Live Oak Bancshares (NYSE:LOB) Releases Quarterly Earnings Results, Misses Estimates By $0.12 EPS

Key Points

• Live Oak Bancshares reported quarterly EPS of $0.52, missing the consensus estimate of $0.64 by $0.12. The company posted an 11.77% return on equity and a 12.68% net margin.
• Shares traded around $35.30, near the lower half of their 52-week range, while the company declared a quarterly dividend of $0.03 per share, yielding approximately 0.3%.
• Analysts maintain a generally cautious outlook, with the stock holding an average “Hold” rating and a $42.50 average price target. Company insiders sold 29,654 shares worth about $1.24 million during the last quarter.

Live Oak Bancshares (NYSE:LOB - Get Free Report) released its quarterly earnings data on Wednesday. The company reported $0.52 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.12), Zacks reports. Live Oak Bancshares had a return on equity of 11.77% and a net margin of 12.68%.

Live Oak Bancshares Stock Performance

NYSE:LOB traded down $0.06 during mid-day trading on Wednesday, hitting $35.30. 247,511 shares of the stock were exchanged, compared to its average volume of 267,239. Live Oak Bancshares has a fifty-two week low of $29.36 and a fifty-two week high of $44.53. The stock has a market capitalization of $1.63 billion, a price-to-earnings ratio of 12.43 and a beta of 1.94. The firm's 50-day simple moving average is $38.30 and its 200 day simple moving average is $38.71.

Live Oak Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st were issued a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend was Tuesday, September 1st. Live Oak Bancshares's dividend payout ratio (DPR) is presently 4.23%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on LOB. Zacks Research cut Live Oak Bancshares from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 31st. TD Cowen reduced their target price on Live Oak Bancshares from $49.00 to $44.00 and set a "buy" rating for the company in a research note on Monday, October 5th. Keefe, Bruyette & Woods boosted their target price on Live Oak Bancshares from $45.00 to $47.00 and gave the stock an "outperform" rating in a report on Friday, July 24th. Weiss Ratings upgraded shares of Live Oak Bancshares from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday. Finally, Piper Sandler reduced their target price on shares of Live Oak Bancshares from $46.00 to $38.00 and set a "neutral" rating for the company in a report on Wednesday, October 7th. Two research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, Live Oak Bancshares presently has an average rating of "Hold" and an average target price of $42.50.

Insider Buying and Selling at Live Oak Bancshares

In other Live Oak Bancshares news, insider Mark Moroz sold 6,100 shares of the stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $42.08, for a total transaction of $256,688.00. Following the transaction, the insider owned 12,110 shares in the company, valued at $509,588.80. This represents a 33.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Tonya Bradford sold 1,600 shares of the firm's stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $39.89, for a total transaction of $63,824.00. Following the transaction, the director directly owned 8,043 shares in the company, valued at $320,835.27. This represents a 16.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 29,654 shares of company stock worth $1,240,814 over the last quarter. Company insiders own 22.40% of the company's stock.

Live Oak Bancshares Company Profile

Live Oak Bancshares, Inc is the parent company of Live Oak Bank, a digital-focused financial institution headquartered in Wilmington, North Carolina. Founded in 2008, the company specializes in providing banking services to small and mid-sized businesses, with a particular emphasis on loans to owners of professional and industry-specific businesses.

Through Live Oak Bank, the company offers commercial lending, Small Business Administration (SBA) loans, business deposits, treasury management and other financial services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.