The Manufacturers Life Insurance Company Raises Position in LendingClub Co. (NYSE:LC)

The Manufacturers Life Insurance Company increased its stake in LendingClub Co. (NYSE:LC) by 5.1% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 318,222 shares of the credit services provider’s stock after buying an additional 15,378 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.28% of LendingClub worth $3,637,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Baader Bank Aktiengesellschaft purchased a new position in LendingClub in the 2nd quarter valued at about $600,000. GSA Capital Partners LLP lifted its stake in shares of LendingClub by 47.3% in the third quarter. GSA Capital Partners LLP now owns 214,192 shares of the credit services provider’s stock worth $2,448,000 after acquiring an additional 68,791 shares in the last quarter. Alpha DNA Investment Management LLC purchased a new position in LendingClub in the third quarter valued at about $411,000. International Assets Investment Management LLC grew its stake in LendingClub by 813.3% during the 3rd quarter. International Assets Investment Management LLC now owns 181,737 shares of the credit services provider’s stock valued at $2,077,000 after purchasing an additional 161,837 shares in the last quarter. Finally, Quest Partners LLC increased its holdings in LendingClub by 196.0% during the 3rd quarter. Quest Partners LLC now owns 141,214 shares of the credit services provider’s stock worth $1,614,000 after purchasing an additional 93,506 shares during the last quarter. 74.08% of the stock is currently owned by hedge funds and other institutional investors.

LendingClub Stock Up 2.7 %

Shares of NYSE:LC opened at $16.12 on Friday. The firm has a 50-day simple moving average of $14.13 and a 200 day simple moving average of $11.44. LendingClub Co. has a fifty-two week low of $6.56 and a fifty-two week high of $17.15. The company has a market cap of $1.81 billion, a PE ratio of 35.04 and a beta of 2.02.

LendingClub (NYSE:LC) last announced its quarterly earnings results on Wednesday, October 23rd. The credit services provider reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.06. The business had revenue of $201.90 million for the quarter, compared to analysts’ expectations of $190.40 million. LendingClub had a return on equity of 4.02% and a net margin of 6.85%. The business’s quarterly revenue was up .5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.05 EPS. As a group, research analysts forecast that LendingClub Co. will post 0.47 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Compass Point increased their target price on LendingClub from $15.00 to $19.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Maxim Group increased their price objective on shares of LendingClub from $16.00 to $19.00 and gave the company a “buy” rating in a research note on Friday, October 25th. StockNews.com lowered shares of LendingClub from a “hold” rating to a “sell” rating in a report on Friday, October 25th. Piper Sandler restated an “overweight” rating and issued a $15.00 target price (up previously from $13.00) on shares of LendingClub in a research note on Thursday, October 24th. Finally, Wedbush lifted their price target on LendingClub from $14.00 to $17.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. One analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, LendingClub currently has a consensus rating of “Moderate Buy” and a consensus target price of $16.00.

Insider Buying and Selling at LendingClub

In related news, CEO Scott Sanborn sold 17,000 shares of LendingClub stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $15.84, for a total value of $269,280.00. Following the sale, the chief executive officer now directly owns 1,329,184 shares in the company, valued at $21,054,274.56. This trade represents a 1.26 % decrease in their position. The sale 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 dated Friday, November 8th. The stock was sold at an average price of $14.83, for a total transaction of $326,260.00. Following the completion of the transaction, the general counsel now owns 89,385 shares of the company’s stock, valued at approximately $1,325,579.55. This trade represents a 19.75 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 75,500 shares of company stock worth $1,073,100. 3.31% of the stock is owned by insiders.

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.