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

LendingClub Co. (NYSE:LC)’s stock price shot up 7.3% during mid-day trading 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 mid-day trading, a decline of 48% from the average session volume of 775,383 shares. The stock had previously closed at $16.13.

Several other equities research analysts have also recently weighed in on LC. StockNews.com cut LendingClub from a “hold” rating to a “sell” rating in a research note on Friday, October 25th. Compass Point boosted 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. Maxim Group increased their price target on LendingClub from $16.00 to $19.00 and gave the company a “buy” rating in a report on Friday, October 25th. Wedbush lifted their price objective on shares of LendingClub from $14.00 to $17.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. Finally, Keefe, Bruyette & Woods increased their target price 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 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. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $16.63.

Insiders Place Their Bets

In other LendingClub news, CEO Scott Sanborn sold 17,000 shares of the firm’s stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $15.84, for a total transaction of $269,280.00. Following the transaction, the chief executive officer now owns 1,329,184 shares of the company’s stock, valued at approximately $21,054,274.56. This trade represents a 1.26 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director John C. Morris sold 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $14.36, for a total transaction 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 $2,920,077.28. The trade was a 1.21 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 58,500 shares of company stock worth $884,570 in the last three months. Corporate insiders own 3.31% of the company’s stock.

Institutional Trading of LendingClub

Institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp raised its stake in LendingClub by 9.5% in the second quarter. Bank of New York Mellon Corp now owns 447,522 shares of the credit services provider’s stock valued at $3,786,000 after buying an additional 38,912 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in LendingClub by 93.0% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 34,468 shares of the credit services provider’s stock valued at $292,000 after purchasing an additional 16,606 shares in the last quarter. nVerses Capital LLC purchased a new position in shares of LendingClub in the second quarter worth $71,000. Versor Investments LP acquired a new stake in shares of LendingClub during the second quarter worth $167,000. Finally, Rhumbline Advisers grew its holdings in shares of LendingClub by 3.2% during the second quarter. Rhumbline Advisers now owns 175,174 shares of the credit services provider’s stock valued at $1,482,000 after buying an additional 5,418 shares during the last quarter. 74.08% of the stock is currently owned by institutional investors.

LendingClub Trading Up 6.2 %

The stock has a market capitalization of $1.93 billion, a price-to-earnings ratio of 37.24 and a beta of 2.02. The firm has a 50-day moving average of $15.76 and a 200-day moving average of $12.46.

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