Millennium Management LLC Cuts Stock Position in Live Oak Bancshares, Inc. (NASDAQ:LOB)

Millennium Management LLC trimmed its holdings in shares of Live Oak Bancshares, Inc. (NASDAQ:LOB) by 14.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 489,788 shares of the bank’s stock after selling 82,870 shares during the quarter. Millennium Management LLC owned approximately 1.09% of Live Oak Bancshares worth $17,172,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Riverview Trust Co acquired a new position in shares of Live Oak Bancshares during the first quarter valued at approximately $28,000. Independence Bank of Kentucky acquired a new stake in Live Oak Bancshares during the 1st quarter worth $44,000. Quest Partners LLC grew its holdings in shares of Live Oak Bancshares by 68.4% during the second quarter. Quest Partners LLC now owns 2,026 shares of the bank’s stock worth $71,000 after buying an additional 823 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of Live Oak Bancshares by 1,885.5% in the second quarter. Allspring Global Investments Holdings LLC now owns 2,323 shares of the bank’s stock valued at $81,000 after buying an additional 2,206 shares during the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new position in shares of Live Oak Bancshares in the first quarter worth about $129,000. Hedge funds and other institutional investors own 63.95% of the company’s stock.

Wall Street Analyst Weigh In

LOB has been the subject of several research reports. Piper Sandler upped their price objective on shares of Live Oak Bancshares from $36.00 to $46.00 and gave the company a “neutral” rating in a research note on Monday, July 29th. JPMorgan Chase & Co. cut their price target on Live Oak Bancshares from $46.00 to $45.00 and set an “overweight” rating for the company in a report on Thursday, June 27th. Truist Financial raised 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. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating and set a $47.00 price target (up previously from $40.00) on shares of Live Oak Bancshares in a research report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat, Live Oak Bancshares currently has an average rating of “Hold” and an average price target of $48.75.

Insiders Place Their Bets

In related news, CAO John W. Sutherland sold 20,000 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $43.00, for a total transaction of $860,000.00. Following the transaction, the chief accounting officer now owns 26,603 shares of the company’s stock, valued at approximately $1,143,929. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 23.90% of the stock is owned by insiders.

Live Oak Bancshares Trading Up 1.8 %

NASDAQ LOB opened at $47.08 on Friday. The stock has a market cap of $2.12 billion, a PE ratio of 23.66 and a beta of 1.60. Live Oak Bancshares, Inc. has a twelve month low of $26.11 and a twelve month high of $50.57. The stock has a fifty day simple moving average of $43.36 and a 200-day simple moving average of $38.91.

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

Live Oak Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd were given a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 0.25%. The ex-dividend date was Tuesday, September 3rd. Live Oak Bancshares’s payout ratio is 6.03%.

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.