Geode Capital Management LLC Purchases 13,824 Shares of Live Oak Bancshares, Inc. (NASDAQ:LOB)

Geode Capital Management LLC grew its stake in Live Oak Bancshares, Inc. (NASDAQ:LOB - Free Report) by 1.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 773,724 shares of the bank's stock after buying an additional 13,824 shares during the period. Geode Capital Management LLC owned 1.72% of Live Oak Bancshares worth $36,658,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. Quarry LP lifted its holdings in Live Oak Bancshares by 98.6% in the third 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. Quest Partners LLC raised its position in shares of Live Oak Bancshares by 68.4% in the 2nd quarter. Quest Partners LLC now owns 2,026 shares of the bank's stock worth $71,000 after acquiring an additional 823 shares in the last quarter. nVerses Capital LLC lifted its stake in shares of Live Oak Bancshares by 87.5% in the 3rd quarter. nVerses Capital LLC now owns 1,500 shares of the bank's stock valued at $71,000 after purchasing an additional 700 shares during the period. Allspring Global Investments Holdings LLC boosted its position in shares of Live Oak Bancshares by 1,885.5% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,323 shares of the bank's stock valued at $81,000 after purchasing an additional 2,206 shares in the last quarter. Finally, New York State Teachers Retirement System grew its stake in Live Oak Bancshares by 161.4% during the third quarter. New York State Teachers Retirement System now owns 3,165 shares of the bank's stock worth $150,000 after purchasing an additional 1,954 shares during the period. 63.95% of the stock is currently owned by institutional investors.

Live Oak Bancshares Stock Performance

NASDAQ:LOB traded up $0.37 during trading on Wednesday, reaching $39.60. The company's stock had a trading volume of 66,686 shares, compared to its average volume of 183,707. Live Oak Bancshares, Inc. has a 12 month low of $31.03 and a 12 month high of $50.57. The firm has a market cap of $1.79 billion, a price-to-earnings ratio of 24.91 and a beta of 1.66. The firm has a 50 day moving average of $44.92 and a 200-day moving average of $42.40.

Live Oak Bancshares (NASDAQ:LOB - Get Free Report) last released its earnings results on Wednesday, October 23rd. The bank reported $0.28 earnings per share for the quarter, missing analysts' consensus estimates of $0.53 by ($0.25). The company had revenue of $241.87 million during the quarter, compared to analysts' expectations of $126.63 million. Live Oak Bancshares had a net margin of 7.99% and a return on equity of 7.65%. During the same quarter in the previous year, the firm earned $0.88 earnings per share. Equities research analysts forecast that Live Oak Bancshares, Inc. will post 1.97 earnings per share for the current fiscal year.

Live Oak Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were issued a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a yield of 0.30%. The ex-dividend date of this dividend was Monday, December 2nd. Live Oak Bancshares's dividend payout ratio (DPR) is presently 7.55%.

Analysts Set New Price Targets

Several brokerages have issued reports on LOB. Truist Financial dropped their price target on Live Oak Bancshares from $57.00 to $46.00 and set a "buy" rating on the stock in a research note on Monday, October 28th. Piper Sandler cut their target price on shares of Live Oak Bancshares from $50.00 to $44.00 and set a "neutral" rating on the stock in a research note on Friday, October 25th. One investment 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. According to data from MarketBeat, Live Oak Bancshares has a consensus rating of "Hold" and a consensus price target of $45.50.

Insiders Place Their Bets

In other Live Oak Bancshares news, CAO John W. Sutherland sold 12,588 shares of the stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $49.00, for a total value of $616,812.00. Following the sale, the chief accounting officer now directly owns 14,015 shares in the company, valued at $686,735. This represents a 47.32 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director William Henderson Cameron purchased 1,000 shares of Live Oak Bancshares stock in a transaction dated Tuesday, October 29th. The shares were purchased at an average price of $39.76 per share, with a total value of $39,760.00. Following the completion of the transaction, the director now directly owns 202,217 shares in the company, valued at approximately $8,040,147.92. This represents a 0.50 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 23.90% 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.