Thoroughbred Financial Services LLC Invests $774,000 in LendingClub Co. (NYSE:LC)

Thoroughbred Financial Services LLC acquired a new stake in shares of LendingClub Co. (NYSE:LC) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 47,815 shares of the credit services provider’s stock, valued at approximately $774,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Wellington Management Group LLP grew its stake in LendingClub by 353.1% in the 4th quarter. Wellington Management Group LLP now owns 3,799,585 shares of the credit services provider’s stock worth $61,515,000 after buying an additional 2,961,050 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in LendingClub by 158.6% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,522,360 shares of the credit services provider’s stock valued at $24,647,000 after acquiring an additional 933,680 shares during the last quarter. Point72 Asset Management L.P. raised its position in 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. Picton Mahoney Asset Management bought a new stake in LendingClub during the fourth quarter worth about $9,788,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of LendingClub by 1,227.3% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 379,110 shares of the credit services provider’s stock worth $6,138,000 after purchasing an additional 350,548 shares in the last quarter. 74.08% of the stock is currently owned by hedge funds and other institutional investors.

LendingClub Trading Down 8.0 %

Shares of NYSE:LC opened at $8.68 on Friday. The company has a market cap of $983.61 million, a price-to-earnings ratio of 19.28 and a beta of 2.07. LendingClub Co. has a 12 month low of $7.48 and a 12 month high of $18.75. The company has a 50-day moving average price of $12.25 and a 200-day moving average price of $13.87.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In other news, CEO Scott Sanborn sold 17,000 shares of the firm’s stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $13.76, for a total value of $233,920.00. Following the completion of the sale, the chief executive officer now directly owns 1,295,184 shares of the company’s stock, valued at approximately $17,821,731.84. This trade represents a 1.30 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Michael P. Zeisser bought 20,000 shares of the business’s stock in a transaction dated Monday, February 3rd. The shares were bought at an average cost of $12.88 per share, for a total transaction of $257,600.00. Following the purchase, the director now directly owns 148,018 shares in the company, valued at approximately $1,906,471.84. This represents a 15.62 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 3.31% of the company’s stock.

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.