Bank of America Corp DE Buys 230,020 Shares of Live Oak Bancshares, Inc. $LOB

Key Points

• Bank of America purchased 230,020 shares of Live Oak Bancshares worth approximately $9.4 million, joining other institutions that increased exposure; institutional investors now own 63.95% of the stock.
• Live Oak Bancshares reported quarterly EPS of $0.74, beating estimates of $0.64, on revenue of $156.15 million. The company also maintains a quarterly dividend of $0.03 per share.
• Analyst sentiment is mixed, with an overall “Hold” rating and a consensus price target of $45.50, while insiders sold $1.59 million of shares over the past three months.

Bank of America Corp DE purchased a new position in Live Oak Bancshares, Inc. (NYSE:LOB - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 230,020 shares of the company's stock, valued at approximately $9,394,000. Bank of America Corp DE owned approximately 0.50% of Live Oak Bancshares at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in Live Oak Bancshares in the 2nd quarter worth about $143,588,000. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in Live Oak Bancshares in the 2nd quarter valued at approximately $55,546,000. Dimensional Fund Advisors LP lifted its position in Live Oak Bancshares by 3.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,593,185 shares of the company's stock worth $52,685,000 after buying an additional 54,750 shares in the last quarter. Southernsun Asset Management LLC boosted its stake 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 valued at $34,179,000 after buying an additional 4,431 shares during the period. Finally, Algert Global LLC boosted its stake in shares of Live Oak Bancshares by 61.6% during the 2nd quarter. Algert Global LLC now owns 586,166 shares of the company's stock valued at $23,939,000 after buying an additional 223,487 shares during the period. 63.95% of the stock is currently owned by institutional investors and hedge funds.

Live Oak Bancshares Stock Up 0.7%

Shares of LOB stock opened at $37.52 on Friday. Live Oak Bancshares, Inc. has a 12 month low of $29.36 and a 12 month high of $44.53. The stock has a 50 day moving average of $40.70 and a 200-day moving average of $38.34. The firm has a market cap of $1.74 billion, a PE ratio of 13.21 and a beta of 1.86.

Live Oak Bancshares (NYSE:LOB - Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The company reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.10. The company 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%. As a group, equities analysts predict that Live Oak Bancshares, Inc. will post 3.07 EPS for the current fiscal year.

Live Oak Bancshares Dividend Announcement

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

Insider Activity

In other Live Oak Bancshares news, insider Mark Moroz sold 6,100 shares of the business's stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $42.08, for a total value of $256,688.00. Following the completion of the transaction, the insider directly owned 12,110 shares of the company's stock, valued at approximately $509,588.80. The trade was a 33.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director William L. Williams III sold 6,590 shares of the business's stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $40.09, for a total transaction of $264,193.10. Following the completion of the transaction, the director owned 1,105,726 shares of the company's stock, valued at $44,328,555.34. This trade represents a 0.59% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 38,054 shares of company stock valued at $1,590,338 over the last three months. 22.40% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on LOB shares. Cantor Fitzgerald lifted their price objective on Live Oak Bancshares from $44.00 to $45.00 and gave the company a "neutral" rating in a research report on Wednesday, August 19th. TD Cowen increased their target price on shares of Live Oak Bancshares from $47.00 to $49.00 and gave the stock a "buy" rating in a research report on Monday, July 27th. Zacks Research lowered Live Oak Bancshares from a "strong-buy" rating to a "hold" rating in a report on Monday, August 31st. Weiss Ratings downgraded Live Oak Bancshares from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, September 9th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Live Oak Bancshares from $45.00 to $47.00 and gave the company an "outperform" rating in a research report on Friday, July 24th. Two investment 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 stock has an average rating of "Hold" and a consensus target price of $45.50.

About Live Oak Bancshares

Live Oak Bancshares, Inc is a financial holding company headquartered in Wilmington, North Carolina. Its principal subsidiary, Live Oak Bank, is a digital, branchless bank focused on serving small and midsize businesses, business owners and professionals across the United States.

Live Oak Bank provides commercial loans, including Small Business Administration (SBA) lending, along with business checking and savings accounts, certificates of deposit, treasury management and other banking services.

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