Truist Financial Cuts Live Oak Bancshares (NASDAQ:LOB) Price Target to $38.00

Live Oak Bancshares (NASDAQ:LOB) had its price objective reduced by equities research analysts at Truist Financial from $47.00 to $38.00 in a report issued on Friday, Benzinga reports. The firm presently has a “buy” rating on the bank’s stock. Truist Financial’s price objective would indicate a potential upside of 13.13% from the company’s current price.

Several other equities research analysts have also issued reports on LOB. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $40.00 price objective (down previously from $45.00) on shares of Live Oak Bancshares in a research report on Friday. TheStreet lowered shares of Live Oak Bancshares from a “b-” rating to a “c+” rating in a research report on Monday, January 29th. One analyst has rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $38.00.

Live Oak Bancshares Price Performance

LOB stock traded down $0.69 on Friday, hitting $33.59. 117,038 shares of the company were exchanged, compared to its average volume of 166,715. Live Oak Bancshares has a twelve month low of $19.53 and a twelve month high of $47.22. The business’s fifty day moving average is $39.24 and its two-hundred day moving average is $37.36. The stock has a market capitalization of $1.50 billion, a price-to-earnings ratio of 16.87 and a beta of 1.60.

Live Oak Bancshares (NASDAQ:LOB) last issued its quarterly earnings results on Wednesday, January 24th. The bank reported $0.36 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.20). Live Oak Bancshares had a return on equity of 10.45% and a net margin of 10.62%. The company had revenue of $119.68 million for the quarter, compared to analyst estimates of $119.36 million. Equities research analysts expect that Live Oak Bancshares will post 2.22 earnings per share for the current year.

Insider Transactions at Live Oak Bancshares

In other news, insider Micah S. Davis sold 8,613 shares of the firm’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $39.87, for a total value of $343,400.31. Following the transaction, the insider now directly owns 43,864 shares in the company, valued at approximately $1,748,857.68. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, Director Miltom Emmett Petty sold 10,000 shares of the firm’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $39.73, for a total value of $397,300.00. Following the transaction, the director now directly owns 121,941 shares in the company, valued at approximately $4,844,715.93. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Micah S. Davis sold 8,613 shares of the stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $39.87, for a total transaction of $343,400.31. Following the completion of the sale, the insider now directly owns 43,864 shares in the company, valued at approximately $1,748,857.68. The disclosure for this sale can be found here. Insiders own 23.90% of the company’s stock.

Institutional Trading of Live Oak Bancshares

A number of large investors have recently modified their holdings of the company. Trust Co of the South acquired a new position in Live Oak Bancshares during the 4th quarter valued at about $15,042,000. Norges Bank acquired a new position in Live Oak Bancshares during the 4th quarter valued at about $7,474,000. Mendon Capital Advisors Corp acquired a new position in Live Oak Bancshares during the 4th quarter valued at about $4,550,000. Homestead Advisers Corp increased its stake in Live Oak Bancshares by 103.6% during the 4th quarter. Homestead Advisers Corp now owns 123,000 shares of the bank’s stock valued at $5,596,000 after buying an additional 62,600 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Live Oak Bancshares by 4.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,327,754 shares of the bank’s stock valued at $60,415,000 after buying an additional 61,029 shares during the period. Institutional investors and hedge funds own 63.95% of the company’s stock.

Live Oak Bancshares Company Profile

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.