TD Cowen Has Lowered Expectations for Live Oak Bancshares (NASDAQ:LOB) Stock Price

Live Oak Bancshares (NASDAQ:LOB) had its price objective dropped by TD Cowen from $53.00 to $51.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the bank’s stock. TD Cowen’s price target suggests a potential upside of 23.46% from the stock’s previous close.

Separately, Piper Sandler dropped their price target on Live Oak Bancshares from $37.00 to $35.00 and set a “neutral” rating on the stock in a research note on Friday, October 24th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $44.20.

Live Oak Bancshares Price Performance

Shares of NASDAQ:LOB traded up $1.35 during trading on Tuesday, reaching $41.31. The stock had a trading volume of 16,876 shares, compared to its average volume of 396,967. The stock has a market capitalization of $1.89 billion, a PE ratio of 28.67 and a beta of 2.02. The business’s 50-day moving average price is $35.81 and its 200 day moving average price is $34.76. Live Oak Bancshares has a 52 week low of $22.68 and a 52 week high of $42.89.

Insider Activity at Live Oak Bancshares

In other Live Oak Bancshares news, General Counsel Gregory W. Seward sold 1,200 shares of the company’s stock in a transaction dated Wednesday, November 19th. The shares were sold at an average price of $30.20, for a total transaction of $36,240.00. Following the sale, the general counsel directly owned 106,126 shares of the company’s stock, valued at $3,205,005.20. This represents a 1.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Tonya Williams Bradford acquired 1,000 shares of the business’s stock in a transaction dated Thursday, November 20th. The stock was purchased at an average price of $30.24 per share, with a total value of $30,240.00. Following the completion of the transaction, the director directly owned 6,697 shares of the company’s stock, valued at $202,517.28. This trade represents a 17.55% increase in their position. The SEC filing for this purchase provides additional information. 23.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Millennium Management LLC grew its holdings in Live Oak Bancshares by 655.6% during the first quarter. Millennium Management LLC now owns 687,885 shares of the bank’s stock valued at $18,339,000 after purchasing an additional 596,841 shares during the period. Ameriprise Financial Inc. raised its position in Live Oak Bancshares by 366.9% during the third quarter. Ameriprise Financial Inc. now owns 519,957 shares of the bank’s stock valued at $18,313,000 after purchasing an additional 408,591 shares during the period. Jane Street Group LLC lifted its holdings in shares of Live Oak Bancshares by 1,263.2% in the 1st quarter. Jane Street Group LLC now owns 201,816 shares of the bank’s stock worth $5,380,000 after acquiring an additional 187,011 shares during the last quarter. CenterBook Partners LP boosted its holdings in Live Oak Bancshares by 105.4% during the 2nd quarter. CenterBook Partners LP now owns 356,416 shares of the bank’s stock valued at $10,621,000 after acquiring an additional 182,851 shares during the period. Finally, Whittier Trust Co. boosted its position in Live Oak Bancshares by 937,663.2% in the 3rd quarter. Whittier Trust Co. now owns 178,175 shares of the bank’s stock valued at $6,184,000 after buying an additional 178,156 shares during the period. 63.95% of the stock is owned by hedge funds and other institutional investors.

Live Oak Bancshares Company Profile

Live Oak Bancshares, Inc is a bank holding company based in Wilmington, North Carolina, and the parent of Live Oak Banking Company and Live Oak Bank. The company specializes in small business and commercial lending, offering a suite of financing solutions that includes U.S. Small Business Administration (SBA) 7(a) and 504 loans, equipment finance, commercial real estate loans, and industry-specific lending programs. Live Oak Bancshares combines a digital-first banking platform with a team of lending specialists to serve customers across all 50 states.

Founded in 2008 and headquartered in Wilmington, Live Oak Bancshares was chartered by the Office of the Comptroller of the Currency to focus on underserved small business sectors.