Live Oak Bancshares, Inc. (NASDAQ:LOB) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. decreased its holdings in Live Oak Bancshares, Inc. (NASDAQ:LOB) by 8.7% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 23,799 shares of the bank’s stock after selling 2,272 shares during the quarter. Principal Financial Group Inc. owned approximately 0.05% of Live Oak Bancshares worth $1,127,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. First Hawaiian Bank purchased a new stake in Live Oak Bancshares during the 2nd quarter worth approximately $542,000. Jacobs Levy Equity Management Inc. bought a new stake in shares of Live Oak Bancshares in the first quarter worth $1,350,000. Vanguard Group Inc. raised its holdings in Live Oak Bancshares by 1.1% in the first quarter. Vanguard Group Inc. now owns 2,536,094 shares of the bank’s stock valued at $105,273,000 after acquiring an additional 27,086 shares in the last quarter. abrdn plc bought a new position in Live Oak Bancshares during the 3rd quarter valued at $14,501,000. Finally, Barrow Hanley Mewhinney & Strauss LLC grew its holdings in Live Oak Bancshares by 1.0% during the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,560,218 shares of the bank’s stock worth $54,701,000 after acquiring an additional 15,496 shares in the last quarter. Hedge funds and other institutional investors own 63.95% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on LOB. Truist Financial cut their target price on shares of Live Oak Bancshares from $57.00 to $46.00 and set a “buy” rating on the stock in a research note on Monday, October 28th. Piper Sandler lowered their price objective on Live Oak Bancshares from $50.00 to $44.00 and set a “neutral” rating for the company in a report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $45.50.

Insider Buying and Selling

In related news, CAO John W. Sutherland sold 12,588 shares of the stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $49.00, for a total value of $616,812.00. Following the completion of the transaction, the chief accounting officer now directly owns 14,015 shares of the company’s stock, valued at $686,735. This represents a 47.32 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director William Henderson Cameron bought 1,000 shares of the business’s stock in a transaction on Tuesday, October 29th. The shares were acquired at an average cost of $39.76 per share, for a total transaction of $39,760.00. Following the purchase, the director now directly owns 202,217 shares in the company, valued at $8,040,147.92. This represents a 0.50 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 23.90% of the stock is owned by company insiders.

Live Oak Bancshares Stock Performance

Live Oak Bancshares stock opened at $47.77 on Friday. Live Oak Bancshares, Inc. has a 1 year low of $31.03 and a 1 year high of $50.57. The firm’s 50-day moving average is $46.30 and its 200-day moving average is $40.77. The company has a market cap of $2.16 billion, a P/E ratio of 30.04 and a beta of 1.63.

Live Oak Bancshares (NASDAQ:LOB) last issued its earnings results on Wednesday, October 23rd. The bank reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.25). The business had revenue of $241.87 million during the quarter, compared to the consensus estimate of $126.63 million. Live Oak Bancshares had a return on equity of 7.65% and a net margin of 7.99%. During the same period in the prior year, the business earned $0.88 EPS. As a group, sell-side analysts predict that Live Oak Bancshares, Inc. will post 1.97 earnings per share for the current year.

Live Oak Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a dividend of $0.03 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.12 dividend on an annualized basis and a yield of 0.25%. Live Oak Bancshares’s dividend payout ratio is currently 7.55%.

About Live Oak Bancshares

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.