Zacks Investment Research upgraded shares of LendingClub Corp. (NYSE:LC) from a strong sell rating to a hold rating in a research note issued to investors on Wednesday morning.
According to Zacks, “LendingClub Corporation provides internet financial services. The Company offers online marketplace for loan approval, pricing, servicing and support operations as well as regulatory and legal framework which connects borrowers and investors. LendingClub Corporation is headquartered in San Francisco, California. “
Several other analysts have also issued reports on LC. FBR & Co reiterated a hold rating on shares of LendingClub Corp. in a research note on Tuesday, June 28th. Vetr downgraded shares of LendingClub Corp. from a hold rating to a sell rating and set a $5.36 price target on the stock. in a report on Monday, September 12th. Citigroup Inc. reissued a neutral rating and issued a $5.00 price target on shares of LendingClub Corp. in a report on Tuesday, August 9th. Goldman Sachs Group Inc. boosted their price target on shares of LendingClub Corp. from $4.30 to $4.70 and gave the stock a neutral rating in a report on Wednesday, June 29th. Finally, BTIG Research set a $9.00 price target on shares of LendingClub Corp. and gave the stock a buy rating in a report on Tuesday, August 9th. Five investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and two have assigned a buy rating to the stock. The stock has a consensus rating of Hold and an average price target of $12.65.
LendingClub Corp. (NYSE:LC) opened at 5.38 on Wednesday. LendingClub Corp. has a 12-month low of $3.44 and a 12-month high of $15.00. The company’s market capitalization is $2.10 billion. The firm has a 50-day moving average of $5.83 and a 200 day moving average of $5.56.
LendingClub Corp. (NYSE:LC) last posted its earnings results on Monday, August 8th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.02) by $0.07. LendingClub Corp. had a negative return on equity of 2.93% and a negative net margin of 14.22%. The firm earned $102.40 million during the quarter, compared to the consensus estimate of $110.65 million. During the same quarter in the previous year, the company earned $0.03 EPS. The business’s revenue was up 6.5% compared to the same quarter last year. Analysts expect that LendingClub Corp. will post ($0.14) EPS for the current fiscal year.
In other LendingClub Corp. news, COO Sameer Gulati sold 5,489 shares of the stock in a transaction that occurred on Tuesday, July 26th. The shares were sold at an average price of $4.60, for a total transaction of $25,249.40. Following the transaction, the chief operating officer now directly owns 970,623 shares in the company, valued at $4,464,865.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Sandeep Bhandari sold 9,771 shares of the stock in a transaction that occurred on Monday, August 29th. The shares were sold at an average price of $5.55, for a total transaction of $54,229.05. Following the transaction, the insider now owns 219,600 shares in the company, valued at $1,218,780. The disclosure for this sale can be found here. 11.40% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of LC. Telemus Capital LLC boosted its position in shares of LendingClub Corp. by 88.1% in the third quarter. Telemus Capital LLC now owns 542,247 shares of the company’s stock worth $3,351,000 after buying an additional 253,972 shares during the last quarter. Evercore Wealth Management LLC boosted its position in shares of LendingClub Corp. by 66.3% in the second quarter. Evercore Wealth Management LLC now owns 2,777,225 shares of the company’s stock worth $11,942,000 after buying an additional 1,106,742 shares during the last quarter. Macquarie Group Ltd. boosted its position in shares of LendingClub Corp. by 3.0% in the second quarter. Macquarie Group Ltd. now owns 6,473,479 shares of the company’s stock worth $27,836,000 after buying an additional 187,344 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its position in shares of LendingClub Corp. by 70.9% in the second quarter. Schwab Charles Investment Management Inc. now owns 788,884 shares of the company’s stock worth $3,393,000 after buying an additional 327,315 shares during the last quarter. Finally, Amalgamated Bank acquired a new position in shares of LendingClub Corp. during the second quarter worth approximately $193,000. Institutional investors and hedge funds own 80.80% of the company’s stock.
LendingClub Corp. Company Profile
LendingClub Corporation (Lending Club) provides online marketplace to connect borrowers and investors. Consumers and small business owners borrow through Lending Club. Investors use Lending Club to earn risk-adjusted returns from an asset class that is only available on a limited basis to large institutional investors.