State Street Corp Purchases 82,315 Shares of LendingClub Co. (NYSE:LC)

State Street Corp raised its holdings in shares of LendingClub Co. (NYSE:LC) by 2.2% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,896,816 shares of the credit services provider’s stock after acquiring an additional 82,315 shares during the quarter. State Street Corp owned approximately 3.47% of LendingClub worth $44,541,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. AlphaMark Advisors LLC purchased a new position in shares of LendingClub during the third quarter valued at about $32,000. FMR LLC boosted its stake in LendingClub by 32.1% during the third quarter. FMR LLC now owns 5,865 shares of the credit services provider’s stock valued at $67,000 after buying an additional 1,424 shares during the last quarter. nVerses Capital LLC bought a new position in LendingClub during the second quarter valued at approximately $71,000. Innealta Capital LLC purchased a new position in LendingClub during the 2nd quarter valued at approximately $72,000. Finally, Blue Trust Inc. increased its stake in LendingClub by 259.8% in the 3rd quarter. Blue Trust Inc. now owns 7,267 shares of the credit services provider’s stock worth $83,000 after acquiring an additional 5,247 shares during the last quarter. Institutional investors own 74.08% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on LC. Compass Point increased their target price on LendingClub from $15.00 to $19.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Keefe, Bruyette & Woods increased their price objective on shares of LendingClub from $15.00 to $17.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Piper Sandler restated an “overweight” rating and issued a $15.00 target price (up from $13.00) on shares of LendingClub in a report on Thursday, October 24th. Maxim Group increased their price target on shares of LendingClub from $16.00 to $19.00 and gave the company a “buy” rating in a report on Friday, October 25th. Finally, Wedbush lifted their price target on LendingClub from $14.00 to $17.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $16.00.

LendingClub Price Performance

LendingClub stock opened at $16.30 on Friday. LendingClub Co. has a 1-year low of $7.48 and a 1-year high of $18.75. The company’s 50-day moving average is $15.03 and its 200 day moving average is $11.90. The firm has a market capitalization of $1.83 billion, a P/E ratio of 35.43 and a beta of 2.02.

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

Insider Activity

In other LendingClub news, CEO Scott Sanborn sold 17,000 shares of the company’s stock in a transaction on 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 sale, the chief executive officer now directly owns 1,356,273 shares in the company, valued at approximately $15,041,067.57. This represents a 1.24 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Jordan Cheng sold 22,000 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $14.83, for a total value of $326,260.00. Following the transaction, the general counsel now owns 89,385 shares in the company, valued at approximately $1,325,579.55. This represents a 19.75 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 75,500 shares of company stock valued at $1,073,100. 3.31% of the stock is currently owned by company insiders.

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.