Key Points
- Director sale: Director Erin Selleck sold 2,390 shares on Dec. 5 at an average price of $19.47 for $46,533.30, reducing her stake by 3.03% to 76,377 shares; the sale was disclosed in an SEC Form 4.
- Share buyback & institutional ownership: The board authorized a $100 million repurchase program (up to ~4.9% of shares) and institutional investors own about 74.08% of the company, with several large funds recently increasing their stakes.
- Operational and analyst backdrop: LendingClub reported Q3 EPS of $0.37 (beat) with revenue up 31.8% year-over-year, and analysts have generally raised targets — consensus rating is a "Moderate Buy" with an average target of $21.57.
LendingClub Corporation (NYSE:LC - Get Free Report) Director Erin Selleck sold 2,390 shares of the firm's stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $19.47, for a total transaction of $46,533.30. Following the completion of the transaction, the director directly owned 76,377 shares of the company's stock, valued at $1,487,060.19. This represents a 3.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.
LendingClub Trading Up 0.2%
LendingClub stock opened at $19.17 on Wednesday. The firm has a market capitalization of $2.21 billion, a P/E ratio of 21.79 and a beta of 2.14. LendingClub Corporation has a twelve month low of $7.90 and a twelve month high of $19.88. The stock's fifty day simple moving average is $17.11 and its 200-day simple moving average is $15.06.
LendingClub (NYSE:LC - Get Free Report) last released its earnings results on Wednesday, October 22nd. The credit services provider reported $0.37 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.30 by $0.07. The firm had revenue of $107.79 million during the quarter, compared to analyst estimates of $256.27 million. LendingClub had a return on equity of 7.68% and a net margin of 10.94%.LendingClub's revenue was up 31.8% compared to the same quarter last year. During the same period last year, the business posted $0.13 earnings per share. Sell-side analysts predict that LendingClub Corporation will post 0.72 earnings per share for the current year.
LendingClub announced that its Board of Directors has authorized a share buyback plan on Wednesday, November 5th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the credit services provider to repurchase up to 4.9% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's management believes its shares are undervalued.
Institutional Trading of LendingClub
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP lifted its holdings in shares of LendingClub by 18.8% during the 3rd quarter. Wellington Management Group LLP now owns 7,960,550 shares of the credit services provider's stock worth $120,921,000 after acquiring an additional 1,261,861 shares during the period. Senvest Management LLC increased its position in LendingClub by 23.5% during the second quarter. Senvest Management LLC now owns 5,881,290 shares of the credit services provider's stock worth $70,752,000 after purchasing an additional 1,117,241 shares during the last quarter. Driehaus Capital Management LLC increased its position in LendingClub by 8.6% during the first quarter. Driehaus Capital Management LLC now owns 3,897,322 shares of the credit services provider's stock worth $40,220,000 after purchasing an additional 308,523 shares during the last quarter. Geode Capital Management LLC raised its stake in LendingClub by 1.3% during the second quarter. Geode Capital Management LLC now owns 2,699,141 shares of the credit services provider's stock worth $32,476,000 after purchasing an additional 34,221 shares during the period. Finally, Azora Capital LP boosted its holdings in shares of LendingClub by 258.2% in the 3rd quarter. Azora Capital LP now owns 2,391,190 shares of the credit services provider's stock valued at $36,322,000 after purchasing an additional 1,723,658 shares during the last quarter. Hedge funds and other institutional investors own 74.08% of the company's stock.
Analyst Upgrades and Downgrades
Several research firms have recently issued reports on LC. Keefe, Bruyette & Woods upped their price objective on LendingClub from $20.00 to $22.00 and gave the stock an "outperform" rating in a research report on Friday, November 7th. Zacks Research raised LendingClub from a "hold" rating to a "strong-buy" rating in a report on Tuesday, October 28th. Janney Montgomery Scott lifted their price target on shares of LendingClub from $17.00 to $20.00 and gave the company a "neutral" rating in a research report on Thursday, November 6th. JPMorgan Chase & Co. boosted their price objective on shares of LendingClub from $22.00 to $25.00 and gave the stock an "overweight" rating in a research report on Thursday, December 4th. Finally, BTIG Research upped their target price on LendingClub from $18.00 to $26.00 and gave the company a "buy" rating in a research note on Thursday, November 6th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $21.57.
Read Our Latest Stock Analysis on LendingClub
About LendingClub
(
Get Free Report)
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.
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