Invesco Ltd. Sells 301,797 Shares of LendingClub Corporation $LC

Key Points

• Invesco Ltd. cut its stake in LendingClub Corporation by 47.3% during the first quarter, reducing its ownership to 335,661 shares valued at approximately $3.46 million.
• Several institutional investors, including Wellington Management Group and Driehaus Capital Management, significantly increased their positions in LendingClub, indicating growing institutional interest.
• In its most recent quarterly earnings, LendingClub reported an EPS of $0.33, surpassing analyst expectations of $0.15, with a year-over-year revenue increase of 14.1%.

Invesco Ltd. lowered its holdings in shares of LendingClub Corporation (NYSE:LC - Free Report) by 47.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 335,661 shares of the credit services provider's stock after selling 301,797 shares during the quarter. Invesco Ltd. owned 0.29% of LendingClub worth $3,464,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of LC. Wellington Management Group LLP raised its position in LendingClub by 353.1% in the 4th quarter. Wellington Management Group LLP now owns 3,799,585 shares of the credit services provider's stock valued at $61,515,000 after buying an additional 2,961,050 shares during the last quarter. Driehaus Capital Management LLC raised its position in LendingClub by 229.1% in 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 buying an additional 2,498,318 shares during the last quarter. Balyasny Asset Management L.P. raised its position in LendingClub by 196.5% in 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 buying an additional 1,412,568 shares during the last quarter. Nuveen Asset Management LLC raised its position in LendingClub by 2.8% in the 4th quarter. Nuveen Asset Management LLC now owns 1,839,360 shares of the credit services provider's stock valued at $29,779,000 after buying an additional 49,996 shares during the last quarter. Finally, Northern Trust Corp raised its position in LendingClub by 6.0% in 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 last quarter. Institutional investors and hedge funds own 74.08% of the company's stock.

LendingClub Price Performance

LC stock traded up $0.15 during mid-day trading on Thursday, reaching $16.51. The company had a trading volume of 79,329 shares, compared to its average volume of 1,697,968. The stock has a 50 day simple moving average of $14.36 and a two-hundred day simple moving average of $11.99. The company has a market capitalization of $1.89 billion, a price-to-earnings ratio of 25.79 and a beta of 2.53. LendingClub Corporation has a 52 week low of $7.90 and a 52 week high of $18.75.

LendingClub (NYSE:LC - Get Free Report) last posted its quarterly earnings results 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 during the quarter, compared to the consensus estimate of $227.04 million. LendingClub had a return on equity of 5.66% and a net margin of 8.36%.The business's revenue was up 14.1% compared to the same quarter last year. During the same period last year, the company earned $0.13 earnings per share. On average, equities analysts predict that LendingClub Corporation will post 0.72 EPS for the current year.

Insider Activity at LendingClub

In other news, CEO Scott Sanborn sold 5,250 shares of LendingClub stock in a transaction that occurred on Thursday, July 17th. The stock was sold at an average price of $12.98, for a total transaction of $68,145.00. Following the completion of the transaction, the chief executive officer directly owned 1,283,175 shares in the company, valued at approximately $16,655,611.50. The trade was a 0.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Andrew Labenne sold 17,955 shares of LendingClub stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $16.65, for a total value of $298,950.75. Following the transaction, the chief financial officer owned 178,111 shares of the company's stock, valued at $2,965,548.15. This represents a 9.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 33,705 shares of company stock valued at $491,573 over the last quarter. 3.31% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

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