Prudential Financial Inc. Boosts Stake in LendingClub Co. (NYSE:LC)

Prudential Financial Inc. increased its position in LendingClub Co. (NYSE:LC) by 29.4% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 692,439 shares of the credit services provider’s stock after purchasing an additional 157,500 shares during the quarter. Prudential Financial Inc.’s holdings in LendingClub were worth $11,211,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. State Street Corp lifted its position in LendingClub by 2.2% during the third quarter. State Street Corp now owns 3,896,816 shares of the credit services provider’s stock valued at $44,541,000 after buying an additional 82,315 shares during the period. Geode Capital Management LLC boosted its stake in LendingClub by 1.7% during the third quarter. Geode Capital Management LLC now owns 2,559,805 shares of the credit services provider’s stock worth $29,265,000 after acquiring an additional 42,429 shares in the last quarter. American Century Companies Inc. grew its holdings in LendingClub by 9.3% in the fourth quarter. American Century Companies Inc. now owns 1,895,699 shares of the credit services provider’s stock worth $30,691,000 after purchasing an additional 160,916 shares during the period. Point72 Asset Management L.P. increased its stake in shares of LendingClub by 98.1% during the third quarter. Point72 Asset Management L.P. now owns 1,547,342 shares of the credit services provider’s stock valued at $17,686,000 after purchasing an additional 766,287 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in shares of LendingClub by 4.8% during the third quarter. JPMorgan Chase & Co. now owns 998,148 shares of the credit services provider’s stock valued at $11,409,000 after purchasing an additional 45,307 shares during the last quarter. 74.08% of the stock is currently owned by institutional investors.

Insider Activity at LendingClub

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

LendingClub Stock Performance

LC opened at $10.40 on Friday. The company’s 50-day simple moving average is $12.95 and its two-hundred day simple moving average is $13.87. LendingClub Co. has a 52-week low of $7.48 and a 52-week high of $18.75. The stock has a market capitalization of $1.18 billion, a P/E ratio of 23.12 and a beta of 2.07.

Analysts Set New Price Targets

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

LendingClub 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.