Rafferty Asset Management LLC Sells 8,885 Shares of Live Oak Bancshares, Inc. $LOB

Key Points

• Rafferty Asset Management LLC reduced its holdings in Live Oak Bancshares by 19.6% in Q1, selling 8,885 shares to own 36,455 shares totaling $972,000.
• Analysts from Keefe, Bruyette & Woods upgraded the stock from "market perform" to "outperform," increasing the price target from $37 to $43.
• Live Oak Bancshares declared a dividend payment of $0.03 per share on September 15, with a yield of 31.0%.

Rafferty Asset Management LLC reduced its position in Live Oak Bancshares, Inc. (NASDAQ:LOB - Free Report) by 19.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 36,455 shares of the bank's stock after selling 8,885 shares during the period. Rafferty Asset Management LLC owned about 0.08% of Live Oak Bancshares worth $972,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. T. Rowe Price Investment Management Inc. grew its position in Live Oak Bancshares by 1.0% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 6,484,524 shares of the bank's stock worth $172,878,000 after purchasing an additional 65,038 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Live Oak Bancshares by 1.0% during the first quarter. Vanguard Group Inc. now owns 2,657,737 shares of the bank's stock valued at $70,855,000 after buying an additional 26,481 shares in the last quarter. Northern Trust Corp grew its stake in Live Oak Bancshares by 3.2% during the 4th quarter. Northern Trust Corp now owns 314,325 shares of the bank's stock valued at $12,432,000 after acquiring an additional 9,661 shares in the last quarter. Nuveen LLC purchased a new position in Live Oak Bancshares during the 1st quarter valued at about $8,116,000. Finally, Citigroup Inc. grew its position in Live Oak Bancshares by 428.2% during the first quarter. Citigroup Inc. now owns 295,250 shares of the bank's stock valued at $7,871,000 after purchasing an additional 239,356 shares in the last quarter. 63.95% of the stock is owned by hedge funds and other institutional investors.

Live Oak Bancshares Price Performance

NASDAQ:LOB traded up $1.04 during midday trading on Thursday, reaching $38.58. The stock had a trading volume of 266,312 shares, compared to its average volume of 291,110. Live Oak Bancshares, Inc. has a 1-year low of $22.68 and a 1-year high of $50.57. The firm's fifty day simple moving average is $33.38 and its 200-day simple moving average is $29.63. The stock has a market capitalization of $1.76 billion, a P/E ratio of 26.61 and a beta of 1.75.

Live Oak Bancshares Announces Dividend

The firm also recently announced a sep 25 dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be paid a dividend of $0.03 per share. The ex-dividend date is Tuesday, September 2nd. This represents a yield of 32.0%. Live Oak Bancshares's dividend payout ratio is presently 9.84%.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods upgraded Live Oak Bancshares from a "market perform" rating to an "outperform" rating and boosted their target price for the company from $37.00 to $43.00 in a research note on Tuesday, August 19th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, Live Oak Bancshares currently has a consensus rating of "Moderate Buy" and a consensus price target of $44.33.

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.