Live Oak Bancshares (NASDAQ:LOB) Shares Up 5.9% on Analyst Upgrade

Key Points

• Live Oak Bancshares shares surged by 5.9% following an upgrade from Keefe, Bruyette & Woods, which adjusted its price target from $37.00 to $43.00.
• Institutional investors now hold 63.95% of Live Oak Bancshares' stock, with several firms increasing their investments significantly in the second quarter.
• The company also announced a quarterly dividend of $0.03, resulting in an annualized dividend yield of 0.3%.

Live Oak Bancshares, Inc. (NASDAQ:LOB - )'s stock price rose 5.9% during mid-day trading on Tuesday after Keefe, Bruyette & Woods upgraded the stock from a market perform rating to an outperform rating. Keefe, Bruyette & Woods now has a $43.00 price target on the stock, up from their previous price target of $37.00. Live Oak Bancshares traded as high as $36.63 and last traded at $36.32. Approximately 77,585 shares were traded during trading, a decline of 73% from the average daily volume of 286,894 shares. The stock had previously closed at $34.29.

Institutional Investors Weigh In On Live Oak Bancshares

A number of large investors have recently added to or reduced their stakes in LOB. CANADA LIFE ASSURANCE Co lifted its holdings in Live Oak Bancshares by 111.2% in the second quarter. CANADA LIFE ASSURANCE Co now owns 6,170 shares of the bank's stock worth $184,000 after buying an additional 3,248 shares during the period. Tower Research Capital LLC TRC raised its position in shares of Live Oak Bancshares by 138.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,182 shares of the bank's stock worth $95,000 after acquiring an additional 1,850 shares in the last quarter. Captrust Financial Advisors lifted its stake in shares of Live Oak Bancshares by 4.3% in the 2nd quarter. Captrust Financial Advisors now owns 59,960 shares of the bank's stock valued at $1,787,000 after purchasing an additional 2,494 shares during the period. Rafferty Asset Management LLC boosted its position in shares of Live Oak Bancshares by 35.4% during the second quarter. Rafferty Asset Management LLC now owns 49,358 shares of the bank's stock valued at $1,471,000 after purchasing an additional 12,903 shares in the last quarter. Finally, MML Investors Services LLC boosted its position in shares of Live Oak Bancshares by 11.6% during the second quarter. MML Investors Services LLC now owns 37,648 shares of the bank's stock valued at $1,122,000 after purchasing an additional 3,923 shares in the last quarter. Institutional investors own 63.95% of the company's stock.

Live Oak Bancshares Price Performance

The company has a 50 day moving average of $31.25 and a two-hundred day moving average of $29.36. The company has a market capitalization of $1.63 billion, a PE ratio of 24.68 and a beta of 1.82.

Live Oak Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 17th. Investors of record on Tuesday, June 3rd were issued a $0.03 dividend. This represents a $0.12 annualized dividend and a yield of 0.3%. The ex-dividend date was Tuesday, June 3rd. Live Oak Bancshares's dividend payout ratio (DPR) is presently 9.84%.

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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