Rhumbline Advisers lowered its stake in Live Oak Bancshares, Inc. (NASDAQ:LOB) by 7.1% in the 1st quarter, Holdings Channel reports. The firm owned 45,575 shares of the bank’s stock after selling 3,497 shares during the quarter. Rhumbline Advisers’ holdings in Live Oak Bancshares were worth $3,121,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of the business. Baldwin Brothers Inc. MA bought a new position in Live Oak Bancshares in the 1st quarter worth about $34,000. Signaturefd LLC raised its holdings in shares of Live Oak Bancshares by 1.8% in the 1st quarter. Signaturefd LLC now owns 28,067 shares of the bank’s stock valued at $1,922,000 after acquiring an additional 504 shares in the last quarter. DAVENPORT & Co LLC raised its holdings in shares of Live Oak Bancshares by 10.5% in the 1st quarter. DAVENPORT & Co LLC now owns 6,300 shares of the bank’s stock valued at $431,000 after acquiring an additional 600 shares in the last quarter. LPL Financial LLC raised its holdings in shares of Live Oak Bancshares by 7.7% in the 4th quarter. LPL Financial LLC now owns 11,102 shares of the bank’s stock valued at $527,000 after acquiring an additional 792 shares in the last quarter. Finally, Truist Financial Corp raised its holdings in shares of Live Oak Bancshares by 13.6% in the 4th quarter. Truist Financial Corp now owns 10,770 shares of the bank’s stock valued at $511,000 after acquiring an additional 1,288 shares in the last quarter. Institutional investors and hedge funds own 52.92% of the company’s stock.
Shares of NASDAQ LOB opened at $54.75 on Friday. The stock has a market cap of $2.36 billion, a PE ratio of 22.26 and a beta of 1.38. Live Oak Bancshares, Inc. has a 1-year low of $13.15 and a 1-year high of $72.64. The firm’s 50-day moving average price is $63.86.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 8th. Investors of record on Tuesday, May 25th were issued a dividend of $0.03 per share. The ex-dividend date was Monday, May 24th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.22%. Live Oak Bancshares’s dividend payout ratio is 8.28%.
LOB has been the topic of several recent analyst reports. Raymond James raised their price target on Live Oak Bancshares from $50.00 to $80.00 and gave the company a “strong-buy” rating in a report on Thursday, April 22nd. Truist raised their price target on Live Oak Bancshares from $60.00 to $65.00 in a report on Monday, March 8th. Zacks Investment Research cut Live Oak Bancshares from a “buy” rating to a “hold” rating in a report on Wednesday, March 31st. Finally, JPMorgan Chase & Co. began coverage on Live Oak Bancshares in a report on Monday, April 12th. They issued a “neutral” rating and a $78.00 price target on the stock.
About Live Oak Bancshares
Live Oak Bancshares, Inc operates as the bank holding company for Live Oak Banking Company that provides various commercial banking products and services to individuals, small businesses, and professionals in North Carolina, the United States. The company accepts various deposit products, including noninterest-bearing demand, as well as interest-bearing checking, money market, savings, and time deposits.
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