Basswood Capital Management L.L.C. Invests $8.96 Million in LendingClub Co. (NYSE:LC)

Basswood Capital Management L.L.C. bought a new position in LendingClub Co. (NYSE:LC - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 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 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Wellington Management Group LLP lifted its stake in shares of LendingClub by 353.1% in the fourth quarter. Wellington Management Group LLP now owns 3,799,585 shares of the credit services provider's stock valued at $61,515,000 after buying an additional 2,961,050 shares during the period. Arrowstreet Capital Limited Partnership lifted its position in shares of LendingClub by 158.6% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,522,360 shares of the credit services provider's stock worth $24,647,000 after acquiring an additional 933,680 shares during the period. Cramer Rosenthal Mcglynn LLC acquired a new stake in shares of LendingClub during the 4th quarter worth approximately $13,432,000. Picton Mahoney Asset Management bought a new stake in shares of LendingClub during the fourth quarter valued at approximately $9,788,000. Finally, Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of LendingClub by 1,227.3% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 379,110 shares of the credit services provider's stock valued at $6,138,000 after purchasing an additional 350,548 shares in the last quarter. 74.08% of the stock is owned by institutional investors and hedge funds.

LendingClub Trading Down 1.6 %

Shares of LC traded down $0.17 during mid-day trading on Friday, hitting $10.44. 329,765 shares of the company traded hands, compared to its average volume of 1,611,294. The business has a 50-day moving average of $10.29 and a 200 day moving average of $13.50. LendingClub Co. has a one year low of $7.81 and a one year high of $18.75. The stock has a market capitalization of $1.19 billion, a price-to-earnings ratio of 23.20 and a beta of 2.35.

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, hitting the consensus estimate of $0.10. The business had revenue of $217.71 million for the quarter, compared to analyst estimates of $213.71 million. LendingClub had a return on equity of 4.16% and a net margin of 6.52%. The firm's revenue was up 21670.0% on a year-over-year basis. During the same period last year, the company earned $0.11 EPS. As a group, analysts anticipate that LendingClub Co. will post 0.72 earnings per share for the current year.

Insiders Place Their Bets

In related news, General Counsel Jordan Cheng sold 7,000 shares of the firm'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 sale, the general counsel now directly owns 88,263 shares in the company, valued at $1,244,508.30. This trade represents a 7.35 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Scott Sanborn sold 5,250 shares of the company's stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $10.34, for a total transaction of $54,285.00. Following the completion of the transaction, the chief executive officer now directly owns 1,297,782 shares of the company's stock, valued at approximately $13,419,065.88. The trade was a 0.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 22,750 shares of company stock worth $257,985. Corporate insiders own 3.19% of the company's stock.

Analyst Upgrades and Downgrades

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

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.