Mendon Capital Advisors Corp Sells 9,100 Shares of Live Oak Bancshares, Inc. (NASDAQ:LOB)

Mendon Capital Advisors Corp lessened its position in Live Oak Bancshares, Inc. (NASDAQ:LOB) by 23.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 30,000 shares of the bank’s stock after selling 9,100 shares during the period. Live Oak Bancshares comprises about 0.9% of Mendon Capital Advisors Corp’s portfolio, making the stock its 25th largest holding. Mendon Capital Advisors Corp owned 0.07% of Live Oak Bancshares worth $1,052,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of Live Oak Bancshares by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 2,536,094 shares of the bank’s stock worth $105,273,000 after acquiring an additional 27,086 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its holdings in shares of Live Oak Bancshares by 1.0% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,560,218 shares of the bank’s stock valued at $54,701,000 after purchasing an additional 15,496 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Live Oak Bancshares by 3.5% in the second quarter. Dimensional Fund Advisors LP now owns 1,402,516 shares of the bank’s stock valued at $49,169,000 after purchasing an additional 48,018 shares during the last quarter. Capital International Investors bought a new position in shares of Live Oak Bancshares in the first quarter valued at about $18,628,000. Finally, Blue Trust Inc. lifted its stake in shares of Live Oak Bancshares by 12,211.1% during the 2nd quarter. Blue Trust Inc. now owns 252,994 shares of the bank’s stock worth $8,870,000 after buying an additional 250,939 shares during the last quarter. Institutional investors own 63.95% of the company’s stock.

Live Oak Bancshares Trading Down 2.4 %

Shares of LOB opened at $46.21 on Wednesday. The stock has a market capitalization of $2.08 billion, a PE ratio of 23.22 and a beta of 1.60. The firm’s 50 day moving average is $43.19 and its 200-day moving average is $38.69. Live Oak Bancshares, Inc. has a 12 month low of $26.11 and a 12 month high of $50.57.

Live Oak Bancshares (NASDAQ:LOB) last announced its quarterly earnings data on Wednesday, July 24th. The bank reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.13. Live Oak Bancshares had a return on equity of 10.93% and a net margin of 11.22%. The firm had revenue of $232.61 million during the quarter, compared to analysts’ expectations of $123.08 million. During the same period in the previous year, the firm earned $0.39 EPS. Equities research analysts predict that Live Oak Bancshares, Inc. will post 2.32 earnings per share for the current fiscal year.

Live Oak Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd were issued a $0.03 dividend. This represents a $0.12 annualized dividend and a yield of 0.26%. The ex-dividend date was Tuesday, September 3rd. Live Oak Bancshares’s dividend payout ratio is currently 6.03%.

Insider Activity

In related news, CAO John W. Sutherland sold 20,000 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $43.00, for a total transaction of $860,000.00. Following the sale, the chief accounting officer now owns 26,603 shares in the company, valued at approximately $1,143,929. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 23.90% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. JPMorgan Chase & Co. decreased their price target on shares of Live Oak Bancshares from $46.00 to $45.00 and set an “overweight” rating on the stock in a research note on Thursday, June 27th. Truist Financial increased their target price on Live Oak Bancshares from $51.00 to $57.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. Piper Sandler boosted their price target on Live Oak Bancshares from $36.00 to $46.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $47.00 price objective (up from $40.00) on shares of Live Oak Bancshares in a report on Friday, July 26th. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $48.75.

Live Oak Bancshares Company 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.