Live Oak Bancshares (NASDAQ:LOB) Shares Gap Down - Here's Why

Key Points

• Live Oak Bancshares shares experienced a significant gap down, opening at $33.35 after closing at $34.65, with the last traded price at $33.48.
• The company's market capitalization is reported at $1.54 billion, with an average price target of $45.00 and a rating of "Moderate Buy" from analysts.
• Live Oak Bancshares declared a dividend of $0.03 per share, reflecting a yield of 32.0%, with a payout ratio of 9.84% currently.

Live Oak Bancshares, Inc. (NASDAQ:LOB - Get Free Report)'s share price gapped down prior to trading on Thursday . The stock had previously closed at $34.65, but opened at $33.35. Live Oak Bancshares shares last traded at $33.48, with a volume of 24,418 shares changing hands.

Analyst Upgrades and Downgrades

Several analysts have recently commented on LOB shares. National Bankshares set a $50.00 target price on shares of Live Oak Bancshares in a report on Wednesday, September 24th. Cantor Fitzgerald assumed coverage on shares of Live Oak Bancshares in a report on Wednesday, September 10th. They set a "neutral" rating and a $42.00 price objective for the company. Keefe, Bruyette & Woods upgraded shares of Live Oak Bancshares from a "market perform" rating to an "outperform" rating and raised their price objective for the stock from $37.00 to $43.00 in a report on Tuesday, August 19th. Finally, Cowen assumed coverage on shares of Live Oak Bancshares in a report on Wednesday, September 24th. They set a "buy" rating for the company. Three 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 MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $45.00.

Live Oak Bancshares Stock Performance

The firm has a market cap of $1.54 billion, a PE ratio of 23.09 and a beta of 1.81. The stock's 50 day simple moving average is $36.18 and its 200 day simple moving average is $31.26.

Live Oak Bancshares Announces Dividend

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

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in LOB. Wealth Enhancement Advisory Services LLC increased its position in Live Oak Bancshares by 100.6% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 38,802 shares of the bank's stock valued at $1,034,000 after purchasing an additional 19,457 shares during the period. Aviance Capital Partners LLC purchased a new stake in Live Oak Bancshares during the 1st quarter valued at about $790,000. Envestnet Asset Management Inc. boosted its holdings in shares of Live Oak Bancshares by 16.4% during the 1st quarter. Envestnet Asset Management Inc. now owns 145,117 shares of the bank's stock valued at $3,869,000 after acquiring an additional 20,430 shares during the last quarter. Rice Hall James & Associates LLC boosted its holdings in shares of Live Oak Bancshares by 20.2% during the 1st quarter. Rice Hall James & Associates LLC now owns 155,471 shares of the bank's stock valued at $4,145,000 after acquiring an additional 26,085 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd boosted its holdings in shares of Live Oak Bancshares by 55.6% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 17,066 shares of the bank's stock valued at $455,000 after acquiring an additional 6,095 shares during the last quarter. 63.95% of the stock is owned by hedge funds and other institutional investors.

About Live Oak Bancshares

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.

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