Live Oak Bancshares (NASDAQ:LOB) Stock Price Down 4.5% – Here’s Why

Shares of Live Oak Bancshares, Inc. (NASDAQ:LOB) dropped 4.5% during trading on Wednesday . The company traded as low as $26.92 and last traded at $27.02. 143,170 shares were traded during trading, a decline of 22% from the average session volume of 184,718 shares. The stock had previously closed at $28.29.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $44.00 price target (down from $48.00) on shares of Live Oak Bancshares in a research note on Friday, January 24th. StockNews.com upgraded Live Oak Bancshares from a “sell” rating to a “hold” rating in a research report on Thursday. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $44.75.

Live Oak Bancshares Stock Down 0.6 %

The stock has a market capitalization of $1.24 billion, a price-to-earnings ratio of 18.88 and a beta of 1.69. The business’s 50-day moving average is $33.65 and its two-hundred day moving average is $40.79.

Live Oak Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 11th. Stockholders of record on Tuesday, February 25th were issued a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a dividend yield of 0.44%. The ex-dividend date of this dividend was Tuesday, February 25th. Live Oak Bancshares’s dividend payout ratio is currently 8.28%.

Institutional Investors Weigh In On Live Oak Bancshares

Hedge funds and other institutional investors have recently made changes to their positions in the stock. California State Teachers Retirement System grew its holdings in Live Oak Bancshares by 5.0% in the 4th quarter. California State Teachers Retirement System now owns 33,580 shares of the bank’s stock valued at $1,328,000 after buying an additional 1,601 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Live Oak Bancshares by 1.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 88,152 shares of the bank’s stock valued at $3,486,000 after purchasing an additional 1,322 shares during the period. Rafferty Asset Management LLC grew its holdings in shares of Live Oak Bancshares by 34.9% in the fourth quarter. Rafferty Asset Management LLC now owns 45,340 shares of the bank’s stock valued at $1,793,000 after purchasing an additional 11,740 shares during the period. Point72 Asset Management L.P. acquired a new stake in Live Oak Bancshares during the fourth quarter worth about $2,931,000. Finally, Point72 Europe London LLP purchased a new position in Live Oak Bancshares during the fourth quarter worth about $2,140,000. Institutional investors and hedge funds own 63.95% of the company’s stock.

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.