American Century Companies Inc. Trims Stock Position in LendingClub Corporation $LC

Key Points

• American Century Companies Inc. reduced its stake in LendingClub Corporation by 2.5%, now holding approximately 1.62% of the company valued at $19.07 million.
• Several institutional investors, including Wellington Management Group and Driehaus Capital Management, significantly increased their holdings in LendingClub during Q4, with increases of 353.1% and 229.1% respectively.
• LendingClub reported earnings of $0.33 per share for the last quarter, exceeding analysts' expectations and reflecting a 14.1% year-over-year revenue increase to $248.44 million.

American Century Companies Inc. trimmed its holdings in LendingClub Corporation (NYSE:LC - Free Report) by 2.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,847,909 shares of the credit services provider's stock after selling 47,790 shares during the period. American Century Companies Inc. owned about 1.62% of LendingClub worth $19,070,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in LC. Wellington Management Group LLP lifted its position in shares of LendingClub by 353.1% during the fourth quarter. Wellington Management Group LLP now owns 3,799,585 shares of the credit services provider's stock valued at $61,515,000 after purchasing an additional 2,961,050 shares in the last quarter. Driehaus Capital Management LLC lifted its position in shares of LendingClub by 229.1% during the fourth 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 in the last quarter. Balyasny Asset Management L.P. lifted its position in shares of LendingClub by 196.5% during the fourth 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 in the last quarter. Nuveen Asset Management LLC lifted its position in shares of LendingClub by 2.8% during the fourth quarter. Nuveen Asset Management LLC now owns 1,839,360 shares of the credit services provider's stock valued at $29,779,000 after purchasing an additional 49,996 shares in the last quarter. Finally, Nuveen LLC bought a new position in shares of LendingClub during the first quarter valued at about $16,329,000. 74.08% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on LC. Piper Sandler set a $15.50 price target on shares of LendingClub and gave the company an "overweight" rating in a research report on Wednesday, July 30th. Citizens Jmp began coverage on shares of LendingClub in a research report on Monday, July 7th. They set a "market perform" rating on the stock. Citigroup began coverage on shares of LendingClub in a research report on Monday, July 7th. They set a "market perform" rating on the stock. Keefe, Bruyette & Woods raised their price target on shares of LendingClub from $14.00 to $16.50 and gave the company an "outperform" rating in a research report on Wednesday, July 30th. Finally, Wall Street Zen raised shares of LendingClub from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Six research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $16.57.

Insider Activity

In related news, CFO Andrew Labenne sold 17,955 shares of the business'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 owned 178,111 shares of the company's stock, valued at approximately $2,965,548.15. The trade was a 9.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Scott Sanborn sold 5,250 shares of the business'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 transaction, the chief executive officer directly owned 1,283,175 shares of the company's stock, valued at approximately $16,655,611.50. This represents a 0.41% decrease in their position. The disclosure for this sale can be found here. Insiders sold 38,955 shares of company stock valued at $545,648 in the last quarter. Corporate insiders own 3.19% of the company's stock.

LendingClub Price Performance

Shares of LC traded up $0.51 during trading hours on Thursday, hitting $17.32. The company's stock had a trading volume of 760,836 shares, compared to its average volume of 1,704,356. The company has a market cap of $1.99 billion, a price-to-earnings ratio of 26.98 and a beta of 2.46. The business has a 50 day simple moving average of $13.80 and a two-hundred day simple moving average of $11.87. 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 earnings results on Tuesday, July 29th. The credit services provider reported $0.33 earnings per share for the quarter, topping the consensus estimate 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 net margin of 8.36% and a return on equity of 5.66%. The company's revenue was up 14.1% on a year-over-year basis. During the same quarter last year, the company earned $0.13 earnings per share. Research analysts predict that LendingClub Corporation will post 0.72 earnings per share for the current 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.