Live Oak Bancshares (NYSE:LOB) Issues Quarterly Earnings Results, Beats Expectations By $0.10 EPS

Live Oak Bancshares (NYSE:LOB) released its quarterly earnings data on Wednesday. The company reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.10, FiscalAI reports. Live Oak Bancshares had a net margin of 11.79% and a return on equity of 11.18%. The company had revenue of $156.15 million during the quarter.

Live Oak Bancshares Trading Down 1.5%

NYSE LOB traded down $0.64 during trading hours on Wednesday, reaching $41.03. The company had a trading volume of 206,729 shares, compared to its average volume of 287,786. Live Oak Bancshares has a 1-year low of $29.36 and a 1-year high of $43.85. The stock has a market capitalization of $1.90 billion, a P/E ratio of 15.72 and a beta of 1.88. The stock has a 50-day moving average of $39.14 and a 200 day moving average of $37.58.

Live Oak Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Tuesday, June 2nd were issued a dividend of $0.03 per share. The ex-dividend date was Tuesday, June 2nd. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.3%. Live Oak Bancshares’s dividend payout ratio is currently 4.60%.

Insider Buying and Selling

In other news, insider Renato Derraik sold 75,000 shares of Live Oak Bancshares stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $37.83, for a total value of $2,837,250.00. Following the completion of the sale, the insider directly owned 4,243 shares of the company’s stock, valued at approximately $160,512.69. The trade was a 94.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director William L. Williams III sold 8,400 shares of the stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $41.61, for a total transaction of $349,524.00. Following the sale, the director directly owned 1,122,526 shares in the company, valued at $46,708,306.86. This represents a 0.74% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 91,800 shares of company stock worth $3,523,194. 22.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in Live Oak Bancshares by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 2,702,627 shares of the company’s stock valued at $92,835,000 after purchasing an additional 17,181 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Live Oak Bancshares by 3.6% in the first quarter. Dimensional Fund Advisors LP now owns 1,593,185 shares of the company’s stock worth $52,685,000 after acquiring an additional 54,750 shares during the last quarter. State Street Corp grew its holdings in Live Oak Bancshares by 5.1% during the 4th quarter. State Street Corp now owns 1,308,462 shares of the company’s stock worth $44,946,000 after acquiring an additional 63,325 shares in the last quarter. NewEdge Wealth LLC acquired a new stake in shares of Live Oak Bancshares in the 4th quarter valued at $43,261,000. Finally, Southernsun Asset Management LLC lifted its position in shares of Live Oak Bancshares by 0.4% during the 1st quarter. Southernsun Asset Management LLC now owns 1,033,539 shares of the company’s stock worth $34,179,000 after purchasing an additional 4,431 shares during the last quarter. 63.95% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Keefe, Bruyette & Woods lowered their price target on Live Oak Bancshares from $44.00 to $42.00 and set an “outperform” rating on the stock in a research report on Friday, April 24th. TD Cowen cut their price target on shares of Live Oak Bancshares from $51.00 to $47.00 and set a “buy” rating for the company in a report on Monday, April 27th. Piper Sandler increased their price objective on shares of Live Oak Bancshares from $40.00 to $41.00 and gave the company a “neutral” rating in a report on Monday, April 27th. Weiss Ratings upgraded shares of Live Oak Bancshares from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, June 23rd. Finally, Cantor Fitzgerald increased their target price on Live Oak Bancshares from $41.00 to $44.00 and gave the company a “neutral” rating in a report on Wednesday, July 15th. Two equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $44.80.

Live Oak Bancshares Company Profile

Live Oak Bancshares, Inc is a bank holding company headquartered in Wilmington, North Carolina, and operates through its subsidiary Live Oak Banking Company. Founded in 2008, the company leverages a branchless, technology-driven platform to deliver specialty lending and deposit products across the United States. Live Oak Bancshares completed its initial public offering in February 2018 and trades on the NYSE under the ticker symbol LOB.

The company’s primary focus is on originating and servicing commercial loans for small businesses in select industry verticals.