LendingClub Corporation (NYSE:LC) Position Raised by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in LendingClub Corporation by 34.2%, owning approximately 508,896 shares valued at $5.25 million as of the latest SEC filing.
• Several large investors have significantly boosted their positions in LendingClub, with Wellington Management Group increasing its holdings by 353.1% to own nearly 3.8 million shares, worth $61.5 million.
• Analysts have upgraded LendingClub's stock ratings, with a consensus target price of $16.57, reflecting a "Moderate Buy" rating from multiple sources.

Connor Clark & Lunn Investment Management Ltd. increased its stake in LendingClub Corporation (NYSE:LC - Free Report) by 34.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 508,896 shares of the credit services provider's stock after acquiring an additional 129,786 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.45% of LendingClub worth $5,252,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Wellington Management Group LLP grew its holdings in shares of LendingClub by 353.1% during the 4th quarter. Wellington Management Group LLP now owns 3,799,585 shares of the credit services provider's stock worth $61,515,000 after acquiring an additional 2,961,050 shares during the period. Driehaus Capital Management LLC boosted its stake in LendingClub by 229.1% during the 4th quarter. Driehaus Capital Management LLC now owns 3,588,799 shares of the credit services provider's stock valued at $58,103,000 after purchasing an additional 2,498,318 shares during the last quarter. Balyasny Asset Management L.P. boosted its stake in LendingClub by 196.5% during the 4th quarter. Balyasny Asset Management L.P. now owns 2,131,253 shares of the credit services provider's stock valued at $34,505,000 after purchasing an additional 1,412,568 shares during the last quarter. Cramer Rosenthal Mcglynn LLC purchased a new stake in LendingClub during the 4th quarter valued at $13,432,000. Finally, G2 Investment Partners Management LLC bought a new position in shares of LendingClub during the 4th quarter valued at $9,751,000. Institutional investors own 74.08% of the company's stock.

Insider Activity

In other news, CEO Scott Sanborn sold 5,250 shares of the firm's stock in a transaction that occurred on Thursday, July 17th. The shares were sold at an average price of $12.98, for a total transaction of $68,145.00. Following the completion of the sale, the chief executive officer owned 1,283,175 shares in the company, valued at $16,655,611.50. This trade represents a 0.41% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Andrew Labenne sold 17,955 shares of the firm's stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $16.65, for a total transaction of $298,950.75. Following the completion of the transaction, the chief financial officer directly owned 178,111 shares of the company's stock, valued at $2,965,548.15. This represents a 9.16% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 38,955 shares of company stock worth $545,648. Corporate insiders own 3.19% of the company's stock.

LendingClub Stock Performance

NYSE LC traded down $0.24 during trading on Thursday, hitting $15.53. The stock had a trading volume of 1,040,962 shares, compared to its average volume of 2,538,176. The stock has a 50 day simple moving average of $12.89 and a 200 day simple moving average of $11.75. LendingClub Corporation has a one year low of $7.90 and a one year high of $18.75. The stock has a market capitalization of $1.78 billion, a price-to-earnings ratio of 24.26 and a beta of 2.46.

LendingClub (NYSE:LC - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The credit services provider reported $0.33 earnings per share for the quarter, beating analysts' consensus estimates of $0.15 by $0.18. The firm had revenue of $248.44 million for the quarter, compared to analyst estimates 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 period in the previous year, the company earned $0.13 earnings per share. On average, sell-side analysts predict that LendingClub Corporation will post 0.72 EPS for the current year.

Analyst Upgrades and Downgrades

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

LendingClub Company Profile

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.