LendingClub Co. (NYSE:LC) Receives Consensus Recommendation of “Buy” from Brokerages

LendingClub Co. (NYSE:LC) has been assigned a consensus rating of “Buy” from the seven research firms that are covering the firm, Marketbeat Ratings reports. Seven investment analysts have rated the stock with a buy recommendation. The average 12-month target price among brokerages that have covered the stock in the last year is $13.57.

A number of equities research analysts recently issued reports on LC shares. Keefe, Bruyette & Woods raised shares of LendingClub from a “market perform” rating to an “outperform” rating and upped their price target for the company from $11.50 to $15.00 in a research note on Thursday, October 10th. Jefferies Financial Group upped their price target on shares of LendingClub from $11.00 to $12.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. Piper Sandler reaffirmed an “overweight” rating and set a $13.00 price target (up previously from $10.00) on shares of LendingClub in a research note on Wednesday, July 31st. JPMorgan Chase & Co. upped their price target on shares of LendingClub from $12.00 to $14.00 and gave the company an “overweight” rating in a research note on Tuesday, August 20th. Finally, Compass Point upped their price target on shares of LendingClub from $13.00 to $15.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st.

LendingClub Price Performance

LC opened at $12.40 on Wednesday. The firm has a market cap of $1.38 billion, a P/E ratio of 36.47 and a beta of 2.04. LendingClub has a 1-year low of $4.73 and a 1-year high of $13.63. The company has a 50 day simple moving average of $11.55 and a two-hundred day simple moving average of $9.94.

LendingClub (NYSE:LC) last issued its earnings results on Tuesday, July 30th. The credit services provider reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.09. LendingClub had a net margin of 5.61% and a return on equity of 3.38%. The firm had revenue of $187.20 million during the quarter, compared to analyst estimates of $177.03 million. During the same quarter in the prior year, the business earned $0.09 earnings per share. LendingClub’s revenue for the quarter was down 19.5% on a year-over-year basis. Equities analysts anticipate that LendingClub will post 0.38 earnings per share for the current year.

Insiders Place Their Bets

In other LendingClub news, CEO Scott Sanborn sold 17,000 shares of the stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $10.25, for a total transaction of $174,250.00. Following the transaction, the chief executive officer now directly owns 1,383,362 shares in the company, valued at $14,179,460.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 51,703 shares of company stock worth $562,705 in the last three months. Corporate insiders own 3.31% of the company’s stock.

Institutional Trading of LendingClub

A number of institutional investors have recently modified their holdings of the company. International Assets Investment Management LLC boosted its holdings in shares of 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 valued at $168,000 after buying an additional 1,000 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in LendingClub by 0.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 302,844 shares of the credit services provider’s stock worth $2,562,000 after purchasing an additional 1,445 shares in the last quarter. ProShare Advisors LLC boosted its stake in LendingClub by 8.5% in the 1st quarter. ProShare Advisors LLC now owns 19,518 shares of the credit services provider’s stock worth $172,000 after purchasing an additional 1,536 shares in the last quarter. SG Americas Securities LLC boosted its stake in LendingClub by 16.3% in the 2nd quarter. SG Americas Securities LLC now owns 12,344 shares of the credit services provider’s stock worth $104,000 after purchasing an additional 1,732 shares in the last quarter. Finally, Swiss National Bank boosted its stake in LendingClub by 1.0% in the 1st quarter. Swiss National Bank now owns 216,360 shares of the credit services provider’s stock worth $1,902,000 after purchasing an additional 2,100 shares in the last quarter. 74.08% of the stock is currently owned by institutional investors.

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.