TD Cowen Cuts Live Oak Bancshares (NYSE:LOB) Price Target to $44.00

Live Oak Bancshares (NYSE:LOB) had its price objective trimmed by TD Cowen from $49.00 to $44.00 in a research note released on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

LOB has been the subject of several other reports. Cantor Fitzgerald lifted their price target on shares of Live Oak Bancshares from $44.00 to $45.00 and gave the company a “neutral” rating in a report on Wednesday, August 19th. Zacks Research lowered shares of Live Oak Bancshares from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 31st. Weiss Ratings cut shares of Live Oak Bancshares from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, October 2nd. Finally, Keefe, Bruyette & Woods raised their target price on shares of Live Oak Bancshares from $45.00 to $47.00 and gave the stock an “outperform” rating in a report on Friday, July 24th. Two research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $43.50.

Live Oak Bancshares Price Performance

Shares of LOB opened at $34.24 on Monday. The stock has a market capitalization of $1.58 billion, a PE ratio of 12.06 and a beta of 1.94. The business’s fifty day moving average price is $39.77 and its 200 day moving average price is $38.58. Live Oak Bancshares has a 12-month low of $29.36 and a 12-month high of $44.53.

Live Oak Bancshares (NYSE:LOB) last released 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, research analysts anticipate that Live Oak Bancshares will post 3.07 earnings per share for the current fiscal year.

Live Oak Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st were paid a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date was Tuesday, September 1st. Live Oak Bancshares’s dividend payout ratio (DPR) is presently 4.23%.

Insider Activity

In other news, Director Tonya Bradford sold 1,600 shares of the business’s stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $39.89, for a total transaction of $63,824.00. Following the completion of the transaction, the director owned 8,043 shares of the company’s stock, valued at approximately $320,835.27. The trade was a 16.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Willam Williams, III sold 8,400 shares of the company’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $43.08, for a total transaction of $361,872.00. Following the transaction, the director owned 1,114,126 shares of the company’s stock, valued at $47,996,548.08. This represents a 0.75% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 29,654 shares of company stock worth $1,240,814. 22.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of LOB. Global Retirement Partners LLC bought a new stake in shares of Live Oak Bancshares during the second quarter valued at approximately $36,000. Blue Trust Inc. boosted its position in shares of Live Oak Bancshares by 671.6% during the first quarter. Blue Trust Inc. now owns 2,122 shares of the company’s stock worth $70,000 after buying an additional 1,847 shares during the period. Versant Capital Management Inc grew its holdings in Live Oak Bancshares by 98.9% in the 3rd quarter. Versant Capital Management Inc now owns 2,080 shares of the company’s stock worth $75,000 after buying an additional 1,034 shares in the last quarter. Centaurus Financial Inc. bought a new position in Live Oak Bancshares in the 2nd quarter worth approximately $128,000. Finally, Quantbot Technologies LP bought a new position in Live Oak Bancshares in the 2nd quarter worth approximately $266,000. Institutional investors own 63.95% of the company’s stock.

Live Oak Bancshares Company Profile

Live Oak Bancshares, Inc is a financial holding company headquartered in Wilmington, North Carolina. Through its principal subsidiary, Live Oak Bank, the company provides banking and financial services to small and middle-market businesses, professionals, entrepreneurs and individuals.

Live Oak Bank is known for its specialized lending model, including Small Business Administration (SBA) loans and financing for businesses in industries such as veterinary medicine, healthcare, agriculture, investment advisory and government contracting.