William Blair Investment Management LLC Invests $23.25 Million in Live Oak Bancshares, Inc. $LOB

Key Points

• William Blair Investment Management purchased 569,233 shares of Live Oak Bancshares valued at approximately $23.25 million, acquiring a 1.23% stake. Institutional investors collectively own 63.95% of the company.
• Live Oak Bancshares reported quarterly earnings of $0.74 per share, beating estimates by $0.10, on revenue of $156.15 million. The company also declared a quarterly dividend of $0.03 per share.
• Analysts maintain a generally positive outlook, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $46.40, compared with a recent price of $40.94.

William Blair Investment Management LLC purchased a new stake in Live Oak Bancshares, Inc. (NYSE:LOB - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 569,233 shares of the company's stock, valued at approximately $23,247,000. William Blair Investment Management LLC owned 1.23% of Live Oak Bancshares at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the business. BlackRock Inc. purchased a new position in Live Oak Bancshares in the second quarter worth $143,588,000. NewEdge Wealth LLC purchased a new stake in shares of Live Oak Bancshares during the 4th quarter worth $43,261,000. Millennium Management LLC boosted its position in shares of Live Oak Bancshares by 655.6% during the 1st 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 in the last quarter. Loomis Sayles & Co. L P acquired a new position in shares of Live Oak Bancshares during the 4th quarter worth $19,181,000. Finally, Ameriprise Financial Inc. grew its stake in shares of Live Oak Bancshares by 366.9% during the 3rd quarter. Ameriprise Financial Inc. now owns 519,957 shares of the company's stock worth $18,313,000 after purchasing an additional 408,591 shares during the period. 63.95% of the stock is currently owned by hedge funds and other institutional investors.

Live Oak Bancshares Stock Up 0.5%

NYSE:LOB opened at $40.94 on Friday. The company has a market capitalization of $1.89 billion, a PE ratio of 14.42 and a beta of 1.87. Live Oak Bancshares, Inc. has a 52-week low of $29.36 and a 52-week high of $44.53. The stock has a fifty day simple moving average of $41.51 and a 200-day simple moving average of $38.40.

Live Oak Bancshares (NYSE:LOB - Get Free Report) last posted its earnings results 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 net margin of 12.68% and a return on equity of 11.77%. As a group, equities analysts anticipate that Live Oak Bancshares, Inc. will post 3.07 earnings per share for the current year.

Live Oak Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be given a $0.03 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $0.12 annualized dividend and a dividend yield of 0.3%. Live Oak Bancshares's dividend payout ratio is currently 4.23%.

Analysts Set New Price Targets

Several brokerages recently commented on LOB. Weiss Ratings upgraded shares of Live Oak Bancshares from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, August 5th. Piper Sandler upped their target price on shares of Live Oak Bancshares from $40.00 to $41.00 and gave the stock a "neutral" rating in a research report on Monday, April 27th. TD Cowen increased their target price on shares of Live Oak Bancshares from $47.00 to $49.00 and gave the company a "buy" rating in a report on Monday, July 27th. Keefe, Bruyette & Woods lifted their price target on shares of Live Oak Bancshares from $45.00 to $47.00 and gave the company an "outperform" rating in a research report on Friday, July 24th. Finally, Zacks Research raised Live Oak Bancshares from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 21st. One 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.com, Live Oak Bancshares has a consensus rating of "Moderate Buy" and a consensus price target of $46.40.

Insider Transactions at Live Oak Bancshares

In other Live Oak Bancshares news, Director David G. Lucht sold 3,000 shares of the stock in a transaction on Monday, July 27th. The stock was sold at an average price of $42.13, for a total transaction of $126,390.00. Following the sale, the director owned 15,623 shares in the company, valued at approximately $658,196.99. This represents a 16.11% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Mark Michael Moroz sold 6,100 shares of the stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $42.08, for a total value of $256,688.00. Following the sale, the insider owned 12,110 shares in the company, valued at approximately $509,588.80. This trade represents a 33.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 36,454 shares of company stock valued at $1,526,341 in the last ninety days. Corporate insiders own 22.40% of the company's stock.

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.

Want to see what other hedge funds are holding LOB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Live Oak Bancshares, Inc. (NYSE:LOB - Free Report).

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