Engineers Gate Manager LP bought a new stake in Live Oak Bancshares Inc (NASDAQ:LOB) in the second quarter, HoldingsChannel reports. The institutional investor bought 15,017 shares of the bank’s stock, valued at approximately $460,000.
Several other institutional investors and hedge funds have also added to or reduced their stakes in LOB. BlackRock Inc. increased its stake in shares of Live Oak Bancshares by 12.6% in the first quarter. BlackRock Inc. now owns 1,404,243 shares of the bank’s stock worth $39,038,000 after acquiring an additional 157,241 shares during the last quarter. Mendon Capital Advisors Corp increased its stake in shares of Live Oak Bancshares by 2.8% in the first quarter. Mendon Capital Advisors Corp now owns 1,241,689 shares of the bank’s stock worth $34,519,000 after acquiring an additional 34,379 shares during the last quarter. Northern Trust Corp increased its stake in shares of Live Oak Bancshares by 2.8% in the first quarter. Northern Trust Corp now owns 279,716 shares of the bank’s stock worth $7,776,000 after acquiring an additional 7,520 shares during the last quarter. Cortina Asset Management LLC acquired a new position in shares of Live Oak Bancshares in the first quarter worth $7,253,000. Finally, Lord Abbett & CO. LLC increased its stake in shares of Live Oak Bancshares by 25.0% in the first quarter. Lord Abbett & CO. LLC now owns 251,365 shares of the bank’s stock worth $6,988,000 after acquiring an additional 50,200 shares during the last quarter. Institutional investors own 43.59% of the company’s stock.
Live Oak Bancshares stock opened at $30.15 on Wednesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.64 and a current ratio of 0.90. The firm has a market cap of $1.19 billion, a price-to-earnings ratio of 24.12 and a beta of 0.09. Live Oak Bancshares Inc has a one year low of $20.75 and a one year high of $32.95.
Live Oak Bancshares (NASDAQ:LOB) last posted its earnings results on Wednesday, July 25th. The bank reported $0.35 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.32 by $0.03. The firm had revenue of $57.66 million for the quarter, compared to the consensus estimate of $59.31 million. Live Oak Bancshares had a net margin of 35.16% and a return on equity of 13.41%. sell-side analysts predict that Live Oak Bancshares Inc will post 1.38 EPS for the current fiscal year.
In other news, Vice Chairman William L. Williams III purchased 35,000 shares of the firm’s stock in a transaction on Monday, July 30th. The stock was bought at an average cost of $28.27 per share, for a total transaction of $989,450.00. Following the completion of the acquisition, the insider now directly owns 28,100 shares of the company’s stock, valued at $794,387. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO S. Brett Caines sold 3,355 shares of the company’s stock in a transaction dated Thursday, August 9th. The shares were sold at an average price of $29.81, for a total transaction of $100,012.55. Following the sale, the chief financial officer now owns 274,040 shares of the company’s stock, valued at $8,169,132.40. The disclosure for this sale can be found here. Over the last three months, insiders have acquired 75,700 shares of company stock worth $2,187,536 and have sold 35,310 shares worth $1,036,396. Corporate insiders own 25.70% of the company’s stock.
Several equities analysts have commented on LOB shares. BidaskClub downgraded shares of Live Oak Bancshares from a “buy” rating to a “hold” rating in a research report on Saturday. Zacks Investment Research downgraded shares of Live Oak Bancshares from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 1st. Finally, Sandler O’Neill downgraded shares of Live Oak Bancshares from a “buy” rating to a “hold” rating in a research report on Monday, July 9th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $29.25.
About Live Oak Bancshares
Live Oak Bancshares, Inc operates as the bank holding company for the Live Oak Banking Company that provides various commercial banking products and services to individuals and businesses in North Carolina. The company accepts various deposit products, including noninterest-bearing demand, interest-bearing checking, money market, saving, and time deposits.
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