Keefe, Bruyette & Woods Lowers Live Oak Bancshares (NYSE:LOB) Price Target to $42.00
by Scott Moore · The Cerbat GemLive Oak Bancshares (NYSE:LOB – Get Free Report) had its price target dropped by investment analysts at Keefe, Bruyette & Woods from $44.00 to $42.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ price objective would indicate a potential upside of 13.71% from the company’s current price.
Several other research analysts also recently weighed in on LOB. TD Cowen upgraded Live Oak Bancshares to a “strong-buy” rating in a research note on Monday, April 13th. Weiss Ratings upgraded Live Oak Bancshares from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday. Finally, Zacks Research upgraded Live Oak Bancshares from a “strong sell” rating to a “hold” rating in a research note on Tuesday, March 17th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $44.00.
Read Our Latest Stock Analysis on LOB
Live Oak Bancshares Price Performance
Shares of NYSE:LOB traded down $0.54 during mid-day trading on Friday, reaching $36.94. 49,821 shares of the company traded hands, compared to its average volume of 310,065. The company’s 50 day moving average price is $35.50 and its 200-day moving average price is $35.23. The firm has a market cap of $1.69 billion, a PE ratio of 14.14 and a beta of 1.90. Live Oak Bancshares has a 52 week low of $25.53 and a 52 week high of $42.89.
Live Oak Bancshares (NYSE:LOB – Get Free Report) last announced its quarterly earnings data on Wednesday, April 22nd. The company reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.06. The company had revenue of $145.47 million during the quarter, compared to the consensus estimate of $146.02 million. Live Oak Bancshares had a return on equity of 11.36% and a net margin of 11.79%. On average, research analysts predict that Live Oak Bancshares will post 2.84 earnings per share for the current fiscal year.
Insider Transactions at Live Oak Bancshares
In related news, CFO Walter J. Phifer sold 4,712 shares of the stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $36.58, for a total transaction of $172,364.96. Following the sale, the chief financial officer owned 10,103 shares in the company, valued at approximately $369,567.74. This represents a 31.81% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Ewa Maria Stasiowska purchased 2,595 shares of the firm’s stock in a transaction that occurred on Monday, January 26th. The shares were bought at an average price of $38.53 per share, for a total transaction of $99,985.35. Following the acquisition, the insider directly owned 2,595 shares in the company, valued at $99,985.35. This trade represents a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold 17,412 shares of company stock valued at $660,862 over the last 90 days. Insiders own 22.40% of the company’s stock.
Institutional Trading of Live Oak Bancshares
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Royal Bank of Canada lifted its position in shares of Live Oak Bancshares by 28.7% during the first quarter. Royal Bank of Canada now owns 18,592 shares of the company’s stock worth $495,000 after purchasing an additional 4,146 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Live Oak Bancshares by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 20,594 shares of the company’s stock worth $549,000 after purchasing an additional 880 shares during the last quarter. Millennium Management LLC lifted its position in shares of Live Oak Bancshares by 655.6% during the first quarter. Millennium Management LLC now owns 687,885 shares of the company’s stock worth $18,339,000 after purchasing an additional 596,841 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Live Oak Bancshares by 15.2% during the first quarter. Goldman Sachs Group Inc. now owns 264,122 shares of the company’s stock worth $7,041,000 after purchasing an additional 34,849 shares during the last quarter. Finally, Empowered Funds LLC bought a new stake in shares of Live Oak Bancshares during the first quarter worth $1,758,000. Hedge funds and other institutional investors own 63.95% of the company’s stock.
About Live Oak Bancshares
Live Oak Bancshares, Inc is a bank holding company headquartered in Wilmington, North Carolina, and operates through its subsidiary Live Oak Banking Company. Founded in 2008, the company leverages a branchless, technology-driven platform to deliver specialty lending and deposit products across the United States. Live Oak Bancshares completed its initial public offering in February 2018 and trades on the NYSE under the ticker symbol LOB.
The company’s primary focus is on originating and servicing commercial loans for small businesses in select industry verticals.