Verition Fund Management LLC Takes Position in LendingClub Co. (NYSE:LC)

Verition Fund Management LLC purchased a new position in LendingClub Co. (NYSE:LC) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 138,283 shares of the credit services provider’s stock, valued at approximately $1,581,000. Verition Fund Management LLC owned approximately 0.12% of LendingClub at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in the stock. AlphaMark Advisors LLC bought a new position in LendingClub in the third quarter worth about $32,000. FMR LLC raised its stake in shares of LendingClub by 32.1% during the 3rd quarter. FMR LLC now owns 5,865 shares of the credit services provider’s stock worth $67,000 after acquiring an additional 1,424 shares in the last quarter. nVerses Capital LLC purchased a new stake in LendingClub during the second quarter valued at approximately $71,000. Innealta Capital LLC acquired a new stake in LendingClub in the second quarter valued at approximately $72,000. Finally, Blue Trust Inc. grew its holdings in LendingClub by 259.8% in the third quarter. Blue Trust Inc. now owns 7,267 shares of the credit services provider’s stock worth $83,000 after purchasing an additional 5,247 shares during the last quarter. Institutional investors own 74.08% of the company’s stock.

LendingClub Trading Up 2.8 %

Shares of NYSE LC opened at $16.13 on Friday. The company has a 50 day simple moving average of $14.13 and a two-hundred day simple moving average of $11.43. LendingClub Co. has a 12 month low of $6.56 and a 12 month high of $17.15. The stock has a market cap of $1.81 billion, a price-to-earnings ratio of 35.05 and a beta of 2.02.

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

Analyst Upgrades and Downgrades

Several brokerages have recently commented on LC. Piper Sandler reiterated an “overweight” rating and set a $15.00 price objective (up previously from $13.00) on shares of LendingClub in a report on Thursday, October 24th. Compass Point increased their price target on LendingClub from $15.00 to $19.00 and gave the company a “buy” rating in a research note on Friday, October 25th. StockNews.com lowered LendingClub from a “hold” rating to a “sell” rating in a research note on Friday, October 25th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $17.00 price objective (up from $14.00) on shares of LendingClub in a research report on Monday, December 2nd. Finally, Maxim Group boosted their target price on shares of LendingClub from $16.00 to $19.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $16.00.

Insider Buying and Selling

In other LendingClub news, CEO Scott Sanborn sold 17,000 shares of LendingClub stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $15.84, for a total value of $269,280.00. Following the completion of the transaction, the chief executive officer now owns 1,329,184 shares of the company’s stock, valued at approximately $21,054,274.56. The trade was a 1.26 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John C. Morris sold 2,500 shares of the stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $14.36, for a total transaction of $35,900.00. Following the sale, the director now directly owns 203,348 shares in the company, valued at approximately $2,920,077.28. The trade was a 1.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 75,500 shares of company stock valued at $1,073,100 over the last ninety days. Company insiders own 3.31% of the company’s stock.

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.