Bank of America Corp DE Has $6.51 Million Stake in LendingClub Co. (NYSE:LC)

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

Other institutional investors have also modified their holdings of the company. Victory Capital Management Inc. grew its position in shares of LendingClub by 301.0% during the 4th quarter. Victory Capital Management Inc. now owns 54,687 shares of the credit services provider's stock valued at $885,000 after buying an additional 41,048 shares during the last quarter. Raymond James Financial Inc. acquired a new position in LendingClub during the 4th quarter valued at about $1,696,000. Invesco Ltd. boosted its stake in LendingClub by 87.1% during the 4th quarter. Invesco Ltd. now owns 637,458 shares of the credit services provider's stock valued at $10,320,000 after purchasing an additional 296,813 shares during the period. Oppenheimer Asset Management Inc. acquired a new stake in shares of LendingClub in the 4th quarter worth approximately $470,000. Finally, Arrowstreet Capital Limited Partnership lifted its stake in shares of LendingClub by 158.6% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,522,360 shares of the credit services provider's stock worth $24,647,000 after acquiring an additional 933,680 shares during the period. Institutional investors own 74.08% of the company's stock.

Analyst Ratings Changes

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

Insider Activity at LendingClub

In other news, Director Michael P. Zeisser acquired 20,000 shares of the firm's stock in a transaction that occurred on Wednesday, April 30th. The stock was purchased at an average price of $9.35 per share, for a total transaction of $187,000.00. Following the completion of the acquisition, the director now owns 174,138 shares in the company, valued at $1,628,190.30. This trade represents a 12.98% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Scott Sanborn sold 5,250 shares of the company's stock in a transaction that occurred on Wednesday, April 9th. The shares were sold at an average price of $10.00, for a total transaction of $52,500.00. Following the completion of the transaction, the chief executive officer now owns 1,303,032 shares of the company's stock, valued at $13,030,320. This trade represents a 0.40% decrease in their position. The disclosure for this sale can be found here. Insiders sold 21,000 shares of company stock valued at $215,198 in the last ninety days. Insiders own 3.31% of the company's stock.

LendingClub Price Performance

Shares of NYSE LC traded down $0.05 during trading hours on Friday, hitting $10.09. 353,557 shares of the stock were exchanged, compared to its average volume of 1,608,656. The company's 50 day moving average is $10.11 and its 200 day moving average is $13.11. The firm has a market capitalization of $1.15 billion, a P/E ratio of 22.43 and a beta of 2.35. LendingClub Co. has a one year low of $7.81 and a one year high of $18.75.

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

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.