The Manufacturers Life Insurance Company Takes $11.56 Million Position in Live Oak Bancshares, Inc. $LOB

Key Points

• The Manufacturers Life Insurance Company acquired 283,133 shares of Live Oak Bancshares in the second quarter, worth approximately $11.56 million and representing 0.61% of the company. Institutional investors collectively own 63.95% of the stock.
• Live Oak Bancshares reported quarterly EPS of $0.74, exceeding analysts’ $0.64 estimate, on revenue of $156.15 million. The company also declared a quarterly dividend of $0.03 per share.
• Analyst sentiment is favorable, with a consensus “Moderate Buy” rating and an average price target of $46.40, compared with the stock’s recent price of $40.16.

The Manufacturers Life Insurance Company bought a new position in Live Oak Bancshares, Inc. (NYSE:LOB - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 283,133 shares of the company's stock, valued at approximately $11,563,000. The Manufacturers Life Insurance Company owned about 0.61% of Live Oak Bancshares at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in LOB. Royal Bank of Canada grew its stake in shares of Live Oak Bancshares by 28.7% in the first quarter. Royal Bank of Canada now owns 18,592 shares of the company's stock worth $495,000 after purchasing an additional 4,146 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Live Oak Bancshares by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 20,594 shares of the company's stock valued at $549,000 after purchasing an additional 880 shares in the last quarter. Millennium Management LLC lifted its holdings in Live Oak Bancshares by 655.6% in the first quarter. Millennium Management LLC now owns 687,885 shares of the company's stock worth $18,339,000 after purchasing an additional 596,841 shares during the period. Goldman Sachs Group Inc. grew its position in Live Oak Bancshares by 15.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 264,122 shares of the company's stock valued at $7,041,000 after buying an additional 34,849 shares in the last quarter. Finally, Empowered Funds LLC bought a new position in Live Oak Bancshares in the 1st quarter valued at about $1,758,000. Institutional investors and hedge funds own 63.95% of the company's stock.

Live Oak Bancshares Stock Up 0.5%

Shares of Live Oak Bancshares stock opened at $40.16 on Friday. Live Oak Bancshares, Inc. has a 12 month low of $29.36 and a 12 month high of $44.53. The stock has a market cap of $1.86 billion, a PE ratio of 14.14 and a beta of 1.87. The business has a fifty day simple moving average of $41.69 and a 200-day simple moving average of $38.36.

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 (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.10. Live Oak Bancshares had a return on equity of 11.77% and a net margin of 12.68%.The business had revenue of $156.15 million during the quarter. Analysts expect 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 will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a yield of 0.3%. The ex-dividend date is Tuesday, September 1st. Live Oak Bancshares's dividend payout ratio (DPR) is 4.23%.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Keefe, Bruyette & Woods raised their price objective on shares of Live Oak Bancshares from $45.00 to $47.00 and gave the company an "outperform" rating in a research note on Friday, July 24th. Weiss Ratings raised Live Oak Bancshares from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, August 5th. TD Cowen lifted their price target on Live Oak Bancshares from $47.00 to $49.00 and gave the company a "buy" rating in a research report on Monday, July 27th. Cantor Fitzgerald boosted their price objective on Live Oak Bancshares from $44.00 to $45.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 19th. Finally, Zacks Research upgraded Live Oak Bancshares from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $46.40.

Insider Activity

In other news, insider Mark Michael Moroz sold 6,100 shares of the company's stock in a transaction that occurred on Tuesday, July 28th. The stock was 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 $509,588.80. The trade was a 33.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William L. Williams III sold 8,400 shares of the stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $41.61, for a total transaction of $349,524.00. Following the completion of the sale, the director directly owned 1,122,526 shares of the company's stock, valued at approximately $46,708,306.86. This trade represents a 0.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 36,454 shares of company stock valued at $1,526,341 over the last 90 days. 22.40% of the stock is currently owned by company insiders.

Live Oak Bancshares Profile

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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