Oppenheimer Asset Management Inc. Purchases Shares of 49,094 Live Oak Bancshares, Inc. $LOB

Key Points

• Oppenheimer Asset Management acquired 49,094 Live Oak Bancshares shares worth approximately $2.0 million, while institutional investors collectively own 63.95% of the company.
• Analysts maintain a generally positive outlook, with Live Oak Bancshares receiving a consensus “Moderate Buy” rating and an average price target of $46.20.
• Live Oak reported quarterly earnings of $0.74 per share, beating estimates of $0.64, while its shares opened at $43.21 and recently traded near their 52-week high.

Oppenheimer Asset Management Inc. acquired a new position in shares of Live Oak Bancshares, Inc. (NYSE:LOB - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 49,094 shares of the company's stock, valued at approximately $2,005,000. Oppenheimer Asset Management Inc. owned about 0.11% of Live Oak Bancshares as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in LOB. NewEdge Wealth LLC bought a new position in shares of Live Oak Bancshares during the fourth quarter worth approximately $43,261,000. William Blair Investment Management LLC acquired a new stake in Live Oak Bancshares during the 4th quarter worth approximately $22,278,000. Millennium Management LLC boosted its stake in Live Oak Bancshares by 655.6% in the 1st quarter. Millennium Management LLC now owns 687,885 shares of the company's stock valued at $18,339,000 after purchasing an additional 596,841 shares during the period. Loomis Sayles & Co. L P bought a new stake in Live Oak Bancshares in the 4th quarter valued at $19,181,000. Finally, Ameriprise Financial Inc. boosted its stake in Live Oak Bancshares by 366.9% in the 3rd quarter. Ameriprise Financial Inc. now owns 519,957 shares of the company's stock valued at $18,313,000 after purchasing an additional 408,591 shares during the period. Institutional investors own 63.95% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. TD Cowen increased their price objective on Live Oak Bancshares from $47.00 to $49.00 and gave the stock a "buy" rating in a research report on Monday, July 27th. Cantor Fitzgerald lifted their target price on Live Oak Bancshares from $41.00 to $44.00 and gave the stock a "neutral" rating in a report on Wednesday, July 15th. Weiss Ratings raised shares of Live Oak Bancshares from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, August 5th. Piper Sandler upped their price target on shares of Live Oak Bancshares from $40.00 to $41.00 and gave the company a "neutral" rating in a research note on Monday, April 27th. Finally, Keefe, Bruyette & Woods raised their price target 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. One research 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 company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $46.20.

Live Oak Bancshares Price Performance

Shares of NYSE:LOB opened at $43.21 on Monday. The business's 50 day simple moving average is $41.19 and its 200 day simple moving average is $38.30. Live Oak Bancshares, Inc. has a 1 year low of $29.36 and a 1 year high of $44.53. The company has a market capitalization of $2.00 billion, a P/E ratio of 15.22 and a beta of 1.87.

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

Live Oak Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Tuesday, June 2nd were paid a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend was Tuesday, June 2nd. Live Oak Bancshares's payout ratio is 4.23%.

Insider Buying and Selling

In other Live Oak Bancshares news, Director David G. Lucht sold 2,000 shares of the stock in a transaction dated 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 directly owned 13,623 shares in the company, valued at $604,316.28. This represents a 12.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Mark Michael Moroz sold 6,100 shares of the firm's stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $42.08, for a total transaction of $256,688.00. Following the completion of the transaction, the insider directly owned 12,110 shares in the company, valued at approximately $509,588.80. This represents a 33.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 36,454 shares of company stock valued at $1,526,341 over the last quarter. 22.40% of the stock is owned by company insiders.

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.

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