LendingClub (NYSE:LC) Reaches New 12-Month High – Here’s Why

LendingClub Co. (NYSE:LC) shares hit a new 52-week high during trading on Friday . The company traded as high as $17.15 and last traded at $16.70, with a volume of 158093 shares traded. The stock had previously closed at $16.49.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on LC shares. Keefe, Bruyette & Woods raised LendingClub from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $11.50 to $15.00 in a research report on Thursday, October 10th. Compass Point upped their price target on LendingClub from $15.00 to $19.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Piper Sandler reiterated an “overweight” rating and set a $15.00 price objective (up previously from $13.00) on shares of LendingClub in a research note on Thursday, October 24th. JPMorgan Chase & Co. upped their target price 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, Maxim Group lifted their price target on shares of LendingClub from $16.00 to $19.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. One investment analyst has rated the stock with a sell rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $15.38.

LendingClub Stock Performance

The business’s 50 day moving average price is $13.63 and its 200-day moving average price is $11.22. The firm has a market cap of $1.87 billion, a price-to-earnings ratio of 36.17 and a beta of 2.01.

LendingClub (NYSE:LC) last released its earnings results on Wednesday, October 23rd. The credit services provider reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.06. LendingClub had a return on equity of 4.02% and a net margin of 6.85%. The company had revenue of $201.90 million for the quarter, compared to the consensus estimate of $190.40 million. During the same quarter last year, the business posted $0.05 EPS. LendingClub’s quarterly revenue was up .5% compared to the same quarter last year. On average, analysts forecast that LendingClub Co. will post 0.47 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Scott Sanborn sold 17,000 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $14.89, for a total transaction of $253,130.00. Following the completion of the transaction, the chief executive officer now owns 1,339,273 shares in the company, valued at $19,941,774.97. The trade was a 1.25 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, General Counsel Jordan Cheng sold 22,000 shares of the company’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $14.83, for a total value of $326,260.00. Following the transaction, the general counsel now owns 89,385 shares of the company’s stock, valued at approximately $1,325,579.55. The trade was a 19.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 75,500 shares of company stock valued at $996,940 over the last 90 days. 3.31% of the stock is owned by company insiders.

Hedge Funds Weigh In On LendingClub

Several hedge funds and other institutional investors have recently made changes to their positions in LC. Vanguard Group Inc. lifted its holdings in LendingClub by 1.6% in the first quarter. Vanguard Group Inc. now owns 11,446,014 shares of the credit services provider’s stock worth $100,610,000 after purchasing an additional 175,706 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of LendingClub by 6.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 70,715 shares of the credit services provider’s stock valued at $622,000 after acquiring an additional 4,479 shares in the last quarter. SG Americas Securities LLC increased its stake 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 acquiring an additional 1,732 shares during the period. Baader Bank Aktiengesellschaft bought a new stake in LendingClub during the second quarter worth approximately $600,000. Finally, Assenagon Asset Management S.A. raised its holdings 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 worth $5,829,000 after purchasing an additional 213,823 shares in the last quarter. 74.08% of the stock is currently owned by institutional investors and hedge funds.

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.