Algert Global LLC Decreases Holdings in LendingClub Corporation $LC

Key Points

• Algert Global LLC has significantly reduced its stake in LendingClub Corporation by 81.6%, holding only 39,767 shares after selling 175,928 shares in the first quarter.
• LendingClub's latest earnings report showed earnings per share of $0.33, surpassing analysts' expectations of $0.15, with revenue increasing 14.1% year-over-year.
• Overall, LendingClub has a consensus rating of "Moderate Buy" from analysts, with a target price of $16.57 as several firms have issued positive outlooks on the stock.

Algert Global LLC decreased its holdings in shares of LendingClub Corporation (NYSE:LC - Free Report) by 81.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 39,767 shares of the credit services provider's stock after selling 175,928 shares during the period. Algert Global LLC's holdings in LendingClub were worth $410,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Charles Schwab Investment Management Inc. grew its position in shares of LendingClub by 8.7% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,004,943 shares of the credit services provider's stock valued at $10,371,000 after acquiring an additional 80,100 shares during the period. Bank of America Corp DE grew its position in shares of LendingClub by 111.5% during the 4th quarter. Bank of America Corp DE now owns 402,033 shares of the credit services provider's stock valued at $6,509,000 after acquiring an additional 211,979 shares during the period. Wealth Enhancement Advisory Services LLC bought a new stake in shares of LendingClub during the 1st quarter valued at $161,000. Copperwynd Financial LLC bought a new stake in shares of LendingClub during the 1st quarter valued at $1,079,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of LendingClub by 62.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 289,251 shares of the credit services provider's stock valued at $4,683,000 after acquiring an additional 111,031 shares during the period. Institutional investors own 74.08% of the company's stock.

LendingClub Stock Down 0.3%

LC stock traded down $0.06 during mid-day trading on Friday, hitting $17.19. The company had a trading volume of 1,487,017 shares, compared to its average volume of 1,734,347. The company has a market capitalization of $1.97 billion, a price-to-earnings ratio of 26.86 and a beta of 2.46. LendingClub Corporation has a 12-month low of $7.90 and a 12-month high of $18.75. The company has a 50-day moving average price of $14.04 and a 200 day moving average price of $11.92.

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

Analysts Set New Price Targets

A number of brokerages have recently issued reports on LC. Citigroup began coverage on shares of LendingClub in a research report on Monday, July 7th. They set a "market perform" rating for the company. Wall Street Zen upgraded shares of LendingClub from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Piper Sandler set a $15.50 target price on shares of LendingClub and gave the company an "overweight" rating in a research note on Wednesday, July 30th. Keefe, Bruyette & Woods lifted their target price on shares of LendingClub from $14.00 to $16.50 and gave the company an "outperform" rating in a research note on Wednesday, July 30th. Finally, Stephens initiated coverage on shares of LendingClub in a research note on Thursday, June 12th. They set an "overweight" rating and a $15.00 target price on the stock. Six investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $16.57.

Insider Buying and Selling at LendingClub

In other LendingClub news, CEO Scott Sanborn sold 5,250 shares of the business's stock in a transaction on Thursday, July 17th. The shares were sold at an average price of $12.98, for a total value of $68,145.00. Following the sale, the chief executive officer owned 1,283,175 shares in the company, valued at $16,655,611.50. The trade was a 0.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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 owned 178,111 shares in the company, 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 quarter, insiders sold 38,955 shares of company stock worth $545,648. Corporate insiders own 3.19% of the company's stock.

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.