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

Live Oak Bancshares (NASDAQ:LOB) had its price target dropped by equities researchers at Truist Financial from $40.00 to $38.00 in a research report issued on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the bank’s stock. Truist Financial’s price objective would suggest a potential upside of 12.39% from the stock’s current price.

Other equities research analysts have also recently issued reports about the stock. Keefe, Bruyette & Woods restated a “market perform” rating and set a $40.00 price target (down from $45.00) on shares of Live Oak Bancshares in a report on Friday, April 26th. JPMorgan Chase & Co. decreased their price target on shares of Live Oak Bancshares from $46.00 to $45.00 and set an “overweight” rating for the company in a report on Thursday, June 27th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $39.25.

Live Oak Bancshares Trading Up 0.6 %

Shares of NASDAQ:LOB opened at $33.81 on Monday. The stock has a market capitalization of $1.52 billion, a PE ratio of 16.99 and a beta of 1.62. Live Oak Bancshares has a 1 year low of $26.11 and a 1 year high of $47.22. The firm has a fifty day moving average price of $34.06 and a 200 day moving average price of $37.74.

Live Oak Bancshares (NASDAQ:LOB) last released its quarterly earnings results on Wednesday, April 24th. The bank reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.12). Live Oak Bancshares had a net margin of 10.62% and a return on equity of 10.25%. The firm had revenue of $116.21 million for the quarter, compared to the consensus estimate of $118.89 million. On average, sell-side analysts forecast that Live Oak Bancshares will post 1.93 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Tonya Williams Bradford sold 2,600 shares of the company’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $35.97, for a total transaction of $93,522.00. Following the completion of the transaction, the director now owns 5,870 shares of the company’s stock, valued at $211,143.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 23.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in LOB. Capital International Investors acquired a new position in Live Oak Bancshares in the first quarter worth about $18,628,000. Trust Co of the South acquired a new position in Live Oak Bancshares in the fourth quarter worth about $15,042,000. Norges Bank acquired a new position in Live Oak Bancshares in the fourth quarter worth about $7,474,000. Mendon Capital Advisors Corp acquired a new position in Live Oak Bancshares in the fourth quarter worth about $4,550,000. Finally, Homestead Advisers Corp raised its position in Live Oak Bancshares by 103.6% in the fourth quarter. Homestead Advisers Corp now owns 123,000 shares of the bank’s stock worth $5,596,000 after purchasing an additional 62,600 shares in the last quarter. 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.