LendingClub Co. (NYSE:LC) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. decreased its stake in shares of LendingClub Co. (NYSE:LC) by 12.9% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 10,713 shares of the credit services provider’s stock after selling 1,588 shares during the period. Principal Financial Group Inc.’s holdings in LendingClub were worth $91,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of LC. Innealta Capital LLC acquired a new stake in LendingClub during the second quarter worth about $72,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in LendingClub by 93.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 34,468 shares of the credit services provider’s stock valued at $292,000 after buying an additional 16,606 shares during the period. Bank of New York Mellon Corp lifted its position in LendingClub by 9.5% during the second quarter. Bank of New York Mellon Corp now owns 447,522 shares of the credit services provider’s stock valued at $3,786,000 after buying an additional 38,912 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in LendingClub by 45.0% during the second quarter. Assenagon Asset Management S.A. now owns 689,028 shares of the credit services provider’s stock valued at $5,829,000 after buying an additional 213,823 shares in the last quarter. Finally, Baader Bank Aktiengesellschaft purchased a new stake in LendingClub during the second quarter worth approximately $600,000. Institutional investors and hedge funds own 74.08% of the company’s stock.

Insiders Place Their Bets

In other LendingClub 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 sale, the chief executive officer now owns 1,373,273 shares in the company, valued at $15,600,381.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 34,703 shares of company stock valued at $374,175 in the last ninety days. Corporate insiders own 3.31% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on LC. Keefe, Bruyette & Woods lifted their target price on shares of LendingClub from $10.00 to $11.50 and gave the company a “market perform” rating in a report on Wednesday, July 31st. JPMorgan Chase & Co. boosted their price objective on LendingClub from $12.00 to $14.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 20th. Piper Sandler reiterated an “overweight” rating and set a $13.00 target price (up from $10.00) on shares of LendingClub in a report on Wednesday, July 31st. Wedbush boosted their price target on LendingClub from $11.00 to $14.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 31st. Finally, BTIG Research assumed coverage on shares of LendingClub in a research report on Friday, June 7th. They issued a “buy” rating and a $12.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $13.07.

LendingClub Stock Performance

Shares of LC opened at $10.86 on Tuesday. LendingClub Co. has a one year low of $4.73 and a one year high of $12.87. The stock has a 50-day moving average price of $10.86 and a 200 day moving average price of $9.30. The company has a market capitalization of $1.21 billion, a P/E ratio of 31.94 and a beta of 2.04.

LendingClub (NYSE:LC) last released its earnings results on Tuesday, July 30th. The credit services provider reported $0.13 EPS for the quarter, beating the consensus estimate of $0.04 by $0.09. The company had revenue of $187.20 million during the quarter, compared to analysts’ expectations of $177.03 million. LendingClub had a return on equity of 3.38% and a net margin of 5.61%. The business’s revenue was down 19.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.09 EPS. As a group, equities research analysts forecast that LendingClub Co. will post 0.38 earnings per share for the current fiscal year.

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.