Janney Montgomery Scott LLC Invests $458,000 in LendingClub Corporation $LC

Key Points

• Janney Montgomery Scott LLC invested around $458,000 in LendingClub Corporation by buying 38,047 shares during the second quarter.
• Institutional investors now hold approximately 74.08% of LendingClub's stock, indicating strong institutional interest in the company.
• LendingClub recently reported a quarterly earnings per share of $0.33, significantly exceeding analyst expectations and showing a year-over-year revenue growth of 14.1%.

Janney Montgomery Scott LLC purchased a new position in shares of LendingClub Corporation (NYSE:LC - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 38,047 shares of the credit services provider's stock, valued at approximately $458,000.

A number of other institutional investors and hedge funds have also made changes to their positions in LC. Quarry LP increased its stake in shares of LendingClub by 1,427.2% during the first quarter. Quarry LP now owns 2,810 shares of the credit services provider's stock worth $29,000 after acquiring an additional 2,626 shares during the period. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of LendingClub during the first quarter worth about $35,000. KBC Group NV acquired a new position in shares of LendingClub during the first quarter worth about $67,000. Asset Management One Co. Ltd. increased its stake in shares of 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 during the period. Finally, Vident Advisory LLC acquired a new position in shares of LendingClub during the first quarter worth about $118,000. 74.08% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Scott Sanborn sold 30,000 shares of the firm's stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $17.04, for a total transaction of $511,200.00. Following the sale, the chief executive officer owned 1,240,070 shares in the company, valued at approximately $21,130,792.80. This trade represents a 2.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Erin Selleck sold 2,390 shares of the firm's stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $16.82, for a total transaction of $40,199.80. Following the sale, the director owned 73,987 shares in the company, valued at approximately $1,244,461.34. This trade represents a 3.13% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 101,248 shares of company stock worth $1,706,038 over the last ninety days. 3.19% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on LC shares. Wall Street Zen upgraded shares of LendingClub from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Keefe, Bruyette & Woods upped their target price on shares of LendingClub from $14.00 to $16.50 and gave the stock an "outperform" rating in a research report on Wednesday, July 30th. Citizens Jmp assumed coverage on shares of LendingClub in a research report on Monday, July 7th. They set a "market perform" rating on the stock. Zacks Research lowered shares of LendingClub from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 29th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of LendingClub in a research report on Wednesday, October 8th. Six equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $16.57.

LendingClub Price Performance

LC stock opened at $15.39 on Friday. The company's 50 day simple moving average is $16.17 and its 200-day simple moving average is $12.99. The firm has a market capitalization of $1.77 billion, a PE ratio of 24.05 and a beta of 2.48. LendingClub Corporation has a 12 month low of $7.90 and a 12 month high of $18.75.

LendingClub (NYSE:LC - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The credit services provider reported $0.33 EPS for the quarter, beating the consensus estimate of $0.15 by $0.18. The business 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 company's quarterly revenue was up 14.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.13 earnings per share. As a group, sell-side analysts anticipate that LendingClub Corporation will post 0.72 earnings per share for the current year.

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.

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