LendingClub (NYSE:LC) Shares Up 7.3% Following Analyst Upgrade

LendingClub Co. (NYSE:LC)’s share price traded up 7.3% on Friday after Piper Sandler raised their price target on the stock from $15.00 to $20.00. Piper Sandler currently has an overweight rating on the stock. LendingClub traded as high as $17.32 and last traded at $17.30. 402,099 shares traded hands during trading, a decline of 48% from the average session volume of 775,383 shares. The stock had previously closed at $16.13.

Other equities analysts have also recently issued research reports about the company. Maxim Group upped their target price on LendingClub from $16.00 to $19.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Compass Point upped their price objective on LendingClub from $15.00 to $19.00 and gave the company a “buy” rating in a research note on Friday, October 25th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $17.00 price objective (up previously from $14.00) on shares of LendingClub in a report on Monday, December 2nd. StockNews.com lowered shares of LendingClub from a “hold” rating to a “sell” rating in a report on Friday, October 25th. Finally, Keefe, Bruyette & Woods raised their price target on shares of LendingClub from $15.00 to $17.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $16.63.

Insider Transactions at LendingClub

In other LendingClub news, Director John C. Morris sold 2,500 shares of LendingClub stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $14.36, for a total value of $35,900.00. Following the completion of the sale, the director now directly owns 203,348 shares of the company’s stock, valued at approximately $2,920,077.28. The trade was a 1.21 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, General Counsel Jordan Cheng sold 22,000 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $14.83, for a total transaction of $326,260.00. Following the transaction, the general counsel now directly owns 89,385 shares in the company, valued at $1,325,579.55. This trade represents a 19.75 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 75,500 shares of company stock valued at $1,158,610. Corporate insiders own 3.31% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp raised its holdings in LendingClub by 9.5% during the second quarter. Bank of New York Mellon Corp now owns 447,522 shares of the credit services provider’s stock worth $3,786,000 after buying an additional 38,912 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in LendingClub by 93.0% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 34,468 shares of the credit services provider’s stock valued at $292,000 after acquiring an additional 16,606 shares in the last quarter. Versor Investments LP acquired a new position in LendingClub during the 2nd quarter valued at about $167,000. Rhumbline Advisers increased its holdings in LendingClub by 3.2% during the 2nd quarter. Rhumbline Advisers now owns 175,174 shares of the credit services provider’s stock worth $1,482,000 after purchasing an additional 5,418 shares in the last quarter. Finally, American Century Companies Inc. raised its stake in shares of 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 worth $14,032,000 after purchasing an additional 329,279 shares during the last quarter. 74.08% of the stock is owned by institutional investors and hedge funds.

LendingClub Price Performance

The company has a market cap of $1.97 billion, a P/E ratio of 38.07 and a beta of 2.03. The stock has a fifty day moving average price of $15.84 and a two-hundred day moving average price of $12.53.

LendingClub (NYSE:LC) last issued its quarterly earnings data 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 business had revenue of $201.90 million during the quarter, compared to the consensus estimate of $190.40 million. LendingClub had a net margin of 6.85% and a return on equity of 4.02%. The firm’s quarterly revenue was up .5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.05 EPS. Equities analysts predict that LendingClub Co. will post 0.47 earnings per share for the current fiscal year.

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.