Live Oak Bancshares, Inc. $LOB Shares Acquired by Citigroup Inc.

Key Points

• Citigroup Inc. increased its ownership in Live Oak Bancshares by 428.2%, holding 295,250 shares worth approximately $7.87 million as of its latest SEC filing.
• A significant portion of Live Oak Bancshares is owned by institutional investors, with hedge funds holding about 63.95% of the company's stock.
• Live Oak Bancshares announced a quarterly dividend of $0.03, yielding 0.3% annually, with a low payout ratio of 9.84%.

Citigroup Inc. grew its holdings in Live Oak Bancshares, Inc. (NASDAQ:LOB - Free Report) by 428.2% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 295,250 shares of the bank's stock after buying an additional 239,356 shares during the period. Citigroup Inc. owned 0.65% of Live Oak Bancshares worth $7,871,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in LOB. LPL Financial LLC raised its holdings in shares of Live Oak Bancshares by 7.9% in the fourth quarter. LPL Financial LLC now owns 10,326 shares of the bank's stock valued at $408,000 after buying an additional 757 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Live Oak Bancshares by 54.4% in the fourth quarter. JPMorgan Chase & Co. now owns 126,743 shares of the bank's stock valued at $5,013,000 after buying an additional 44,666 shares during the last quarter. Wells Fargo & Company MN raised its holdings in shares of Live Oak Bancshares by 14.1% in the fourth quarter. Wells Fargo & Company MN now owns 69,939 shares of the bank's stock valued at $2,766,000 after buying an additional 8,649 shares during the last quarter. Envestnet Asset Management Inc. raised its holdings in shares of Live Oak Bancshares by 64.1% in the fourth quarter. Envestnet Asset Management Inc. now owns 124,687 shares of the bank's stock valued at $4,931,000 after buying an additional 48,699 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in shares of Live Oak Bancshares by 0.6% in the fourth quarter. Invesco Ltd. now owns 50,720 shares of the bank's stock valued at $2,006,000 after buying an additional 298 shares during the last quarter. 63.95% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods raised shares of Live Oak Bancshares from a "market perform" rating to an "outperform" rating and increased their price target for the stock from $37.00 to $43.00 in a report on Tuesday. Two research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, Live Oak Bancshares presently has an average rating of "Moderate Buy" and a consensus target price of $44.33.

Live Oak Bancshares Stock Performance

LOB traded up $0.0250 on Thursday, hitting $35.0050. 21,051 shares of the company were exchanged, compared to its average volume of 288,564. The business's fifty day moving average is $31.48 and its 200 day moving average is $29.44. Live Oak Bancshares, Inc. has a fifty-two week low of $22.68 and a fifty-two week high of $50.57. The firm has a market capitalization of $1.60 billion, a P/E ratio of 24.14 and a beta of 1.82.

Live Oak Bancshares Dividend Announcement

The firm also recently declared a sep 25 dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be given a $0.03 dividend. Live Oak Bancshares's dividend payout ratio is presently 9.84%.

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.