LendingClub (NYSE:LC) Sets New 12-Month High – Here’s What Happened

Shares of LendingClub Co. (NYSE:LC) hit a new 52-week high during trading on Tuesday . The company traded as high as $15.74 and last traded at $15.74, with a volume of 291208 shares traded. The stock had previously closed at $15.49.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Piper Sandler restated an “overweight” rating and set a $15.00 target price (up previously from $13.00) on shares of LendingClub in a report on Thursday, October 24th. StockNews.com lowered LendingClub from a “hold” rating to a “sell” rating in a report on Friday, October 25th. Jefferies Financial Group increased their target price on shares of LendingClub from $11.00 to $12.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. JPMorgan Chase & Co. boosted their price target on shares of LendingClub from $12.00 to $14.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. Finally, Wedbush upped their price objective on LendingClub from $14.00 to $17.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. One investment analyst has rated the stock with a sell rating and eight have given a buy rating to the company. Based on data from MarketBeat, LendingClub presently has a consensus rating of “Moderate Buy” and an average price target of $15.38.

LendingClub Stock Performance

The firm has a market cap of $1.75 billion, a P/E ratio of 33.70 and a beta of 2.01. The company’s 50 day moving average is $12.28 and its 200 day moving average is $10.55.

LendingClub (NYSE:LC) last posted its quarterly earnings data on Wednesday, October 23rd. The credit services provider reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.06. LendingClub had a return on equity of 4.02% and a net margin of 6.85%. The company had revenue of $201.90 million for the quarter, compared to analyst estimates of $190.40 million. During the same period in the previous year, the firm earned $0.05 earnings per share. The firm’s quarterly revenue was up .5% on a year-over-year basis. On average, equities research analysts anticipate that LendingClub Co. will post 0.47 EPS for the current year.

Insider Transactions at LendingClub

In other LendingClub news, CEO Scott Sanborn sold 17,000 shares of the company’s stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $11.09, for a total transaction of $188,530.00. Following the transaction, the chief executive officer now owns 1,356,273 shares in the company, valued at approximately $15,041,067.57. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, Director John C. Morris sold 2,500 shares of the business’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $14.36, for a total transaction of $35,900.00. Following the sale, the director now directly owns 203,348 shares in the company, valued at approximately $2,920,077.28. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Scott Sanborn sold 17,000 shares of the firm’s stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $11.09, for a total value of $188,530.00. Following the completion of the transaction, the chief executive officer now owns 1,356,273 shares of the company’s stock, valued at approximately $15,041,067.57. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 53,500 shares of company stock valued at $670,680 over the last ninety days. 3.31% of the stock is owned by company insiders.

Hedge Funds Weigh In On LendingClub

A number of large investors have recently modified their holdings of the company. Baader Bank Aktiengesellschaft purchased a new position in shares of LendingClub in the second quarter worth about $600,000. International Assets Investment Management LLC lifted its stake in LendingClub by 813.3% in the third quarter. International Assets Investment Management LLC now owns 181,737 shares of the credit services provider’s stock worth $2,077,000 after acquiring an additional 161,837 shares during the period. Interval Partners LP increased its position in LendingClub by 54.3% during the 2nd quarter. Interval Partners LP now owns 495,039 shares of the credit services provider’s stock valued at $4,188,000 after purchasing an additional 174,130 shares during the period. Assenagon Asset Management S.A. increased its position in shares of LendingClub by 45.0% during the second quarter. Assenagon Asset Management S.A. now owns 689,028 shares of the credit services provider’s stock valued at $5,829,000 after buying an additional 213,823 shares during the period. Finally, Marshall Wace LLP purchased a new position in shares of LendingClub during the 2nd quarter worth approximately $2,412,000. 74.08% of the stock is currently owned by institutional investors.

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.