Raymond James Financial Inc. Purchases 36,235 Shares of Live Oak Bancshares, Inc. $LOB

Key Points

• Raymond James Financial Inc. increased its stake in Live Oak Bancshares by 27.2%, owning a total of 169,650 shares valued at approximately $4.5 million.
• Keefe, Bruyette & Woods upgraded Live Oak Bancshares from a "market perform" to an "outperform" rating with a revised price target of $43.00.
• Live Oak Bancshares announced a dividend of $0.03 per share, with an ex-dividend date of September 2nd, reflecting a yield of 32.0%.

Raymond James Financial Inc. boosted its position in shares of Live Oak Bancshares, Inc. (NASDAQ:LOB - Free Report) by 27.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 169,650 shares of the bank's stock after acquiring an additional 36,235 shares during the period. Raymond James Financial Inc. owned 0.37% of Live Oak Bancshares worth $4,523,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the company. GAMMA Investing LLC grew its stake in Live Oak Bancshares by 4,595.5% in the 1st quarter. GAMMA Investing LLC now owns 9,438 shares of the bank's stock worth $252,000 after buying an additional 9,237 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in Live Oak Bancshares by 100.6% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 38,802 shares of the bank's stock worth $1,034,000 after buying an additional 19,457 shares in the last quarter. Rice Hall James & Associates LLC grew its stake in Live Oak Bancshares by 20.2% in the 1st quarter. Rice Hall James & Associates LLC now owns 155,471 shares of the bank's stock worth $4,145,000 after buying an additional 26,085 shares in the last quarter. Envestnet Asset Management Inc. grew its stake in Live Oak Bancshares by 16.4% in the 1st quarter. Envestnet Asset Management Inc. now owns 145,117 shares of the bank's stock worth $3,869,000 after buying an additional 20,430 shares in the last quarter. Finally, CenterBook Partners LP grew its stake in Live Oak Bancshares by 49.2% in the 1st quarter. CenterBook Partners LP now owns 173,565 shares of the bank's stock worth $4,627,000 after buying an additional 57,217 shares in the last quarter. Hedge funds and other institutional investors own 63.95% of the company's stock.

Live Oak Bancshares Stock Performance

NASDAQ:LOB traded up $0.29 during midday trading on Thursday, reaching $37.00. 247,841 shares of the stock traded hands, compared to its average volume of 289,993. The company has a fifty day moving average of $34.18 and a 200 day moving average of $29.82. Live Oak Bancshares, Inc. has a 12 month low of $22.68 and a 12 month high of $50.57. The stock has a market capitalization of $1.69 billion, a P/E ratio of 25.51 and a beta of 1.75.

Live Oak Bancshares Announces Dividend

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

Analyst Upgrades and Downgrades

LOB has been the subject of a number of research reports. Keefe, Bruyette & Woods raised shares of Live Oak Bancshares from a "market perform" rating to an "outperform" rating and boosted their price target for the stock from $37.00 to $43.00 in a research note on Tuesday, August 19th. Cantor Fitzgerald initiated coverage on shares of Live Oak Bancshares in a research note on Wednesday. They issued a "neutral" rating and a $42.00 price target for the company. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $43.75.

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.