LendingClub Co. (NYSE:LC) Shares Sold by Empowered Funds LLC

Empowered Funds LLC lowered its holdings in LendingClub Co. (NYSE:LC) by 84.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 51,557 shares of the credit services provider’s stock after selling 287,472 shares during the period. Empowered Funds LLC’s holdings in LendingClub were worth $589,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. AlphaMark Advisors LLC acquired a new position in LendingClub in the third quarter worth approximately $32,000. nVerses Capital LLC acquired a new position in shares of LendingClub in the 2nd quarter worth $71,000. Innealta Capital LLC acquired a new position in shares of LendingClub in the 2nd quarter worth $72,000. Blue Trust Inc. raised its position in shares of LendingClub by 259.8% during the third quarter. Blue Trust Inc. now owns 7,267 shares of the credit services provider’s stock worth $83,000 after purchasing an additional 5,247 shares during the period. Finally, SG Americas Securities LLC lifted its holdings 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 purchasing an additional 1,732 shares during the last quarter. 74.08% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Wedbush boosted their price objective on LendingClub from $14.00 to $17.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Compass Point upped their price target on shares of LendingClub from $15.00 to $19.00 and gave the company a “buy” rating in a research report on Friday, October 25th. JPMorgan Chase & Co. raised their price objective on shares of LendingClub from $12.00 to $14.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 20th. Piper Sandler reissued an “overweight” rating and set a $15.00 target price (up from $13.00) on shares of LendingClub in a research note on Thursday, October 24th. Finally, Keefe, Bruyette & Woods raised LendingClub from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $11.50 to $15.00 in a research report on Thursday, October 10th. One analyst has rated the stock with a sell rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $15.38.

LendingClub Stock Up 5.2 %

LC stock opened at $16.73 on Monday. The company has a market capitalization of $1.88 billion, a price-to-earnings ratio of 36.37 and a beta of 2.01. LendingClub Co. has a 12 month low of $5.51 and a 12 month high of $16.75. The firm has a 50 day moving average of $13.09 and a two-hundred day moving average of $10.96.

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

Insider Activity

In other news, General Counsel Jordan Cheng sold 22,000 shares of the firm’s stock in a transaction dated Friday, November 8th. The shares were 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. This trade represents a 19.75 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Scott Sanborn sold 17,000 shares of the stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $11.09, for a total value of $188,530.00. Following the completion of the transaction, the chief executive officer now directly owns 1,356,273 shares in the company, valued at approximately $15,041,067.57. This trade represents a 1.24 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 75,500 shares of company stock worth $996,940. 3.31% of the stock is currently owned by corporate insiders.

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.