Hotchkis & Wiley Capital Management LLC Sells 26,000 Shares of Live Oak Bancshares, Inc. (NASDAQ:LOB)

Hotchkis & Wiley Capital Management LLC reduced its position in shares of Live Oak Bancshares, Inc. (NASDAQ:LOB - Free Report) by 14.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 150,908 shares of the bank's stock after selling 26,000 shares during the period. Hotchkis & Wiley Capital Management LLC owned approximately 0.34% of Live Oak Bancshares worth $7,149,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of LOB. abrdn plc acquired a new position in shares of Live Oak Bancshares in the 3rd quarter worth $14,501,000. Blue Trust Inc. increased its stake in Live Oak Bancshares by 12,211.1% in the 2nd quarter. Blue Trust Inc. now owns 252,994 shares of the bank's stock worth $8,870,000 after purchasing an additional 250,939 shares in the last quarter. Envestnet Asset Management Inc. increased its stake in Live Oak Bancshares by 432.0% in the 2nd quarter. Envestnet Asset Management Inc. now owns 66,130 shares of the bank's stock worth $2,319,000 after purchasing an additional 53,700 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Live Oak Bancshares by 3.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,402,516 shares of the bank's stock worth $49,169,000 after buying an additional 48,018 shares during the period. Finally, Sei Investments Co. lifted its stake in Live Oak Bancshares by 268.1% during the second quarter. Sei Investments Co. now owns 22,630 shares of the bank's stock valued at $793,000 after buying an additional 16,482 shares in the last quarter. 63.95% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on LOB shares. Truist Financial cut their price target on shares of Live Oak Bancshares from $57.00 to $46.00 and set a "buy" rating on the stock in a report on Monday, October 28th. Piper Sandler reduced their target price on Live Oak Bancshares from $50.00 to $44.00 and set a "neutral" rating for the company in a report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $45.50.

Live Oak Bancshares Trading Down 3.1 %

LOB stock traded down $1.44 during midday trading on Thursday, reaching $45.57. The company had a trading volume of 162,700 shares, compared to its average volume of 183,824. The company has a 50 day moving average of $46.24 and a two-hundred day moving average of $41.48. The company has a market capitalization of $2.06 billion, a P/E ratio of 28.88 and a beta of 1.66. Live Oak Bancshares, Inc. has a 1 year low of $31.03 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 1.97 earnings per share for the current year.

Live Oak Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be paid a $0.03 dividend. The ex-dividend date is Monday, December 2nd. This represents a $0.12 annualized dividend and a dividend yield of 0.26%. Live Oak Bancshares's payout ratio is 7.55%.

Insider Buying and Selling

In related news, Director William Henderson Cameron bought 1,000 shares of Live Oak Bancshares stock in a transaction that occurred on Tuesday, October 29th. The stock was purchased at an average cost of $39.76 per share, for a total transaction of $39,760.00. Following the acquisition, the director now owns 202,217 shares in the company, valued at $8,040,147.92. This trade represents a 0.50 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO John W. Sutherland sold 12,588 shares of the company's stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $49.00, for a total transaction of $616,812.00. Following the sale, the chief accounting officer now directly owns 14,015 shares of the company's stock, valued at approximately $686,735. This represents a 47.32 % decrease in their ownership of the stock. The disclosure for this sale 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.