Salem Investment Counselors Inc. Cuts Position in Live Oak Bancshares, Inc. (NASDAQ:LOB)

Salem Investment Counselors Inc. trimmed its position in shares of Live Oak Bancshares, Inc. (NASDAQ:LOB) by 26.5% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 91,860 shares of the bank’s stock after selling 33,155 shares during the quarter. Salem Investment Counselors Inc. owned about 0.20% of Live Oak Bancshares worth $3,221,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of LOB. Raymond James Financial Services Advisors Inc. acquired a new stake in Live Oak Bancshares in the fourth quarter worth about $284,000. DAVENPORT & Co LLC purchased a new stake in shares of Live Oak Bancshares during the fourth quarter valued at $228,000. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Live Oak Bancshares by 9.0% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,679 shares of the bank’s stock valued at $713,000 after acquiring an additional 1,296 shares during the period. Toth Financial Advisory Corp increased its holdings in shares of Live Oak Bancshares by 34.8% in the fourth quarter. Toth Financial Advisory Corp now owns 3,000 shares of the bank’s stock valued at $136,000 after purchasing an additional 775 shares during the period. Finally, Arbor Investment Advisors LLC purchased a new stake in Live Oak Bancshares in the fourth quarter valued at approximately $211,000. 63.95% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on LOB shares. Piper Sandler raised their target price on shares of Live Oak Bancshares from $36.00 to $46.00 and gave the stock a “neutral” rating in a report on Monday, July 29th. Truist Financial increased their price target on shares of Live Oak Bancshares from $38.00 to $51.00 and gave the stock a “buy” rating in a report on Monday, July 29th. JPMorgan Chase & Co. cut their price objective 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. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating and set a $47.00 target price (up from $40.00) on shares of Live Oak Bancshares in a research note on Friday, July 26th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $47.25.

Insider Buying and Selling at Live Oak Bancshares

In other news, Director Tonya Williams Bradford sold 2,600 shares of the company’s stock in a transaction on 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 sale, the director now owns 5,870 shares of the company’s stock, valued at $211,143.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 23.90% of the company’s stock.

Live Oak Bancshares Stock Performance

Shares of NASDAQ LOB opened at $39.56 on Friday. The firm has a fifty day moving average of $36.92 and a 200 day moving average of $37.61. The firm has a market cap of $1.78 billion, a PE ratio of 19.88 and a beta of 1.62. Live Oak Bancshares, Inc. has a one year low of $26.11 and a one year high of $47.22.

Live Oak Bancshares (NASDAQ:LOB) last released its earnings results on Wednesday, July 24th. The bank reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.13. Live Oak Bancshares had a net margin of 11.22% and a return on equity of 11.13%. The business had revenue of $232.61 million during the quarter, compared to analysts’ expectations of $123.08 million. During the same quarter in the previous year, the company earned $0.39 earnings per share. On average, equities analysts predict that Live Oak Bancshares, Inc. will post 2.32 EPS for the current fiscal year.

Live Oak Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 18th. Shareholders of record on Tuesday, June 4th were issued a dividend of $0.03 per share. The ex-dividend date was Tuesday, June 4th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.30%. Live Oak Bancshares’s payout ratio is currently 6.03%.

Live Oak Bancshares 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.