LendingClub (NYSE:LC) Trading 4.9% Higher – Here’s Why

LendingClub Co. (NYSE:LC)’s stock price was up 4.9% during mid-day trading on Tuesday . The stock traded as high as $13.53 and last traded at $13.39. Approximately 1,342,866 shares changed hands during trading, a decline of 4% from the average daily volume of 1,396,214 shares. The stock had previously closed at $12.77.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. JPMorgan Chase & Co. upped their price objective on shares of LendingClub from $12.00 to $14.00 and gave the company an “overweight” rating in a research report on Tuesday, August 20th. Compass Point raised their price objective on LendingClub from $13.00 to $15.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Wedbush upped their target price on LendingClub from $11.00 to $14.00 and gave the company an “outperform” rating in a research note on Wednesday, July 31st. StockNews.com raised LendingClub from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. Finally, Keefe, Bruyette & Woods raised shares of LendingClub from a “market perform” rating to an “outperform” rating and upped their target price for the company from $11.50 to $15.00 in a research note on Thursday, October 10th. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, LendingClub presently has an average rating of “Moderate Buy” and a consensus target price of $13.57.

LendingClub Stock Performance

The firm has a market cap of $1.47 billion, a price-to-earnings ratio of 39.91 and a beta of 2.04. The business’s 50-day moving average is $11.25 and its 200-day moving average is $9.76.

LendingClub (NYSE:LC) last issued its quarterly earnings data on Tuesday, July 30th. The credit services provider reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.09. The firm had revenue of $187.20 million during the quarter, compared to the consensus estimate of $177.03 million. LendingClub had a return on equity of 3.38% and a net margin of 5.61%. The business’s revenue for the quarter was down 19.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.09 EPS. Equities research analysts expect that LendingClub Co. will post 0.38 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Scott Sanborn sold 17,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $11.36, for a total value of $193,120.00. Following the completion of the sale, the chief executive officer now owns 1,373,273 shares of the company’s stock, valued at $15,600,381.28. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders have sold a total of 51,703 shares of company stock valued at $562,705 in the last 90 days. 3.31% of the stock is currently owned by insiders.

Institutional Trading of LendingClub

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in LendingClub by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 11,446,014 shares of the credit services provider’s stock worth $100,610,000 after acquiring an additional 175,706 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of LendingClub by 5.4% during the second quarter. Dimensional Fund Advisors LP now owns 5,898,545 shares of the credit services provider’s stock worth $49,901,000 after purchasing an additional 300,536 shares during the period. American Century Companies Inc. increased its holdings in LendingClub by 24.8% in the second quarter. American Century Companies Inc. now owns 1,658,679 shares of the credit services provider’s stock valued at $14,032,000 after purchasing an additional 329,279 shares during the last quarter. Wellington Management Group LLP lifted its stake in LendingClub by 176.1% in the fourth quarter. Wellington Management Group LLP now owns 1,344,295 shares of the credit services provider’s stock valued at $11,749,000 after buying an additional 857,371 shares during the period. Finally, Bank of Montreal Can boosted its holdings in LendingClub by 3.3% during the second quarter. Bank of Montreal Can now owns 782,627 shares of the credit services provider’s stock worth $6,621,000 after buying an additional 24,927 shares during the last quarter. 74.08% of the stock is currently owned by institutional investors and hedge funds.

About LendingClub

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.