Jackson Square Partners LLC Cuts Holdings in LendingClub Co. (NYSE:LC)

Jackson Square Partners LLC cut its stake in LendingClub Co. (NYSE:LC) by 17.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,840,376 shares of the credit services provider’s stock after selling 583,129 shares during the quarter. LendingClub comprises approximately 4.9% of Jackson Square Partners LLC’s holdings, making the stock its largest holding. Jackson Square Partners LLC’s holdings in LendingClub were worth $45,986,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of LC. Connor Clark & Lunn Investment Management Ltd. purchased a new position in LendingClub in the 3rd quarter worth about $326,000. Intech Investment Management LLC bought a new stake in shares of LendingClub during the third quarter valued at approximately $454,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of LendingClub by 1.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 901,357 shares of the credit services provider’s stock valued at $10,303,000 after purchasing an additional 10,094 shares during the period. Algert Global LLC increased its holdings in LendingClub by 109.9% during the 3rd quarter. Algert Global LLC now owns 307,133 shares of the credit services provider’s stock worth $3,511,000 after purchasing an additional 160,828 shares during the period. Finally, Alpha DNA Investment Management LLC bought a new stake in LendingClub during the 3rd quarter valued at $411,000. Institutional investors own 74.08% of the company’s stock.

Insider Activity

In other LendingClub news, CEO Scott Sanborn sold 17,000 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $16.12, for a total value of $274,040.00. Following the sale, the chief executive officer now owns 1,312,184 shares in the company, valued at approximately $21,152,406.08. This represents a 1.28 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, General Counsel Jordan Cheng sold 7,000 shares of the business’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $14.10, for a total transaction of $98,700.00. Following the completion of the transaction, the general counsel now owns 88,263 shares of the company’s stock, valued at approximately $1,244,508.30. This represents a 7.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 41,000 shares of company stock valued at $606,660 in the last quarter. 3.31% of the stock is currently owned by company insiders.

LendingClub Price Performance

Shares of LendingClub stock opened at $11.66 on Tuesday. The firm has a fifty day moving average price of $13.37 and a 200 day moving average price of $13.91. The stock has a market cap of $1.32 billion, a PE ratio of 25.92 and a beta of 2.07. LendingClub Co. has a 1 year low of $7.48 and a 1 year high of $18.75.

Analysts Set New Price Targets

A number of research firms have commented on LC. JPMorgan Chase & Co. cut their target price on shares of LendingClub from $17.00 to $14.00 and set a “neutral” rating on the stock in a research report on Monday, March 10th. Keefe, Bruyette & Woods restated an “outperform” rating and set a $16.00 price objective (down from $17.00) on shares of LendingClub in a research note on Wednesday, January 29th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $19.00 target price (down previously from $20.00) on shares of LendingClub in a research note on Wednesday, January 29th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $16.00.

LendingClub Company Profile

LendingClub Corporation, operates as a bank holding company, that provides range of financial products and services in the United States. It offers deposit products, including savings accounts, checking accounts, and certificates of deposit. The company also provides loan products, such as consumer loans comprising unsecured personal loans, secured auto refinance loans, and patient and education finance loans; and commercial loans, including small business loans.