Bank of America Corp DE Cuts Position in Live Oak Bancshares, Inc. (NASDAQ:LOB)

Bank of America Corp DE trimmed its position in shares of Live Oak Bancshares, Inc. (NASDAQ:LOB - Free Report) by 40.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 60,460 shares of the bank's stock after selling 41,470 shares during the period. Bank of America Corp DE owned about 0.13% of Live Oak Bancshares worth $2,391,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in LOB. Barclays PLC boosted its holdings in Live Oak Bancshares by 130.5% in the third quarter. Barclays PLC now owns 73,577 shares of the bank's stock valued at $3,485,000 after purchasing an additional 41,662 shares in the last quarter. abrdn plc boosted its holdings in Live Oak Bancshares by 10.0% in the fourth quarter. abrdn plc now owns 336,721 shares of the bank's stock valued at $13,324,000 after purchasing an additional 30,597 shares in the last quarter. Rhumbline Advisers boosted its holdings in Live Oak Bancshares by 1.5% in the fourth quarter. Rhumbline Advisers now owns 50,102 shares of the bank's stock valued at $1,982,000 after purchasing an additional 722 shares in the last quarter. Principal Securities Inc. boosted its holdings in Live Oak Bancshares by 99.7% in the fourth quarter. Principal Securities Inc. now owns 3,000 shares of the bank's stock valued at $119,000 after purchasing an additional 1,498 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in Live Oak Bancshares by 9.8% in the fourth quarter. Principal Financial Group Inc. now owns 26,139 shares of the bank's stock valued at $1,034,000 after purchasing an additional 2,340 shares in the last quarter. 63.95% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Wall Street Zen downgraded Live Oak Bancshares from a "hold" rating to a "sell" rating in a report on Friday, March 28th. Keefe, Bruyette & Woods lowered their price target on Live Oak Bancshares from $36.00 to $34.00 and set a "market perform" rating for the company in a report on Friday, April 25th. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Live Oak Bancshares currently has an average rating of "Hold" and an average target price of $42.25.

Live Oak Bancshares Stock Down 0.6%

Shares of NASDAQ LOB traded down $0.16 during mid-day trading on Wednesday, hitting $27.55. 179,351 shares of the company were exchanged, compared to its average volume of 244,250. The stock has a 50 day simple moving average of $26.18 and a 200-day simple moving average of $33.44. Live Oak Bancshares, Inc. has a 1-year low of $22.68 and a 1-year high of $50.57. The firm has a market cap of $1.26 billion, a price-to-earnings ratio of 19.00 and a beta of 1.84.

Live Oak Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Tuesday, June 3rd will be issued a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a dividend yield of 0.44%. The ex-dividend date is Tuesday, June 3rd. Live Oak Bancshares's dividend payout ratio is presently 9.23%.

Insider Buying and Selling

In other Live Oak Bancshares news, Director William Henderson Cameron acquired 5,000 shares of the business's stock in a transaction on Tuesday, May 6th. The stock was purchased at an average price of $25.92 per share, for a total transaction of $129,600.00. Following the completion of the transaction, the director now owns 11,904 shares of the company's stock, valued at $308,551.68. The trade was a 72.42% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 23.40% of the company's stock.

About Live Oak Bancshares

Live Oak Bancshares, Inc operates as the bank holding company for Live Oak Banking Company that provides various banking products and services in the United States. It operates through two segments, Banking and Fintech. The company accepts various deposit products, including noninterest-bearing demand, as well as interest-bearing checking, money market, savings, and time deposits.