Geode Capital Management LLC Acquires 42,429 Shares of LendingClub Co. (NYSE:LC)

Geode Capital Management LLC raised its stake in shares of LendingClub Co. (NYSE:LC) by 1.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,559,805 shares of the credit services provider’s stock after buying an additional 42,429 shares during the quarter. Geode Capital Management LLC owned about 2.28% of LendingClub worth $29,265,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Bank of New York Mellon Corp lifted its position in shares of LendingClub by 9.5% in the second quarter. Bank of New York Mellon Corp now owns 447,522 shares of the credit services provider’s stock worth $3,786,000 after buying an additional 38,912 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of LendingClub by 93.0% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 34,468 shares of the credit services provider’s stock worth $292,000 after acquiring an additional 16,606 shares in the last quarter. Innealta Capital LLC bought a new position in shares of LendingClub during the 2nd quarter valued at approximately $72,000. International Assets Investment Management LLC grew its holdings in shares of LendingClub by 5.3% in the second quarter. International Assets Investment Management LLC now owns 19,900 shares of the credit services provider’s stock valued at $168,000 after purchasing an additional 1,000 shares in the last quarter. Finally, nVerses Capital LLC bought a new stake in LendingClub in the second quarter worth $71,000. Hedge funds and other institutional investors own 74.08% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on LC shares. Keefe, Bruyette & Woods increased their price objective on shares of LendingClub from $15.00 to $17.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Maxim Group lifted their price target on LendingClub from $16.00 to $19.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Wedbush upped their price objective on LendingClub from $14.00 to $17.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Compass Point lifted their target price on LendingClub from $15.00 to $19.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Finally, StockNews.com lowered LendingClub from a “hold” rating to a “sell” rating in a report on Friday, October 25th. One equities research 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. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $16.00.

LendingClub Stock Up 3.7 %

Shares of LendingClub stock opened at $17.27 on Friday. LendingClub Co. has a 52 week low of $7.48 and a 52 week high of $18.75. The company has a market capitalization of $1.94 billion, a PE ratio of 37.54 and a beta of 2.02. The stock’s fifty day moving average is $15.31 and its two-hundred day moving average is $12.15.

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

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, November 7th. The shares were sold at an average price of $14.89, for a total value of $253,130.00. Following the completion of the sale, the chief executive officer now owns 1,339,273 shares of the company’s stock, valued at approximately $19,941,774.97. This represents a 1.25 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John C. Morris sold 2,500 shares of LendingClub stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $14.36, for a total transaction of $35,900.00. Following the transaction, the director now directly owns 203,348 shares in the company, valued at approximately $2,920,077.28. The trade was a 1.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 75,500 shares of company stock worth $1,073,100. Company insiders own 3.31% of the company’s stock.

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.