reported $0.17 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.16 by $0.01. The firm had revenue of $41.39 million for the quarter, compared to analyst estimates of $38.78 million. Live Oak Bancshares had a return on equity of 8.98% and a net margin of 9.31%. Analysts expect that Live Oak Bancshares will post $0.97 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, June 6th. Investors of record on Tuesday, May 23rd were given a dividend of $0.02 per share. The ex-dividend date was Friday, May 19th. This represents a $0.08 annualized dividend and a dividend yield of 0.31%. Live Oak Bancshares’s dividend payout ratio is presently 18.61%.
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Several large investors have recently added to or reduced their stakes in the stock. HighTower Advisors LLC raised its stake in Live Oak Bancshares by 140.9% in the first quarter. HighTower Advisors LLC now owns 362,590 shares of the bank’s stock valued at $7,850,000 after buying an additional 212,079 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of Live Oak Bancshares by 7.0% in the first quarter. Wellington Management Group LLP now owns 1,273,646 shares of the bank’s stock worth $27,574,000 after buying an additional 83,260 shares during the last quarter. Goldman Sachs Group Inc. bought a new position in shares of Live Oak Bancshares during the first quarter worth about $1,716,000. Citadel Advisors LLC bought a new position in shares of Live Oak Bancshares during the third quarter worth about $1,134,000. Finally, Cetera Advisor Networks LLC boosted its position in shares of Live Oak Bancshares by 138.4% in the third quarter. Cetera Advisor Networks LLC now owns 118,230 shares of the bank’s stock worth $1,705,000 after buying an additional 68,640 shares during the last quarter. Institutional investors own 36.07% of the company’s stock.
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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