Wedbush Has Positive Outlook for LendingClub FY2024 Earnings

LendingClub Co. (NYSE:LC) – Equities researchers at Wedbush increased their FY2024 earnings per share estimates for shares of LendingClub in a note issued to investors on Thursday, October 24th. Wedbush analyst D. Chiaverini now expects that the credit services provider will post earnings of $0.50 per share for the year, up from their previous forecast of $0.45. Wedbush has a “Outperform” rating and a $17.00 price target on the stock. The consensus estimate for LendingClub’s current full-year earnings is $0.39 per share. Wedbush also issued estimates for LendingClub’s Q4 2024 earnings at $0.13 EPS, Q1 2025 earnings at $0.21 EPS, Q3 2025 earnings at $0.31 EPS, Q4 2025 earnings at $0.29 EPS, FY2025 earnings at $1.05 EPS and FY2026 earnings at $1.25 EPS.

LendingClub (NYSE:LC) last issued its quarterly earnings results on Wednesday, October 23rd. The credit services provider reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.06. LendingClub had a return on equity of 3.38% and a net margin of 5.61%. The company had revenue of $201.90 million during the quarter, compared to analysts’ expectations of $190.40 million. During the same quarter in the previous year, the firm posted $0.05 EPS. The firm’s revenue was up .5% compared to the same quarter last year.

LC has been the subject of a number of other research reports. JPMorgan Chase & Co. lifted their price target on LendingClub from $12.00 to $14.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. Piper Sandler reaffirmed an “overweight” rating and set a $15.00 price target (up previously from $13.00) on shares of LendingClub in a research report on Thursday. Keefe, Bruyette & Woods raised LendingClub from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $11.50 to $15.00 in a research report on Thursday, October 10th. Jefferies Financial Group boosted their price objective on LendingClub from $11.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, July 18th. Finally, StockNews.com cut LendingClub from a “hold” rating to a “sell” rating in a report on Friday. One investment analyst has rated the stock with a sell rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $15.38.

LendingClub Stock Performance

Shares of LC opened at $13.59 on Friday. The stock has a 50-day moving average of $11.69 and a two-hundred day moving average of $10.02. LendingClub has a one year low of $4.73 and a one year high of $15.52. The stock has a market cap of $1.52 billion, a P/E ratio of 35.76 and a beta of 2.04.

Insider Buying and Selling

In related news, CEO Scott Sanborn sold 17,000 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now owns 1,356,273 shares of the company’s stock, valued at approximately $15,041,067.57. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last 90 days, insiders sold 51,703 shares of company stock valued at $562,705. 3.31% of the stock is owned by company insiders.

Institutional Investors Weigh In On LendingClub

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

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.