Zacks Investment Research lowered shares of Live Oak Bancshares (NASDAQ:LOB) from a hold rating to a sell rating in a research note released on Wednesday.
According to Zacks, “Live Oak Bancshares Inc. is the parent and registered bank holding company of Live Oak Banking Company which offers online platform for small business lending. The company accepts deposit products as well as offers loans which comprise small business administration loans; conventional commercial business loans to small and medium sized businesses and construction loans. It offers loans to the veterinary, pharmacy, investment advisory, beverages, funeral homes, entertainment centers, agricultural and healthcare sectors. Live Oak Bancshares Inc. is headquartered in Wilmington, North Carolina. “
Several other research analysts have also weighed in on LOB. ValuEngine lowered shares of Live Oak Bancshares from a sell rating to a strong sell rating in a research report on Sunday, October 28th. SunTrust Banks lowered their target price on shares of Live Oak Bancshares from $32.00 to $23.00 and set a buy rating on the stock in a research report on Monday, October 29th. BidaskClub lowered shares of Live Oak Bancshares from a hold rating to a sell rating in a research report on Saturday, September 15th. Finally, Sandler O’Neill lowered shares of Live Oak Bancshares from a buy rating to a hold rating in a research report on Monday, July 9th. They noted that the move was a valuation call. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating and one has issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average target price of $29.00.
Live Oak Bancshares (NASDAQ:LOB) last posted its quarterly earnings results on Wednesday, October 24th. The bank reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.05. The firm had revenue of $52.06 million during the quarter, compared to analysts’ expectations of $58.79 million. Live Oak Bancshares had a net margin of 34.19% and a return on equity of 13.50%. As a group, sell-side analysts predict that Live Oak Bancshares will post 1.34 EPS for the current fiscal year.
In other news, CFO S. Brett Caines sold 3,355 shares of the stock in a transaction that occurred on Thursday, August 9th. The shares were sold at an average price of $29.81, for a total value of $100,012.55. Following the sale, the chief financial officer now directly owns 274,040 shares in the company, valued at $8,169,132.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William Henderson Cameron purchased 2,500 shares of the stock in a transaction dated Wednesday, October 31st. The stock was acquired at an average price of $18.42 per share, for a total transaction of $46,050.00. The disclosure for this purchase can be found here. Insiders have sold 16,839 shares of company stock worth $500,015 over the last 90 days. 25.70% of the stock is currently owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in LOB. Wells Fargo & Company MN grew its position in shares of Live Oak Bancshares by 14.3% in the first quarter. Wells Fargo & Company MN now owns 50,610 shares of the bank’s stock valued at $1,407,000 after purchasing an additional 6,313 shares during the last quarter. Northern Trust Corp grew its position in shares of Live Oak Bancshares by 2.8% in the first quarter. Northern Trust Corp now owns 279,716 shares of the bank’s stock valued at $7,776,000 after purchasing an additional 7,520 shares during the last quarter. BlackRock Inc. grew its position in shares of Live Oak Bancshares by 12.6% in the first quarter. BlackRock Inc. now owns 1,404,243 shares of the bank’s stock valued at $39,038,000 after purchasing an additional 157,241 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Live Oak Bancshares by 282.9% in the first quarter. Dimensional Fund Advisors LP now owns 171,330 shares of the bank’s stock valued at $4,763,000 after purchasing an additional 126,583 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its position in shares of Live Oak Bancshares by 545.0% in the first quarter. Russell Investments Group Ltd. now owns 30,703 shares of the bank’s stock valued at $853,000 after purchasing an additional 25,943 shares during the last quarter. Institutional investors and hedge funds own 44.30% of the company’s stock.
About Live Oak Bancshares
Live Oak Bancshares, Inc operates as the bank holding company for the Live Oak Banking Company that provides various commercial banking products and services to individuals and businesses in North Carolina. The company accepts various deposit products, including noninterest-bearing demand, interest-bearing checking, money market, saving, and time deposits.
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