Bank of America Corp DE Acquires 211,979 Shares of LendingClub Co. (NYSE:LC)

Bank of America Corp DE grew its position in shares of LendingClub Co. (NYSE:LC - Free Report) by 111.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 402,033 shares of the credit services provider's stock after acquiring an additional 211,979 shares during the quarter. Bank of America Corp DE owned 0.36% of LendingClub worth $6,509,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the company. Basswood Capital Management L.L.C. acquired a new position in LendingClub during the 4th quarter worth approximately $8,959,000. BNP Paribas Financial Markets bought a new stake in shares of LendingClub during the 4th quarter worth approximately $750,000. Comerica Bank bought a new stake in shares of LendingClub during the 4th quarter worth approximately $37,000. Northern Trust Corp raised its stake in shares of LendingClub by 6.0% during the 4th quarter. Northern Trust Corp now owns 1,048,618 shares of the credit services provider's stock worth $16,977,000 after purchasing an additional 59,186 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new stake in shares of LendingClub during the 4th quarter worth approximately $2,419,000. Institutional investors and hedge funds own 74.08% of the company's stock.

LendingClub Stock Performance

Shares of NYSE LC traded down $0.08 during mid-day trading on Friday, reaching $10.05. The company had a trading volume of 901,787 shares, compared to its average volume of 1,616,537. LendingClub Co. has a one year low of $7.81 and a one year high of $18.75. The firm has a market cap of $1.15 billion, a price-to-earnings ratio of 22.33 and a beta of 2.35. The business's 50-day simple moving average is $10.09 and its 200 day simple moving average is $13.06.

LendingClub (NYSE:LC - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The credit services provider reported $0.10 EPS for the quarter, hitting analysts' consensus estimates of $0.10. LendingClub had a return on equity of 4.16% and a net margin of 6.52%. The company had revenue of $217.71 million for the quarter, compared to analysts' expectations of $213.71 million. During the same quarter last year, the business earned $0.11 earnings per share. LendingClub's revenue was up 21670.0% on a year-over-year basis. On average, sell-side analysts anticipate that LendingClub Co. will post 0.72 EPS for the current year.

Analyst Ratings Changes

LC has been the topic of a number of analyst reports. Wall Street Zen cut LendingClub from a "hold" rating to a "sell" rating in a research note on Tuesday, May 6th. Keefe, Bruyette & Woods dropped their price target on LendingClub from $15.00 to $14.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. Finally, JPMorgan Chase & Co. dropped their price target on LendingClub from $17.00 to $14.00 and set a "neutral" rating on the stock in a research note on Monday, March 10th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $15.75.

Insider Activity at LendingClub

In related news, CEO Scott Sanborn sold 5,250 shares of LendingClub stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $10.34, for a total value of $54,285.00. Following the transaction, the chief executive officer now directly owns 1,297,782 shares of the company's stock, valued at $13,419,065.88. The trade was a 0.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael P. Zeisser acquired 20,000 shares of the business's stock in a transaction that occurred on Wednesday, April 30th. The stock was bought at an average cost of $9.35 per share, for a total transaction of $187,000.00. Following the completion of the purchase, the director now owns 174,138 shares of the company's stock, valued at $1,628,190.30. This trade represents a 12.98% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 21,000 shares of company stock valued at $215,198 over the last ninety days. 3.31% of the stock is owned by corporate insiders.

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.