Acadian Asset Management LLC Decreases Position in LendingClub Corporation $LC

Key Points

• Acadian Asset Management LLC significantly reduced its stake in LendingClub Corporation, selling 248,776 shares and lowering its holdings by 57.3% to 185,014 shares.
• Insider transactions included CEO Scott Sanborn selling 30,000 shares and Director Erin Selleck selling 2,390 shares, reflecting decreases in their ownership positions.
• LendingClub's stock recently opened at $17.21, showing a 0.4% increase, and reported earnings of $0.33 per share for the last quarter, beating analyst estimates.

Acadian Asset Management LLC lessened its stake in LendingClub Corporation (NYSE:LC - Free Report) by 57.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 185,014 shares of the credit services provider's stock after selling 248,776 shares during the quarter. Acadian Asset Management LLC owned about 0.16% of LendingClub worth $1,908,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of LC. Quarry LP lifted its stake in LendingClub by 1,427.2% in the first quarter. Quarry LP now owns 2,810 shares of the credit services provider's stock valued at $29,000 after buying an additional 2,626 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of LendingClub in the first quarter worth $35,000. Comerica Bank bought a new stake in shares of LendingClub in the fourth quarter worth $37,000. KBC Group NV bought a new stake in LendingClub during the first quarter worth $67,000. Finally, Asset Management One Co. Ltd. raised its position in LendingClub by 95.4% during the first quarter. Asset Management One Co. Ltd. now owns 9,526 shares of the credit services provider's stock worth $98,000 after acquiring an additional 4,651 shares in the last quarter. Institutional investors and hedge funds own 74.08% of the company's stock.

Insider Activity

In related news, CFO Andrew Labenne sold 20,903 shares of the company's stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $17.04, for a total value of $356,187.12. Following the sale, the chief financial officer owned 181,750 shares in the company, valued at $3,097,020. This represents a 10.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Scott Sanborn sold 30,000 shares of the stock in a transaction on Monday, September 15th. The stock was sold at an average price of $17.04, for a total value of $511,200.00. Following the transaction, the chief executive officer directly owned 1,240,070 shares in the company, valued at approximately $21,130,792.80. This represents a 2.36% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 111,748 shares of company stock valued at $1,840,123. 3.19% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on LC shares. Citizens Jmp started coverage on shares of LendingClub in a report 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 research note on Wednesday, July 30th. Citigroup started coverage on shares of LendingClub in a research note on Monday, July 7th. They issued a "market perform" rating on the stock. Wall Street Zen raised shares of LendingClub from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Finally, Keefe, Bruyette & Woods increased their target price on shares of LendingClub from $14.00 to $16.50 and gave the stock an "outperform" rating in a report on Wednesday, July 30th. Six analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, LendingClub has a consensus rating of "Moderate Buy" and a consensus price target of $16.57.

LendingClub Stock Down 0.2%

Shares of NYSE LC traded down $0.04 during mid-day trading on Friday, reaching $17.60. 2,033,684 shares of the company were exchanged, compared to its average volume of 1,341,080. The firm has a 50-day moving average of $15.45 and a 200 day moving average of $12.32. LendingClub Corporation has a 1 year low of $7.90 and a 1 year high of $18.75. The stock has a market cap of $2.02 billion, a price-to-earnings ratio of 27.50 and a beta of 2.53.

LendingClub (NYSE:LC - Get Free Report) last announced its earnings results on Tuesday, July 29th. The credit services provider reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.18. The company had revenue of $248.44 million for the quarter, compared to analyst estimates of $227.04 million. LendingClub had a return on equity of 5.66% and a net margin of 8.36%.The firm's quarterly revenue was up 14.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.13 EPS. On average, equities analysts forecast that LendingClub Corporation will post 0.72 earnings per share for the current year.

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.