Keefe, Bruyette & Woods Reiterates “Market Perform” Rating for Live Oak Bancshares (NASDAQ:LOB)

Live Oak Bancshares (NASDAQ:LOB)‘s stock had its “market perform” rating restated by stock analysts at Keefe, Bruyette & Woods in a note issued to investors on Friday,Benzinga reports. They currently have a $44.00 price objective on the bank’s stock, down from their prior price objective of $48.00. Keefe, Bruyette & Woods’ price objective points to a potential upside of 25.48% from the stock’s previous close.

A number of other equities research analysts have also weighed in on the stock. Piper Sandler lowered their target price on shares of Live Oak Bancshares from $50.00 to $44.00 and set a “neutral” rating on the stock in a report on Friday, October 25th. Truist Financial dropped their price target on shares of Live Oak Bancshares from $57.00 to $46.00 and set a “buy” rating on the stock in a research report on Monday, October 28th. Two research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $44.75.

Live Oak Bancshares Stock Down 14.0 %

NASDAQ LOB opened at $35.07 on Friday. Live Oak Bancshares has a 52 week low of $31.03 and a 52 week high of $50.57. The business has a 50 day moving average price of $42.51 and a 200-day moving average price of $43.18. The company has a market cap of $1.58 billion, a price-to-earnings ratio of 24.18 and a beta of 1.69.

Live Oak Bancshares (NASDAQ:LOB) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.25). Live Oak Bancshares had a net margin of 7.10% and a return on equity of 6.88%. The business had revenue of $241.87 million for the quarter, compared to the consensus estimate of $126.63 million. During the same quarter last year, the firm posted $0.88 EPS. On average, equities research analysts anticipate that Live Oak Bancshares will post 2.52 earnings per share for the current year.

Insiders Place Their Bets

In other news, CAO John W. Sutherland sold 12,588 shares of the stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $49.00, for a total transaction of $616,812.00. Following the completion of the transaction, the chief accounting officer now owns 14,015 shares in the company, valued at approximately $686,735. This represents a 47.32 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William Henderson Cameron acquired 1,000 shares of the stock in a transaction that occurred on Tuesday, October 29th. The stock was purchased at an average price of $39.76 per share, for a total transaction of $39,760.00. Following the completion of the purchase, the director now directly owns 202,217 shares in the company, valued at $8,040,147.92. This trade represents a 0.50 % increase in their position. The disclosure for this purchase can be found here. Insiders own 23.90% of the company’s stock.

Hedge Funds Weigh In On Live Oak Bancshares

Several large investors have recently modified their holdings of the business. Quarry LP boosted its holdings in Live Oak Bancshares by 98.6% in the 3rd quarter. Quarry LP now owns 713 shares of the bank’s stock worth $34,000 after buying an additional 354 shares during the period. nVerses Capital LLC boosted its holdings in shares of Live Oak Bancshares by 87.5% in the third quarter. nVerses Capital LLC now owns 1,500 shares of the bank’s stock worth $71,000 after acquiring an additional 700 shares during the period. New York State Teachers Retirement System grew its position in shares of Live Oak Bancshares by 161.4% in the third quarter. New York State Teachers Retirement System now owns 3,165 shares of the bank’s stock valued at $150,000 after purchasing an additional 1,954 shares in the last quarter. Park Avenue Securities LLC bought a new stake in shares of Live Oak Bancshares during the 3rd quarter valued at $205,000. Finally, Entropy Technologies LP purchased a new stake in Live Oak Bancshares during the 3rd quarter worth about $205,000. Hedge funds and other institutional investors own 63.95% of the company’s stock.

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.