Live Oak Bancshares (NASDAQ:LOB) Trading Up 3.2% - Here's What Happened

Key Points

• Live Oak Bancshares' stock increased by 3.2%, closing at $36.94 after trading as high as $36.90, despite a significant drop in trading volume.
• Several analysts have upgraded the stock's rating, with Keefe, Bruyette & Woods raising their price target from $37.00 to $43.00, contributing to a consensus rating of "Moderate Buy."
• The company announced a recent dividend of $0.03 per share, reflecting a yield of 32.0%, with a modest dividend payout ratio of 9.84%.

Live Oak Bancshares, Inc. (NASDAQ:LOB - Get Free Report) traded up 3.2% during trading on Thursday . The stock traded as high as $36.90 and last traded at $36.94. 30,385 shares traded hands during trading, a decline of 90% from the average session volume of 291,743 shares. The stock had previously closed at $35.80.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Keefe, Bruyette & Woods raised shares of Live Oak Bancshares from a "market perform" rating to an "outperform" rating and upped their price objective for the company from $37.00 to $43.00 in a report on Tuesday, August 19th. Cowen began coverage on shares of Live Oak Bancshares in a report on Wednesday. They issued a "buy" rating on the stock. Finally, Cantor Fitzgerald assumed coverage on shares of Live Oak Bancshares in a report on Wednesday, September 10th. They issued a "neutral" rating and a $42.00 price target on the stock. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $43.75.

Live Oak Bancshares Trading Up 2.2%

The firm has a fifty day simple moving average of $34.98 and a two-hundred day simple moving average of $30.17. The stock has a market cap of $1.67 billion, a PE ratio of 25.25 and a beta of 1.75.

Live Oak Bancshares Announces Dividend

The company also recently disclosed 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 dividend yield of 32.0%. The ex-dividend date of this dividend was Tuesday, September 2nd. Live Oak Bancshares's dividend payout ratio (DPR) is currently 9.84%.

Institutional Trading of Live Oak Bancshares

Hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC lifted its stake in Live Oak Bancshares by 4,595.5% in the first quarter. GAMMA Investing LLC now owns 9,438 shares of the bank's stock worth $252,000 after purchasing an additional 9,237 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Live Oak Bancshares by 100.6% in the first 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 during the period. Rice Hall James & Associates LLC increased its holdings in shares of Live Oak Bancshares by 20.2% in the first 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 during the period. Envestnet Asset Management Inc. increased 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 purchasing an additional 20,430 shares during the period. Finally, Jump Financial LLC purchased a new position in Live Oak Bancshares in the 1st quarter worth approximately $817,000. 63.95% of the stock is owned by 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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