JPMorgan Chase & Co. Reaffirms Neutral Rating for LendingClub (NYSE:LC)

LendingClub (NYSE:LC)‘s stock had its “neutral” rating reissued by JPMorgan Chase & Co. in a research report issued to clients and investors on Monday, Marketbeat.com reports. They currently have a $17.00 target price on the credit services provider’s stock, up from their prior target price of $14.00. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 8.01% from the company’s previous close.

Several other research analysts have also commented on LC. Keefe, Bruyette & Woods raised LendingClub from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $11.50 to $15.00 in a research report on Thursday, October 10th. Compass Point boosted their price target on LendingClub from $15.00 to $19.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. StockNews.com downgraded shares of LendingClub from a “hold” rating to a “sell” rating in a research report on Friday, October 25th. Wedbush upped their target price on shares of LendingClub from $14.00 to $17.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Finally, 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 note on Thursday, October 24th. One 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $15.75.

LendingClub Stock Performance

Shares of NYSE:LC opened at $15.74 on Monday. The stock has a 50-day simple moving average of $13.82 and a 200-day simple moving average of $11.32. The stock has a market capitalization of $1.77 billion, a P/E ratio of 34.22 and a beta of 2.02. LendingClub has a 1 year low of $6.56 and a 1 year high of $17.15.

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

Insider Activity at LendingClub

In other news, Director John C. Morris sold 2,500 shares of LendingClub stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $14.36, for a total value of $35,900.00. Following the completion of the transaction, the director now owns 203,348 shares in the company, valued at approximately $2,920,077.28. This trade represents a 1.21 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Scott Sanborn sold 17,000 shares of the business’s stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $11.09, for a total value of $188,530.00. Following the completion of the sale, the chief executive officer now owns 1,356,273 shares of the company’s stock, valued at $15,041,067.57. This trade represents a 1.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 75,500 shares of company stock valued at $996,940 over the last ninety days. Corporate insiders own 3.31% of the company’s stock.

Institutional Trading of LendingClub

Several institutional investors have recently added to or reduced their stakes in LC. Assenagon Asset Management S.A. grew its holdings in shares of LendingClub by 120.3% during the third quarter. Assenagon Asset Management S.A. now owns 1,517,986 shares of the credit services provider’s stock valued at $17,351,000 after purchasing an additional 828,958 shares during the last quarter. Point72 Asset Management L.P. grew its stake in LendingClub by 98.1% during the 3rd quarter. Point72 Asset Management L.P. now owns 1,547,342 shares of the credit services provider’s stock worth $17,686,000 after buying an additional 766,287 shares during the last quarter. American Century Companies Inc. increased its position in 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 buying an additional 329,279 shares during the period. Dimensional Fund Advisors LP lifted its stake in LendingClub by 5.4% in the second quarter. Dimensional Fund Advisors LP now owns 5,898,545 shares of the credit services provider’s stock valued at $49,901,000 after buying an additional 300,536 shares during the last quarter. Finally, Marshall Wace LLP acquired a new position in shares of LendingClub during the second quarter valued at $2,412,000. Institutional investors own 74.08% 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.