Profit Investment Management LLC Sells 48,820 Shares of Live Oak Bancshares, Inc. (NASDAQ:LOB)

Profit Investment Management LLC cut its position in Live Oak Bancshares, Inc. (NASDAQ:LOB - Free Report) by 40.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 71,135 shares of the bank's stock after selling 48,820 shares during the quarter. Live Oak Bancshares comprises approximately 2.7% of Profit Investment Management LLC's holdings, making the stock its 6th biggest position. Profit Investment Management LLC owned approximately 0.16% of Live Oak Bancshares worth $3,370,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. First Hawaiian Bank acquired a new stake in Live Oak Bancshares during the 2nd quarter valued at $542,000. Jacobs Levy Equity Management Inc. acquired a new stake in Live Oak Bancshares during the 1st quarter valued at $1,350,000. Vanguard Group Inc. lifted its holdings in Live Oak Bancshares by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 2,536,094 shares of the bank's stock valued at $105,273,000 after purchasing an additional 27,086 shares during the last quarter. Capital International Investors acquired a new stake in Live Oak Bancshares during the 1st quarter valued at $18,628,000. Finally, Russell Investments Group Ltd. lifted its holdings in Live Oak Bancshares by 1.7% during the 1st quarter. Russell Investments Group Ltd. now owns 118,609 shares of the bank's stock valued at $4,923,000 after purchasing an additional 1,961 shares during the last quarter. 63.95% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CAO John W. Sutherland sold 20,000 shares of Live Oak Bancshares stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $43.00, for a total value of $860,000.00. Following the transaction, the chief accounting officer now directly owns 26,603 shares of the company's stock, valued at $1,143,929. The trade was 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 through the SEC website. 23.90% of the stock is owned by insiders.

Live Oak Bancshares Stock Performance

Shares of NASDAQ:LOB traded up $1.90 during midday trading on Friday, hitting $47.25. 161,733 shares of the stock were exchanged, compared to its average volume of 177,239. The stock has a market capitalization of $2.13 billion, a price-to-earnings ratio of 21.58 and a beta of 1.60. The business's 50-day moving average price is $43.63 and its 200 day moving average price is $39.13. Live Oak Bancshares, Inc. has a 12 month low of $26.11 and a 12 month high of $50.57.

Live Oak Bancshares (NASDAQ:LOB - Get Free Report) last released its quarterly earnings results on Wednesday, July 24th. The bank reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.13. The company had revenue of $232.61 million for the quarter, compared to analysts' expectations of $123.08 million. Live Oak Bancshares had a return on equity of 10.93% and a net margin of 11.22%. During the same period in the previous year, the business posted $0.39 earnings per share. As a group, sell-side analysts expect that Live Oak Bancshares, Inc. will post 2.31 EPS for the current year.

Live Oak Bancshares Announces Dividend

The business 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 dividend on an annualized basis and a dividend yield of 0.25%. The ex-dividend date of this dividend was Tuesday, September 3rd. Live Oak Bancshares's dividend payout ratio is currently 5.48%.

Wall Street Analysts Forecast Growth

LOB has been the subject of a number of research reports. Truist Financial lifted their target price on Live Oak Bancshares from $51.00 to $57.00 and gave the stock a "buy" rating in a report on Friday, September 20th. Piper Sandler lifted their target price on Live Oak Bancshares from $36.00 to $46.00 and gave the stock a "neutral" rating in a report on Monday, July 29th. Keefe, Bruyette & Woods reissued a "market perform" rating and set a $47.00 target price (up previously from $40.00) on shares of Live Oak Bancshares in a report on Friday, July 26th. Finally, JPMorgan Chase & Co. decreased their price target on Live Oak Bancshares from $46.00 to $45.00 and set an "overweight" rating on the stock in a research report on Thursday, June 27th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $48.75.

About Live Oak Bancshares

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.