Synovus Financial Corp Acquires New Holdings in Live Oak Bancshares, Inc. (NASDAQ:LOB)

Synovus Financial Corp bought a new position in shares of Live Oak Bancshares, Inc. (NASDAQ:LOB) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 5,500 shares of the bank’s stock, valued at approximately $261,000.

A number of other institutional investors have also recently added to or reduced their stakes in the business. SG Americas Securities LLC lifted its holdings in shares of Live Oak Bancshares by 57.8% during the second quarter. SG Americas Securities LLC now owns 6,282 shares of the bank’s stock worth $220,000 after purchasing an additional 2,300 shares during the period. Bank of New York Mellon Corp lifted its holdings in Live Oak Bancshares by 4.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 186,961 shares of the bank’s stock worth $6,555,000 after buying an additional 8,327 shares during the period. Allspring Global Investments Holdings LLC grew its position in shares of Live Oak Bancshares by 1,885.5% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,323 shares of the bank’s stock valued at $81,000 after buying an additional 2,206 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Live Oak Bancshares by 10.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,206 shares of the bank’s stock valued at $323,000 after buying an additional 836 shares during the period. Finally, Principal Financial Group Inc. raised its position in shares of Live Oak Bancshares by 15.2% during the second quarter. Principal Financial Group Inc. now owns 26,071 shares of the bank’s stock worth $914,000 after acquiring an additional 3,441 shares during the last quarter. 63.95% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently commented on LOB. Truist Financial reduced their target price on 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 price objective on shares of Live Oak Bancshares from $50.00 to $44.00 and set a “neutral” rating on the stock in a research note on Friday, October 25th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Live Oak Bancshares presently has an average rating of “Hold” and an average price target of $45.50.

Insider Activity

In other Live Oak Bancshares news, Director William Henderson Cameron purchased 1,000 shares of Live Oak Bancshares stock in a transaction that occurred on Tuesday, October 29th. The stock was acquired at an average price of $39.76 per share, with a total value of $39,760.00. Following the transaction, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO John W. Sutherland sold 12,588 shares of the business’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $49.00, for a total transaction of $616,812.00. Following the sale, the chief accounting officer now owns 14,015 shares of the company’s stock, valued at $686,735. This trade represents a 47.32 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 23.90% of the company’s stock.

Live Oak Bancshares Price Performance

NASDAQ LOB opened at $40.18 on Thursday. The stock has a market capitalization of $1.82 billion, a P/E ratio of 25.27 and a beta of 1.66. The business has a 50 day simple moving average of $45.92 and a 200 day simple moving average of $42.19. Live Oak Bancshares, Inc. has a one year low of $31.03 and a one year high of $50.57.

Live Oak Bancshares (NASDAQ:LOB) last announced its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.28 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.25). The company had revenue of $241.87 million for the quarter, compared to analyst estimates of $126.63 million. Live Oak Bancshares had a return on equity of 7.65% and a net margin of 7.99%. During the same period last year, the business earned $0.88 EPS. Equities analysts expect that Live Oak Bancshares, Inc. will post 1.97 earnings per share for the current year.

Live Oak Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were paid a $0.03 dividend. This represents a $0.12 annualized dividend and a yield of 0.30%. The ex-dividend date was Monday, December 2nd. Live Oak Bancshares’s dividend payout ratio (DPR) is currently 7.55%.

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.