Algert Global LLC Buys 223,487 Shares of Live Oak Bancshares, Inc. $LOB

Key Points

• Algert Global increased its Live Oak Bancshares stake by 61.6% in the second quarter, adding 223,487 shares to own 586,166 shares valued at approximately $23.9 million. Hedge funds and institutional investors collectively own 63.95% of the stock.
• Analysts maintain a generally positive outlook, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $46.40. Live Oak also exceeded quarterly earnings expectations, reporting $0.74 per share versus the $0.64 consensus estimate.
• LOB shares opened at $40.29, down 1.7%, while the company declared a quarterly dividend of $0.03 per share, representing a 0.3% yield. Insiders have sold 36,454 shares worth roughly $1.53 million over the past 90 days.

Algert Global LLC boosted its stake in shares of Live Oak Bancshares, Inc. (NYSE:LOB - Free Report) by 61.6% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 586,166 shares of the company's stock after buying an additional 223,487 shares during the period. Algert Global LLC owned approximately 1.27% of Live Oak Bancshares worth $23,939,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of LOB. Royal Bank of Canada boosted its holdings in Live Oak Bancshares by 28.7% during the 1st quarter. Royal Bank of Canada now owns 18,592 shares of the company's stock valued at $495,000 after acquiring an additional 4,146 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Live Oak Bancshares by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 20,594 shares of the company's stock worth $549,000 after purchasing an additional 880 shares in the last quarter. Millennium Management LLC lifted its position in Live Oak Bancshares by 655.6% during the first quarter. Millennium Management LLC now owns 687,885 shares of the company's stock valued at $18,339,000 after acquiring an additional 596,841 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Live Oak Bancshares by 15.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 264,122 shares of the company's stock valued at $7,041,000 after purchasing an additional 34,849 shares during the last quarter. Finally, Empowered Funds LLC acquired a new stake in Live Oak Bancshares in the first quarter worth about $1,758,000. 63.95% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Weiss Ratings upgraded Live Oak Bancshares from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, August 5th. TD Cowen boosted their target price on shares of Live Oak Bancshares from $47.00 to $49.00 and gave the company a "buy" rating in a research note on Monday, July 27th. Cantor Fitzgerald increased their price target on shares of Live Oak Bancshares from $44.00 to $45.00 and gave the stock a "neutral" rating in a report on Wednesday, August 19th. Keefe, Bruyette & Woods upped their price objective on shares of Live Oak Bancshares from $45.00 to $47.00 and gave the stock an "outperform" rating in a research report on Friday, July 24th. Finally, Piper Sandler increased their target price on shares of Live Oak Bancshares from $40.00 to $41.00 and gave the stock a "neutral" rating in a research note on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $46.40.

Insider Buying and Selling

In other Live Oak Bancshares news, Director David G. Lucht sold 2,000 shares of Live Oak Bancshares stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $44.36, for a total transaction of $88,720.00. Following the sale, the director owned 13,623 shares of the company's stock, valued at $604,316.28. The trade was a 12.80% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director William L. Williams III sold 8,400 shares of the company's stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $43.08, for a total transaction of $361,872.00. Following the sale, the director directly owned 1,114,126 shares of the company's stock, valued at $47,996,548.08. The trade was a 0.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 36,454 shares of company stock worth $1,526,341. 22.40% of the stock is owned by corporate insiders.

Live Oak Bancshares Stock Down 1.7%

LOB stock opened at $40.29 on Tuesday. The stock has a market capitalization of $1.86 billion, a P/E ratio of 14.19 and a beta of 1.87. The firm has a 50-day simple moving average of $41.55 and a 200-day simple moving average of $38.37. Live Oak Bancshares, Inc. has a 52 week low of $29.36 and a 52 week high of $44.53.

Live Oak Bancshares (NYSE:LOB - Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The company reported $0.74 earnings per share for the quarter, beating analysts' consensus estimates of $0.64 by $0.10. The firm had revenue of $156.15 million for the quarter. Live Oak Bancshares had a net margin of 12.68% and a return on equity of 11.77%. On average, analysts expect that Live Oak Bancshares, Inc. will post 3.07 earnings per share for the current year.

Live Oak Bancshares Announces Dividend

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

About Live Oak Bancshares

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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source