Diamond Hill Capital Management Inc. Sells 143,345 Shares of Live Oak Bancshares, Inc. (NASDAQ:LOB)

Diamond Hill Capital Management Inc. reduced its holdings in Live Oak Bancshares, Inc. (NASDAQ:LOB - Free Report) by 8.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,639,243 shares of the bank's stock after selling 143,345 shares during the quarter. Diamond Hill Capital Management Inc. owned 3.64% of Live Oak Bancshares worth $77,651,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Quest Partners LLC lifted its position in Live Oak Bancshares by 68.4% in the second quarter. Quest Partners LLC now owns 2,026 shares of the bank's stock worth $71,000 after purchasing an additional 823 shares during the period. nVerses Capital LLC lifted its holdings in shares of Live Oak Bancshares by 87.5% in the third quarter. nVerses Capital LLC now owns 1,500 shares of the bank's stock valued at $71,000 after buying an additional 700 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in Live Oak Bancshares by 1,885.5% during the second quarter. Allspring Global Investments Holdings LLC now owns 2,323 shares of the bank's stock valued at $81,000 after buying an additional 2,206 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new position in Live Oak Bancshares during the first quarter worth about $129,000. Finally, New York State Teachers Retirement System raised its position in Live Oak Bancshares by 161.4% in the third quarter. New York State Teachers Retirement System now owns 3,165 shares of the bank's stock worth $150,000 after acquiring an additional 1,954 shares in the last quarter. Institutional investors own 63.95% of the company's stock.

Live Oak Bancshares Trading Up 3.7 %

LOB stock traded up $1.72 during midday trading on Monday, reaching $48.23. The company had a trading volume of 67,426 shares, compared to its average volume of 181,363. The company has a 50 day moving average of $45.26 and a two-hundred day moving average of $39.91. The company has a market capitalization of $2.17 billion, a P/E ratio of 29.25 and a beta of 1.63. Live Oak Bancshares, Inc. has a 1 year low of $29.26 and a 1 year high of $50.57.

Live Oak Bancshares (NASDAQ:LOB - Get Free Report) last announced its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.25). Live Oak Bancshares had a return on equity of 7.65% and a net margin of 7.99%. The firm had revenue of $241.87 million for the quarter, compared to analysts' expectations of $126.63 million. During the same quarter in the prior year, the business posted $0.88 earnings per share. On average, sell-side analysts anticipate that Live Oak Bancshares, Inc. will post 2.09 earnings per share for the current year.

Live Oak Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd were paid a $0.03 dividend. This represents a $0.12 annualized dividend and a dividend yield of 0.25%. The ex-dividend date of this dividend was Tuesday, September 3rd. Live Oak Bancshares's payout ratio is presently 7.55%.

Analyst Ratings Changes

Several analysts recently commented on the stock. 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. Truist Financial decreased their target price on shares of Live Oak Bancshares from $57.00 to $46.00 and set a "buy" rating for the company in a report on Monday, October 28th. Finally, Piper Sandler lowered their price target on Live Oak Bancshares from $50.00 to $44.00 and set a "neutral" rating on the stock in a report on Friday, October 25th. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, Live Oak Bancshares currently has an average rating of "Hold" and an average price target of $45.50.

Insider Buying and Selling

In related news, Director William Henderson Cameron acquired 1,000 shares of the stock in a transaction dated Tuesday, October 29th. The shares were acquired at an average price of $39.76 per share, with a total value of $39,760.00. Following the acquisition, the director now owns 202,217 shares in the company, valued at approximately $8,040,147.92. The trade was a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Live Oak Bancshares news, CAO John W. Sutherland sold 20,000 shares of the company's stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $43.00, for a total transaction of $860,000.00. Following the completion of the sale, the chief accounting officer now directly owns 26,603 shares in the company, valued at $1,143,929. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William Henderson Cameron acquired 1,000 shares of the company's stock in a transaction dated Tuesday, October 29th. The stock was acquired at an average price of $39.76 per share, for a total transaction of $39,760.00. Following the completion of the purchase, the director now directly owns 202,217 shares of the company's stock, valued at $8,040,147.92. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. 23.90% of the stock is currently owned by corporate insiders.

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.