Live Oak Bancshares, Inc. (NASDAQ:LOB) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note 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. “
A number of other brokerages also recently commented on LOB. TheStreet upgraded shares of Live Oak Bancshares from a “c” rating to a “b-” rating in a report on Monday, July 24th. BidaskClub upgraded shares of Live Oak Bancshares from a “hold” rating to a “buy” rating in a report on Tuesday. Finally, Sandler O’Neill upgraded shares of Live Oak Bancshares from a “hold” rating to a “buy” rating and reduced their target price for the stock from $25.00 to $24.00 in a report on Wednesday, September 6th.
Shares of Live Oak Bancshares (LOB) opened at 24.40 on Wednesday. Live Oak Bancshares has a 12 month low of $14.05 and a 12 month high of $24.59. The stock has a market capitalization of $845.80 million, a P/E ratio of 35.26 and a beta of -0.09. The company’s 50-day moving average is $22.86 and its 200 day moving average is $22.86.
Live Oak Bancshares (NASDAQ:LOB) last announced its earnings results on Wednesday, July 26th. The bank reported $0.28 EPS for the quarter, topping the Zacks’ consensus estimate of $0.24 by $0.04. The business had revenue of $45.06 million during the quarter, compared to the consensus estimate of $45.92 million. Live Oak Bancshares had a net margin of 13.71% and a return on equity of 11.50%. Equities research analysts predict that Live Oak Bancshares will post $0.88 earnings per share for the current year.
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In other Live Oak Bancshares news, Director Diane Beth Glossman purchased 2,000 shares of the company’s stock in a transaction dated Friday, August 11th. The shares were acquired at an average price of $23.07 per share, for a total transaction of $46,140.00. Following the completion of the purchase, the director now owns 26,892 shares of the company’s stock, valued at $620,398.44. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 30.10% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Susquehanna International Group LLP purchased a new stake in shares of Live Oak Bancshares during the second quarter worth about $1,623,000. State Street Corp grew its stake in shares of Live Oak Bancshares by 10.3% during the second quarter. State Street Corp now owns 354,407 shares of the bank’s stock worth $8,579,000 after acquiring an additional 33,082 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Live Oak Bancshares by 107.0% during the second quarter. Goldman Sachs Group Inc. now owns 163,987 shares of the bank’s stock worth $3,968,000 after acquiring an additional 84,748 shares during the last quarter. Voya Investment Management LLC grew its stake in shares of Live Oak Bancshares by 12.5% during the second quarter. Voya Investment Management LLC now owns 11,703 shares of the bank’s stock worth $283,000 after acquiring an additional 1,303 shares during the last quarter. Finally, Dimensional Fund Advisors LP purchased a new stake in shares of Live Oak Bancshares during the second quarter worth about $523,000. Institutional investors and hedge funds own 37.47% 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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