Magnetar Financial LLC Purchases Shares of 16,373 LendingClub Corporation $LC

Key Points

• Magnetar Financial LLC acquired 16,373 shares of LendingClub Corporation, valued at approximately $169,000, marking a new investment during the first quarter.
• LendingClub reported a quarterly EPS of $0.33, surpassing analyst expectations by $0.18 and showing a revenue growth of 14.1% year-over-year.
• Insider trading revealed that CFO Andrew Labenne sold 17,955 shares for nearly $299,000, representing a 9.16% decrease in his holdings.

Magnetar Financial LLC purchased a new stake in LendingClub Corporation (NYSE:LC - Free Report) during the first quarter, according to its most recent filing with the SEC. The fund purchased 16,373 shares of the credit services provider's stock, valued at approximately $169,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Mariner LLC boosted its position in shares of LendingClub by 44.0% during the 4th quarter. Mariner LLC now owns 17,476 shares of the credit services provider's stock valued at $283,000 after acquiring an additional 5,340 shares during the last quarter. Hsbc Holdings PLC boosted its position in shares of LendingClub by 18.9% during the 4th quarter. Hsbc Holdings PLC now owns 22,809 shares of the credit services provider's stock valued at $373,000 after acquiring an additional 3,627 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of LendingClub by 10.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 82,952 shares of the credit services provider's stock valued at $1,343,000 after purchasing an additional 7,601 shares during the last quarter. Northern Trust Corp raised its holdings in LendingClub by 6.0% during the 4th quarter. Northern Trust Corp now owns 1,048,618 shares of the credit services provider's stock valued at $16,977,000 after buying an additional 59,186 shares during the period. Finally, Comerica Bank purchased a new stake in LendingClub during the 4th quarter valued at $37,000. 74.08% of the stock is currently owned by institutional investors.

LendingClub Trading Down 0.6%

Shares of LC traded down $0.11 during mid-day trading on Monday, hitting $16.50. The company's stock had a trading volume of 168,306 shares, compared to its average volume of 1,690,751. The company's 50-day moving average is $14.55 and its 200-day moving average is $12.00. LendingClub Corporation has a 52-week low of $7.90 and a 52-week high of $18.75. The firm has a market capitalization of $1.89 billion, a price-to-earnings ratio of 25.67 and a beta of 2.53.

LendingClub (NYSE:LC - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The credit services provider reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.18. LendingClub had a net margin of 8.36% and a return on equity of 5.66%. The business had revenue of $248.44 million for the quarter, compared to analyst estimates of $227.04 million. During the same period in the previous year, the company earned $0.13 earnings per share. The business's revenue for the quarter was up 14.1% on a year-over-year basis. As a group, sell-side analysts predict that LendingClub Corporation will post 0.72 earnings per share for the current fiscal year.

Analyst Ratings Changes

LC has been the topic of several recent analyst reports. Citizens Jmp assumed coverage on shares of LendingClub in a research note on Monday, July 7th. They issued a "market perform" rating on the stock. Piper Sandler set a $15.50 price target on shares of LendingClub and gave the company an "overweight" rating in a report on Wednesday, July 30th. Wall Street Zen upgraded shares of LendingClub from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Citigroup began coverage on shares of LendingClub in a report on Monday, July 7th. They set a "market perform" rating on the stock. Finally, Keefe, Bruyette & Woods boosted their price objective on LendingClub from $14.00 to $16.50 and gave the company an "outperform" rating in a report on Wednesday, July 30th. Six investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, LendingClub has an average rating of "Moderate Buy" and a consensus price target of $16.57.

Insider Buying and Selling at LendingClub

In related news, CEO Scott Sanborn sold 30,000 shares of the business's stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $16.65, for a total value of $499,500.00. Following the completion of the sale, the chief executive officer owned 1,270,070 shares of the company's stock, valued at approximately $21,146,665.50. The trade was a 2.31% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Andrew Labenne sold 17,955 shares of the business's stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $16.65, for a total transaction of $298,950.75. Following the completion of the sale, the chief financial officer directly owned 178,111 shares of the company's stock, valued at approximately $2,965,548.15. The trade was a 9.16% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 63,705 shares of company stock valued at $991,073. 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.