Diamond Hill Capital Management Inc. Sells 157,235 Shares of Live Oak Bancshares, Inc. (NASDAQ:LOB)

Diamond Hill Capital Management Inc. reduced its stake in Live Oak Bancshares, Inc. (NASDAQ:LOB - Free Report) by 12.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,066,891 shares of the bank's stock after selling 157,235 shares during the quarter. Diamond Hill Capital Management Inc. owned about 2.34% of Live Oak Bancshares worth $28,443,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Thoroughbred Financial Services LLC raised its stake in Live Oak Bancshares by 7.8% in the fourth quarter. Thoroughbred Financial Services LLC now owns 5,594 shares of the bank's stock valued at $221,000 after purchasing an additional 407 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new stake in Live Oak Bancshares in the fourth quarter valued at approximately $265,000. Howe & Rusling Inc. raised its stake in Live Oak Bancshares by 8.3% in the fourth quarter. Howe & Rusling Inc. now owns 8,513 shares of the bank's stock valued at $337,000 after purchasing an additional 655 shares in the last quarter. Benjamin Edwards Inc. raised its stake in Live Oak Bancshares by 10.4% in the fourth quarter. Benjamin Edwards Inc. now owns 8,516 shares of the bank's stock valued at $337,000 after purchasing an additional 799 shares in the last quarter. Finally, Aquatic Capital Management LLC purchased a new stake in Live Oak Bancshares in the fourth quarter valued at approximately $346,000. 63.95% of the stock is owned by hedge funds and other institutional investors.

Live Oak Bancshares Trading Up 4.6%

Shares of LOB stock traded up $1.48 during trading hours on Friday, hitting $34.01. 333,543 shares of the company's stock were exchanged, compared to its average volume of 294,625. The company has a market capitalization of $1.55 billion, a PE ratio of 23.46 and a beta of 1.84. Live Oak Bancshares, Inc. has a 12-month low of $22.68 and a 12-month high of $50.57. The business's 50 day simple moving average is $29.68 and its 200-day simple moving average is $30.02.

Live Oak Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 17th. Shareholders of record on Tuesday, June 3rd were paid a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a dividend yield of 0.35%. The ex-dividend date of this dividend was Tuesday, June 3rd. Live Oak Bancshares's dividend payout ratio (DPR) is presently 9.84%.

Insider Activity at Live Oak Bancshares

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

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods reissued a "market perform" rating and set a $37.00 price target (up from $36.00) on shares of Live Oak Bancshares in a research note on Friday.

Live Oak Bancshares Profile

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.