LendingClub (NYSE:LC) Reaches New 1-Year High on Strong Earnings

LendingClub Co. (NYSE:LC)’s stock price reached a new 52-week high during trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $14.62 and last traded at $14.47, with a volume of 351326 shares. The stock had previously closed at $12.46.

The credit services provider reported $0.13 EPS for the quarter, beating the consensus estimate of $0.07 by $0.06. The company had revenue of $201.90 million for the quarter, compared to analyst estimates of $190.40 million. LendingClub had a net margin of 5.61% and a return on equity of 3.38%. The firm’s revenue was up .5% on a year-over-year basis. During the same quarter last year, the business earned $0.05 earnings per share.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on LC shares. 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. JPMorgan Chase & Co. lifted their price target on shares of LendingClub from $12.00 to $14.00 and gave the company an “overweight” rating in a research report on Tuesday, August 20th. StockNews.com lowered LendingClub from a “hold” rating to a “sell” rating in a research report on Friday. Piper Sandler reaffirmed an “overweight” rating and issued a $15.00 price target (up previously from $13.00) on shares of LendingClub in a research note on Thursday. Finally, Keefe, Bruyette & Woods upgraded shares of LendingClub from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $11.50 to $15.00 in a report on Thursday, October 10th. One investment analyst has rated the stock with a sell rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $15.38.

Insider Activity at LendingClub

In other news, CEO Scott Sanborn sold 17,000 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $11.36, for a total transaction of $193,120.00. Following the completion of the sale, the chief executive officer now owns 1,373,273 shares in the company, valued at $15,600,381.28. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold 51,703 shares of company stock valued at $562,705 in the last ninety days. Insiders own 3.31% of the company’s stock.

Institutional Investors Weigh In On LendingClub

A number of large investors have recently added to or reduced their stakes in the business. International Assets Investment Management LLC lifted its holdings in LendingClub by 5.3% in the 2nd quarter. International Assets Investment Management LLC now owns 19,900 shares of the credit services provider’s stock worth $168,000 after buying an additional 1,000 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of LendingClub by 0.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 302,844 shares of the credit services provider’s stock valued at $2,562,000 after purchasing an additional 1,445 shares in the last quarter. ProShare Advisors LLC lifted its stake in LendingClub by 8.5% during the first quarter. ProShare Advisors LLC now owns 19,518 shares of the credit services provider’s stock valued at $172,000 after purchasing an additional 1,536 shares during the last quarter. SG Americas Securities LLC lifted its holdings in shares of LendingClub by 16.3% during the second quarter. SG Americas Securities LLC now owns 12,344 shares of the credit services provider’s stock valued at $104,000 after purchasing an additional 1,732 shares during the last quarter. Finally, Swiss National Bank increased its position in shares of LendingClub by 1.0% in the first quarter. Swiss National Bank now owns 216,360 shares of the credit services provider’s stock worth $1,902,000 after acquiring an additional 2,100 shares in the last quarter. 74.08% of the stock is owned by institutional investors and hedge funds.

LendingClub Trading Down 1.7 %

The business’s 50-day simple moving average is $11.69 and its 200-day simple moving average is $10.02. The company has a market cap of $1.52 billion, a PE ratio of 35.76 and a beta of 2.04.

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.