Cubist Systematic Strategies LLC Purchases 234,611 Shares of LendingClub Co. (NYSE:LC)

Cubist Systematic Strategies LLC raised its position in shares of LendingClub Co. (NYSE:LC) by 212.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 345,079 shares of the credit services provider’s stock after purchasing an additional 234,611 shares during the quarter. Cubist Systematic Strategies LLC owned 0.31% of LendingClub worth $2,919,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. International Assets Investment Management LLC grew its holdings in LendingClub by 5.3% during the 2nd quarter. International Assets Investment Management LLC now owns 19,900 shares of the credit services provider’s stock valued at $168,000 after purchasing an additional 1,000 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in LendingClub by 0.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 302,844 shares of the credit services provider’s stock valued at $2,562,000 after buying an additional 1,445 shares during the period. ProShare Advisors LLC grew its stake in LendingClub by 8.5% in the 1st quarter. ProShare Advisors LLC now owns 19,518 shares of the credit services provider’s stock worth $172,000 after acquiring an additional 1,536 shares in the last quarter. SG Americas Securities LLC increased its position in shares of LendingClub by 16.3% during the second quarter. SG Americas Securities LLC now owns 12,344 shares of the credit services provider’s stock worth $104,000 after acquiring an additional 1,732 shares during the period. Finally, Swiss National Bank raised its stake in shares of LendingClub by 1.0% during the first quarter. Swiss National Bank now owns 216,360 shares of the credit services provider’s stock valued at $1,902,000 after acquiring an additional 2,100 shares in the last quarter. 74.08% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have commented on LC shares. Keefe, Bruyette & Woods upgraded LendingClub from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $11.50 to $15.00 in a report on Thursday. Jefferies Financial Group boosted their price target on LendingClub from $11.00 to $12.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. Wedbush increased their price target on shares of LendingClub from $11.00 to $14.00 and gave the company an “outperform” rating in a research report on Wednesday, July 31st. Compass Point lifted their price objective on shares of LendingClub from $13.00 to $15.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Finally, StockNews.com upgraded shares of LendingClub from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $13.57.

Insider Buying and Selling at LendingClub

In related news, CEO Scott Sanborn sold 17,000 shares of the firm’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $11.36, for a total transaction of $193,120.00. Following the completion of the transaction, 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 this hyperlink. In the last ninety days, insiders sold 51,703 shares of company stock worth $562,705. Company insiders own 3.31% of the company’s stock.

LendingClub Price Performance

NYSE LC opened at $12.43 on Friday. The company has a market cap of $1.39 billion, a price-to-earnings ratio of 32.32 and a beta of 2.04. The stock’s fifty day moving average price is $11.15 and its 200 day moving average price is $9.69. LendingClub Co. has a 1 year low of $4.73 and a 1 year high of $12.87.

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

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.