Live Oak Bancshares (NASDAQ: LOB) demoted to be held by Zacks Investment Research

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Live Oak Bancshares (NASDAQ: LOB) was downgraded by Zacks Investment Research from a “buy” rating to a “keep” rating in a research report released Tuesday, Zacks.com reports.

According to Zacks, “Live Oak Bancshares Inc. is the parent company and registered banking holding company of Live Oak Banking Company which provides an online platform for small business loans. The company accepts deposit products and offers loans. which include administrative loans to small businesses; conventional commercial loans to small and medium businesses and construction loans. It provides loans to the veterinary, pharmaceutical, investment advisory, beverage, funeral homes, health care entertainment, agriculture and health care. Live Oak Bancshares Inc. is headquartered in Wilmington, North Carolina. “

Several other brokerages also commented on LOB. Truist raised its price target on Live Oak Bancshares from $ 78.00 to $ 90.00 and gave the company a “buy” rating in a report released on Monday, November 1. JPMorgan Chase & Co. downgraded Live Oak Bancshares from a “neutral” to an “overweight” rating and raised its price target for the company from $ 70.00 to $ 95.00 in a report released on Friday October 29. Truist Securities raised its price target on Live Oak Bancshares from $ 78.00 to $ 90.00 and gave the company a “buy” rating in a report released on Monday, November 1. Finally, Raymond James raised his price target on Live Oak Bancshares from $ 80.00 to $ 100.00 and gave the company an “outperformance” rating in a report released on Monday, November 1. One analyst rated the stock with a conservation rating and five issued a buy rating for the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $ 88.83.

LOB shares opened at $ 95.26 on Tuesday. The stock’s 50-day simple moving average is $ 70.80 and its 200-day simple moving average is $ 63.82. The company has a market cap of $ 4.13 billion, a PE ratio of 25.54 and a beta of 1.51. Live Oak Bancshares has a fifty-two week low of $ 38.50 and a fifty-two week high of $ 99.89.

Live Oak Bancshares (NASDAQ: LOB) last released its results on Tuesday, October 26. The bank reported $ 0.76 of EPS for the quarter, beating the consensus estimate of $ 0.65 by $ 0.11. Live Oak Bancshares reported a return on equity of 26.61% and a net margin of 34.01%. In the same quarter of last year, the company made EPS of $ 0.83. On average, stock analysts expect Live Oak Bancshares to post earnings per share of 3.82 for the current year.

In addition, General Counsel Gregory W. Seward sold 6,000 shares of Live Oak Bancshares in a transaction on Thursday, November 4. The stock was sold for an average price of $ 98.61, for a total value of $ 591,660.00. The sale was disclosed in a legal file with the Securities & Exchange Commission, accessible through this hyperlink. In addition, principal Diane Beth Glossman sold 7,500 shares of Live Oak Bancshares in a trade on Thursday, November 4. The shares were sold for an average price of $ 97.90, for a total value of $ 734,250.00. Disclosure of this sale can be found here. During the last quarter, insiders sold 105,347 shares of the company valued at $ 7,919,873. 26.40% of the shares are currently held by insiders of the company.

Several hedge funds and other institutional investors recently changed their holdings to LOBs. Alliancebernstein LP increased its stake in Live Oak Bancshares by 110.2% in the second quarter. Alliancebernstein LP now owns 1,418,710 shares of the bank valued at $ 83,704,000 after purchasing an additional 743,725 shares in the last quarter. Ameriprise Financial Inc. increased its stake in Live Oak Bancshares by 886.5% during the 1st quarter. Ameriprise Financial Inc. now owns 446,390 shares of the bank valued at $ 30,632,000 after purchasing an additional 401,141 shares in the last quarter. State Street Corp increased its stake in Live Oak Bancshares by 35.0% during the 2nd quarter. State Street Corp now owns 1,449,786 shares of the bank valued at $ 85,537,000 after purchasing an additional 376,115 shares in the last quarter. EJF Capital LLC increased its stake in Live Oak Bancshares by 119.4% during the 1st quarter. EJF Capital LLC now owns 407,866 shares of the bank valued at $ 27,935,000 after purchasing an additional 221,951 shares during the last quarter. Finally, DAVENPORT & Co LLC increased its stake in Live Oak Bancshares by 3,163.1% during the 2nd quarter. DAVENPORT & Co LLC now owns 205,575 shares of the bank valued at $ 12,129,000 after purchasing an additional 199,275 shares during the last quarter. 56.83% of the shares are held by institutional investors and hedge funds.

Live Oak Bancshares Company Profile

Live Oak Bancshares, Inc. is a banking holding company for Live Oak Banking Company, which operates as a national online platform for small business loans. It operates through the following segments: Banking, Fintech and Others. The banking segment provides small business finance services nationwide in targeted industries and deposit related services to small businesses, consumers and other clients nationwide.

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Analyst Recommendations for Live Oak Bancshares (NASDAQ: LOB)

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