Geode Capital Management LLC Acquires 13,824 Shares of Live Oak Bancshares, Inc. (NASDAQ:LOB)

Geode Capital Management LLC raised its holdings in Live Oak Bancshares, Inc. (NASDAQ:LOB) by 1.8% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 773,724 shares of the bank’s stock after acquiring an additional 13,824 shares during the quarter. Geode Capital Management LLC owned about 1.72% of Live Oak Bancshares worth $36,658,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of LOB. abrdn plc bought a new position in shares of Live Oak Bancshares in the 3rd quarter worth $14,501,000. State Street Corp boosted its holdings in Live Oak Bancshares by 13.4% during the third quarter. State Street Corp now owns 1,109,413 shares of the bank’s stock worth $52,553,000 after buying an additional 131,343 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its position in shares of Live Oak Bancshares by 82.3% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 185,309 shares of the bank’s stock worth $8,778,000 after buying an additional 83,639 shares during the period. Envestnet Asset Management Inc. increased its stake in shares of Live Oak Bancshares by 432.0% in the 2nd quarter. Envestnet Asset Management Inc. now owns 66,130 shares of the bank’s stock valued at $2,319,000 after acquiring an additional 53,700 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Live Oak Bancshares by 3.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,402,516 shares of the bank’s stock valued at $49,169,000 after acquiring an additional 48,018 shares during the period. Institutional investors and hedge funds own 63.95% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on LOB. Truist Financial decreased their price objective on shares of Live Oak Bancshares from $57.00 to $46.00 and set a “buy” rating for the company in a report on Monday, October 28th. Piper Sandler decreased their price target on shares of 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 issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $45.50.

Live Oak Bancshares Stock Performance

Shares of LOB opened at $39.60 on Wednesday. The firm’s 50 day moving average price is $45.12 and its two-hundred day moving average price is $42.42. Live Oak Bancshares, Inc. has a twelve month low of $31.03 and a twelve month high of $50.57. The firm has a market cap of $1.79 billion, a P/E ratio of 24.91 and a beta of 1.66.

Live Oak Bancshares (NASDAQ:LOB) last announced its earnings results on Wednesday, October 23rd. The bank reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.25). The company had revenue of $241.87 million during the quarter, compared to analyst estimates 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 previous year, the company posted $0.88 earnings per share. On average, sell-side analysts anticipate that Live Oak Bancshares, Inc. will post 1.97 earnings per share for the current fiscal year.

Live Oak Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were issued a dividend of $0.03 per share. The ex-dividend date was Monday, December 2nd. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.30%. Live Oak Bancshares’s payout ratio is presently 7.55%.

Insider Activity at Live Oak Bancshares

In other Live Oak Bancshares news, Director William Henderson Cameron purchased 1,000 shares of the stock in a transaction on Tuesday, October 29th. The shares were purchased at an average cost of $39.76 per share, for a total transaction of $39,760.00. Following the purchase, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO John W. Sutherland sold 12,588 shares of the stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $49.00, for a total transaction of $616,812.00. Following the transaction, the chief accounting officer now owns 14,015 shares of the company’s stock, valued at approximately $686,735. This represents a 47.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 23.90% of the stock is owned by insiders.

Live Oak Bancshares 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.