Bank of America Corp DE Purchases 169,220 Shares of LendingClub Corporation $LC

Key Points

• Bank of America increased its LendingClub stake by 14.8% in the first quarter, purchasing 169,220 shares and bringing its holdings to 1.31 million shares worth approximately $18.75 million. Institutional investors collectively own 74.08% of LendingClub.
• LendingClub shares opened at $19.21, compared with a 12-month range of $10.74 to $21.67. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $23.07, while Stephens raised its target to $22.50.
• Company insiders sold 119,750 shares worth about $2.18 million during the latest quarter, including sales by CEO Scott Sanborn and SVP Fergal Stack; both transactions were conducted under pre-arranged Rule 10b5-1 plans.

Bank of America Corp DE raised its position in shares of LendingClub Corporation (NYSE:LC - Free Report) by 14.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,309,624 shares of the credit services provider's stock after buying an additional 169,220 shares during the quarter. Bank of America Corp DE owned about 1.14% of LendingClub worth $18,754,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. AQR Capital Management LLC grew its holdings in LendingClub by 165.1% in the first quarter. AQR Capital Management LLC now owns 33,788 shares of the credit services provider's stock worth $349,000 after purchasing an additional 21,045 shares during the period. Goldman Sachs Group Inc. raised its stake in LendingClub by 1.4% during the first quarter. Goldman Sachs Group Inc. now owns 852,005 shares of the credit services provider's stock valued at $8,793,000 after buying an additional 12,019 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in LendingClub by 3.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 300,658 shares of the credit services provider's stock valued at $3,103,000 after buying an additional 11,407 shares during the last quarter. Cetera Investment Advisers boosted its holdings in LendingClub by 105.9% in the second quarter. Cetera Investment Advisers now owns 28,870 shares of the credit services provider's stock worth $347,000 after acquiring an additional 14,851 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in LendingClub by 10.9% in the second quarter. JPMorgan Chase & Co. now owns 585,163 shares of the credit services provider's stock worth $7,040,000 after acquiring an additional 57,309 shares in the last quarter. Institutional investors own 74.08% of the company's stock.

LendingClub Stock Performance

LC stock opened at $19.21 on Thursday. The stock's 50 day simple moving average is $19.14 and its 200 day simple moving average is $17.00. LendingClub Corporation has a 12-month low of $10.74 and a 12-month high of $21.67. The stock has a market capitalization of $2.22 billion, a PE ratio of 12.89 and a beta of 1.98.

Analysts Set New Price Targets

LC has been the topic of a number of recent research reports. Zacks Research raised LendingClub from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, April 28th. Stephens reaffirmed an "overweight" rating and issued a $22.50 price target (up from $21.00) on shares of LendingClub in a research report on Tuesday, April 28th. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of LendingClub in a research note on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, LendingClub currently has a consensus rating of "Moderate Buy" and an average price target of $23.07.

Insider Transactions at LendingClub

In other news, CEO Scott Sanborn sold 4,899 shares of the stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $18.00, for a total value of $88,182.00. Following the transaction, the chief executive officer owned 1,589,813 shares in the company, valued at $28,616,634. This represents a 0.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Fergal Stack sold 60,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $19.00, for a total transaction of $1,140,000.00. Following the completion of the transaction, the senior vice president directly owned 204,977 shares in the company, valued at approximately $3,894,563. The trade was a 22.64% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 119,750 shares of company stock valued at $2,183,691. 3.19% of the stock is owned by company insiders.

LendingClub Company Profile

LendingClub Corporation operates an online lending marketplace that connects borrowers seeking personal and small business credit with individual and institutional investors. The platform leverages technology to streamline the loan application and underwriting process, offering unsecured personal loans, auto refinancing, and small business loans. In addition to lending products, LendingClub provides high-yield savings accounts and certificates of deposit through its banking charter, following its acquisition of Radius Bank in 2021.

Founded in 2006 by Renaud Laplanche, LendingClub pioneered peer-to-peer lending in the United States, helping to democratize access to credit and investment opportunities.

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