Basswood Capital Management L.L.C. Acquires New Stake in LendingClub Co. (NYSE:LC)

Basswood Capital Management L.L.C. acquired a new position in shares of LendingClub Co. (NYSE:LC - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 553,343 shares of the credit services provider's stock, valued at approximately $8,959,000. Basswood Capital Management L.L.C. owned about 0.49% of LendingClub as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Comerica Bank acquired a new stake in LendingClub during the fourth quarter worth about $37,000. SBI Securities Co. Ltd. bought a new stake in shares of LendingClub during the fourth quarter valued at approximately $45,000. Sterling Capital Management LLC raised its stake in shares of LendingClub by 818.6% in the fourth quarter. Sterling Capital Management LLC now owns 3,500 shares of the credit services provider's stock valued at $57,000 after purchasing an additional 3,119 shares in the last quarter. National Bank of Canada FI lifted its position in LendingClub by 150.6% in the fourth quarter. National Bank of Canada FI now owns 4,074 shares of the credit services provider's stock worth $66,000 after purchasing an additional 2,448 shares during the period. Finally, Jones Financial Companies Lllp boosted its position in shares of LendingClub by 49.2% during the 4th quarter. Jones Financial Companies Lllp now owns 5,986 shares of the credit services provider's stock valued at $97,000 after acquiring an additional 1,975 shares in the last quarter. Institutional investors own 74.08% of the company's stock.

Insider Transactions at LendingClub

In other LendingClub news, CEO Scott Sanborn sold 17,000 shares of the stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $13.76, for a total value of $233,920.00. Following the sale, the chief executive officer now directly owns 1,295,184 shares in the company, valued at approximately $17,821,731.84. This trade represents a 1.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, General Counsel Jordan Cheng sold 7,000 shares of the company's stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $14.10, for a total transaction of $98,700.00. Following the completion of the sale, the general counsel now owns 88,263 shares of the company's stock, valued at approximately $1,244,508.30. This represents a 7.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 39,750 shares of company stock worth $491,905 in the last quarter. 3.31% of the stock is owned by company insiders.

LendingClub Stock Up 2.8 %

NYSE:LC traded up $0.28 during trading hours on Wednesday, hitting $10.28. 1,198,770 shares of the stock were exchanged, compared to its average volume of 1,619,716. The company has a market capitalization of $1.17 billion, a P/E ratio of 22.83 and a beta of 2.35. The company's 50 day moving average is $10.38 and its two-hundred day moving average is $13.53. LendingClub Co. has a twelve month low of $7.81 and a twelve month high of $18.75.

LendingClub (NYSE:LC - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The credit services provider reported $0.10 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.10. The business had revenue of $217.71 million for the quarter, compared to analysts' expectations of $213.71 million. LendingClub had a return on equity of 4.16% and a net margin of 6.52%. The firm's quarterly revenue was up 21670.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.11 earnings per share. On average, equities research analysts expect that LendingClub Co. will post 0.72 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on LC. JPMorgan Chase & Co. lowered their target price on shares of LendingClub from $17.00 to $14.00 and set a "neutral" rating on the stock in a report on Monday, March 10th. StockNews.com cut shares of LendingClub from a "hold" rating to a "sell" rating in a research note on Tuesday. Keefe, Bruyette & Woods cut their target price on shares of LendingClub from $15.00 to $14.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. Finally, Piper Sandler restated an "overweight" rating and set a $19.00 price target (down from $20.00) on shares of LendingClub in a research report on Wednesday, January 29th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat.com, LendingClub currently has a consensus rating of "Moderate Buy" and an average price target of $15.75.

LendingClub 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.