Why Live Oak Stock Grew Taller in July
The failure of Silicon Valley Bank earlier this year sent a shockwave through the financial sector, and Live Oak Bancshares (NYSE: LOB) was not spared during the ensuing panic. But in July, Live Oak reported results that indicated it was on stable footing. Investors were reassured, sending its shares up by 44% for the month, according to data provided by S&P Global Market Intelligence.
Live Oak, like many bank stocks, lost about half of its value during this spring's panic over regional banks. But the company, a small business specialist with close ties to its core markets, has a very different risk profile than the institutions that got in trouble.
The company's second-quarter earnings went a long way toward reassuring investors. Live Oak earned $0.39 per share on revenue of $108.46 million, topping the consensus estimates of $0.31 per share in earnings on revenue of $104.57 million.
Source Fool.com
