Live Oak Bancshares (NYSE:LOB) Releases Quarterly Earnings Results, Misses Estimates By $0.12 EPS

Live Oak Bancshares (NYSE:LOB) released its quarterly earnings data on Wednesday. The company reported $0.52 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.12), Zacks reports. Live Oak Bancshares had a return on equity of 11.77% and a net margin of 12.68%.

Live Oak Bancshares Stock Performance

NYSE:LOB traded down $0.06 during mid-day trading on Wednesday, hitting $35.30. 247,511 shares of the stock were exchanged, compared to its average volume of 267,239. Live Oak Bancshares has a fifty-two week low of $29.36 and a fifty-two week high of $44.53. The stock has a market capitalization of $1.63 billion, a price-to-earnings ratio of 12.43 and a beta of 1.94. The firm’s 50-day simple moving average is $38.30 and its 200 day simple moving average is $38.71.

Live Oak Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st were issued a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend was Tuesday, September 1st. Live Oak Bancshares’s dividend payout ratio (DPR) is presently 4.23%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on LOB. Zacks Research cut Live Oak Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 31st. TD Cowen reduced their target price on Live Oak Bancshares from $49.00 to $44.00 and set a “buy” rating for the company in a research note on Monday, October 5th. Keefe, Bruyette & Woods boosted their target price on Live Oak Bancshares from $45.00 to $47.00 and gave the stock an “outperform” rating in a report on Friday, July 24th. Weiss Ratings upgraded shares of Live Oak Bancshares from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday. Finally, Piper Sandler reduced their target price on shares of Live Oak Bancshares from $46.00 to $38.00 and set a “neutral” rating for the company in a report on Wednesday, October 7th. Two research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Live Oak Bancshares presently has an average rating of “Hold” and an average target price of $42.50.

Insider Buying and Selling at Live Oak Bancshares

In other Live Oak Bancshares news, insider Mark Moroz sold 6,100 shares of the stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $42.08, for a total transaction of $256,688.00. Following the transaction, the insider owned 12,110 shares in the company, valued at $509,588.80. This represents a 33.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Tonya Bradford sold 1,600 shares of the firm’s stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $39.89, for a total transaction of $63,824.00. Following the transaction, the director directly owned 8,043 shares in the company, valued at $320,835.27. This represents a 16.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 29,654 shares of company stock worth $1,240,814 over the last quarter. Company insiders own 22.40% of the company’s stock.

Live Oak Bancshares Company Profile

Live Oak Bancshares, Inc is the parent company of Live Oak Bank, a digital-focused financial institution headquartered in Wilmington, North Carolina. Founded in 2008, the company specializes in providing banking services to small and mid-sized businesses, with a particular emphasis on loans to owners of professional and industry-specific businesses.

Through Live Oak Bank, the company offers commercial lending, Small Business Administration (SBA) loans, business deposits, treasury management and other financial services.