Jennison Associates LLC Makes New $418,000 Investment in Live Oak Bancshares, Inc. (NASDAQ:LOB)

Jennison Associates LLC purchased a new position in shares of Live Oak Bancshares, Inc. (NASDAQ:LOB) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 9,176 shares of the bank’s stock, valued at approximately $418,000.

Several other hedge funds also recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in shares of Live Oak Bancshares by 0.6% in the third quarter. Vanguard Group Inc. now owns 2,481,557 shares of the bank’s stock valued at $71,841,000 after purchasing an additional 15,863 shares during the period. Trust Co of the South purchased a new stake in shares of Live Oak Bancshares in the fourth quarter valued at $15,042,000. American Century Companies Inc. grew its position in shares of Live Oak Bancshares by 1.6% in the third quarter. American Century Companies Inc. now owns 287,714 shares of the bank’s stock valued at $8,329,000 after purchasing an additional 4,470 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Live Oak Bancshares by 2.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 256,252 shares of the bank’s stock valued at $7,418,000 after purchasing an additional 6,066 shares during the period. Finally, Bank of New York Mellon Corp grew its position in shares of Live Oak Bancshares by 1.4% in the third quarter. Bank of New York Mellon Corp now owns 197,185 shares of the bank’s stock valued at $5,708,000 after purchasing an additional 2,721 shares during the period. Hedge funds and other institutional investors own 63.95% of the company’s stock.

Live Oak Bancshares Price Performance

Shares of LOB opened at $33.18 on Monday. The stock’s 50-day moving average is $39.11 and its two-hundred day moving average is $37.45. The stock has a market cap of $1.49 billion, a PE ratio of 16.67 and a beta of 1.60. Live Oak Bancshares, Inc. has a 12 month low of $19.53 and a 12 month high of $47.22.

Live Oak Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Tuesday, February 27th were paid a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.36%. The ex-dividend date of this dividend was Monday, February 26th. Live Oak Bancshares’s dividend payout ratio is presently 6.03%.

Insiders Place Their Bets

In other Live Oak Bancshares news, Director Miltom Emmett Petty sold 10,000 shares of the business’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $39.73, for a total transaction of $397,300.00. Following the transaction, the director now owns 121,941 shares in the company, valued at $4,844,715.93. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, insider Micah S. Davis sold 8,613 shares of the business’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $39.87, for a total value of $343,400.31. Following the transaction, the insider now owns 43,864 shares in the company, valued at $1,748,857.68. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Miltom Emmett Petty sold 10,000 shares of the business’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $39.73, for a total value of $397,300.00. Following the completion of the transaction, the director now owns 121,941 shares in the company, valued at approximately $4,844,715.93. The disclosure for this sale can be found here. 23.90% of the stock is currently owned by insiders.

Analysts Set New Price Targets

LOB has been the subject of a number of recent analyst reports. TheStreet downgraded Live Oak Bancshares from a “b-” rating to a “c+” rating in a research report on Monday, January 29th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $40.00 price target (down previously from $45.00) on shares of Live Oak Bancshares in a research report on Friday. Finally, Truist Financial lowered their price target on Live Oak Bancshares from $47.00 to $38.00 and set a “buy” rating for the company in a research report on Friday. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Live Oak Bancshares currently has an average rating of “Hold” and a consensus price target of $38.00.

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.