HighTower Advisors LLC Takes Position in Live Oak Bancshares, Inc. (NASDAQ:LOB)

HighTower Advisors LLC purchased a new position in shares of Live Oak Bancshares, Inc. (NASDAQ:LOB) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 7,672 shares of the bank’s stock, valued at approximately $364,000.

Other hedge funds have also recently added to or reduced their stakes in the company. abrdn plc purchased a new position in Live Oak Bancshares during the third quarter worth approximately $14,501,000. Barrow Hanley Mewhinney & Strauss LLC increased its stake in shares of Live Oak Bancshares by 1.0% in 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 during the last quarter. Quest Partners LLC raised its holdings in shares of Live Oak Bancshares by 746.3% during the 3rd quarter. Quest Partners LLC now owns 17,146 shares of the bank’s stock worth $812,000 after acquiring an additional 15,120 shares during the period. Sei Investments Co. boosted its position in shares of Live Oak Bancshares by 268.1% during the 2nd quarter. Sei Investments Co. now owns 22,630 shares of the bank’s stock valued at $793,000 after acquiring an additional 16,482 shares during the last quarter. Finally, Benjamin Edwards Inc. grew its holdings in shares of Live Oak Bancshares by 62.8% in the third quarter. Benjamin Edwards Inc. now owns 7,717 shares of the bank’s stock valued at $366,000 after purchasing an additional 2,977 shares during the period. 63.95% of the stock is owned by institutional investors and hedge funds.

Live Oak Bancshares Stock Performance

NASDAQ:LOB opened at $39.17 on Monday. The stock has a market capitalization of $1.77 billion, a P/E ratio of 24.64 and a beta of 1.66. Live Oak Bancshares, Inc. has a fifty-two week low of $31.03 and a fifty-two week high of $50.57. The company has a 50 day moving average price of $45.49 and a 200 day moving average price of $42.32.

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

Live Oak Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were given a dividend of $0.03 per share. The ex-dividend date was Monday, December 2nd. This represents a $0.12 annualized dividend and a dividend yield of 0.31%. Live Oak Bancshares’s dividend payout ratio is presently 7.55%.

Insider Activity

In other news, CAO John W. Sutherland sold 12,588 shares of Live Oak Bancshares stock in a transaction dated 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 owns 14,015 shares in the company, valued at approximately $686,735. This trade represents a 47.32 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director William Henderson Cameron acquired 1,000 shares of the stock in a transaction dated Tuesday, October 29th. The shares were bought at an average cost of $39.76 per share, with a total value of $39,760.00. Following the completion of the transaction, the director now owns 202,217 shares of the company’s stock, valued at approximately $8,040,147.92. This represents a 0.50 % increase in their position. The disclosure for this purchase can be found here. Insiders own 23.90% of the company’s stock.

Analysts Set New Price Targets

LOB has been the topic of several recent analyst reports. Truist Financial decreased 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 report on Monday, October 28th. Piper Sandler decreased their price objective on Live Oak Bancshares from $50.00 to $44.00 and set a “neutral” rating on the stock in a report on Friday, October 25th. 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’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $45.50.

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.