JPMorgan Chase & Co. Trims Holdings in LendingClub Co. (NYSE:LC)

JPMorgan Chase & Co. lessened its stake in shares of LendingClub Co. (NYSE:LC) by 41.5% in the 4th quarter, HoldingsChannel.com reports. The fund owned 584,155 shares of the credit services provider’s stock after selling 413,993 shares during the period. JPMorgan Chase & Co.’s holdings in LendingClub were worth $9,457,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Prudential Financial Inc. raised its holdings in shares of LendingClub by 29.4% in the 4th quarter. Prudential Financial Inc. now owns 692,439 shares of the credit services provider’s stock valued at $11,211,000 after purchasing an additional 157,500 shares in the last quarter. LPL Financial LLC acquired a new stake in LendingClub during the 4th quarter worth about $594,000. KLP Kapitalforvaltning AS purchased a new position in shares of LendingClub during the 4th quarter valued at about $397,000. American Century Companies Inc. grew its stake in shares of LendingClub by 9.3% during the 4th quarter. American Century Companies Inc. now owns 1,895,699 shares of the credit services provider’s stock worth $30,691,000 after purchasing an additional 160,916 shares during the period. Finally, Northwest & Ethical Investments L.P. purchased a new position in LendingClub in the fourth quarter valued at $238,000. 74.08% of the stock is owned by institutional investors.

LendingClub Stock Performance

NYSE:LC opened at $9.26 on Tuesday. The stock has a market cap of $1.05 billion, a P/E ratio of 20.58 and a beta of 2.09. LendingClub Co. has a 1 year low of $7.48 and a 1 year high of $18.75. The stock has a 50-day simple moving average of $11.42 and a 200-day simple moving average of $13.76.

Insider Activity at LendingClub

In other news, General Counsel Jordan Cheng sold 7,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $14.10, for a total transaction of $98,700.00. Following the transaction, the general counsel now directly owns 88,263 shares in the company, valued at approximately $1,244,508.30. This trade represents a 7.35 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Scott Sanborn sold 5,250 shares of the stock in a transaction dated Wednesday, April 9th. The stock was sold at an average price of $10.00, for a total transaction of $52,500.00. Following the sale, the chief executive officer now owns 1,303,032 shares of the company’s stock, valued at $13,030,320. This trade represents a 0.40 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 29,250 shares of company stock valued at $385,120 in the last ninety days. Insiders own 3.31% of the company’s stock.

Analysts Set New Price Targets

LC has been the subject of several research analyst reports. StockNews.com upgraded shares of LendingClub from a “sell” rating to a “hold” rating in a research report on Friday, April 4th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $16.00 price objective (down from $17.00) on shares of LendingClub in a research report on Wednesday, January 29th. Piper Sandler reissued an “overweight” rating and issued a $19.00 target price (down previously from $20.00) on shares of LendingClub in a research report on Wednesday, January 29th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of LendingClub from $17.00 to $14.00 and set a “neutral” rating for the company in a research note on Monday, March 10th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $16.00.

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.