Live Oak Bancshares (NASDAQ:LOB) Trading Down 4.5% – Here’s What Happened

Live Oak Bancshares, Inc. (NASDAQ:LOB)’s share price fell 4.5% on Wednesday . The stock traded as low as $26.92 and last traded at $27.02. 143,170 shares traded hands during mid-day trading, a decline of 22% from the average session volume of 184,718 shares. The stock had previously closed at $28.29.

Wall Street Analyst Weigh In

LOB has been the subject of several recent analyst reports. StockNews.com raised Live Oak Bancshares from a “sell” rating to a “hold” rating in a research note on Thursday. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $44.00 price objective (down from $48.00) on shares of Live Oak Bancshares in a research report on Friday, January 24th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $44.75.

Live Oak Bancshares Stock Down 0.6 %

The business has a 50-day simple moving average of $33.65 and a 200-day simple moving average of $40.79. The company has a market cap of $1.24 billion, a PE ratio of 18.88 and a beta of 1.69.

Live Oak Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 11th. Investors of record on Tuesday, February 25th were issued a $0.03 dividend. The ex-dividend date was Tuesday, February 25th. This represents a $0.12 annualized dividend and a dividend yield of 0.44%. Live Oak Bancshares’s dividend payout ratio is presently 8.28%.

Hedge Funds Weigh In On Live Oak Bancshares

Hedge funds and other institutional investors have recently bought and sold shares of the company. 49 Wealth Management LLC lifted its position in shares of Live Oak Bancshares by 2.1% during the third quarter. 49 Wealth Management LLC now owns 10,212 shares of the bank’s stock worth $484,000 after purchasing an additional 212 shares in the last quarter. Invesco Ltd. lifted its holdings in Live Oak Bancshares by 0.6% during the 4th quarter. Invesco Ltd. now owns 50,720 shares of the bank’s stock worth $2,006,000 after buying an additional 298 shares in the last quarter. Quarry LP boosted its position in Live Oak Bancshares by 98.6% in the 3rd quarter. Quarry LP now owns 713 shares of the bank’s stock valued at $34,000 after buying an additional 354 shares during the period. Central Pacific Bank Trust Division grew its stake in shares of Live Oak Bancshares by 3.5% in the fourth quarter. Central Pacific Bank Trust Division now owns 10,392 shares of the bank’s stock worth $411,000 after acquiring an additional 356 shares in the last quarter. Finally, Handelsbanken Fonder AB increased its position in shares of Live Oak Bancshares by 7.1% during the fourth quarter. Handelsbanken Fonder AB now owns 6,000 shares of the bank’s stock worth $237,000 after acquiring an additional 400 shares during the period. 63.95% of the stock is currently owned by hedge funds and other institutional investors.

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.