Live Oak Bancshares (LOB) Rose After the Fed’s November Meeting
Diamond Hill Capital, an investment management company, released its “Small Cap Fund” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. During Q4 2023, the strategy returned 15.49% compared to 14.03% for the Russell 2000 Index. The relative outperformance in Q4 came from the strong performance of Financials and consumer discretionary holdings while industrials and healthcare holdings detracted. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Diamond Hill Small Cap Fund featured stocks such as Live Oak Bancshares, Inc. (NYSE:LOB) in the fourth quarter 2023 investor letter. Headquartered in Wilmington, North Carolina, Live Oak Bancshares, Inc. (NYSE:LOB) is a bank holding company for Live Oak Banking Company that offers commercial banking products and services. On February 5, 2024, Live Oak Bancshares, Inc. (NYSE:LOB) stock closed at $35.71 per share. One-month return of Live Oak Bancshares, Inc. (NYSE:LOB) was -14.06%, and its shares lost 2.06% of their value over the last 52 weeks. Live Oak Bancshares, Inc. (NYSE:LOB) has a market capitalization of $1.593 billion.
Diamond Hill Small Cap Fund stated the following regarding Live Oak Bancshares, Inc. (NYSE:LOB) in its fourth quarter 2023 investor letter:
"On an individual holdings’ basis, top contributors to return in Q4 included Red Rock Resorts as well as financials holdings Live Oak Bancshares, Inc. (NYSE:LOB) and Bank OZK. Shares of regional banks Live Oak and Bank OZK rallied strongly in the wake of the Fed’s November meeting, which investors broadly interpreted to signal an end to rate hikes and a potential pivot to cuts sometime in 2024."
A close-up of financial documents on a desk, indicating the banking products that the company provides.
Live Oak Bancshares, Inc. (NYSE:LOB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 10 hedge fund portfolios held Live Oak Bancshares, Inc. (NYSE:LOB) at the end of third quarter which was 10 in the previous quarter.
We discussed Live Oak Bancshares, Inc. (NYSE:LOB) in another article and shared Diamond Hill Small Cap Fund’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
