Russell Investments Group Ltd. Sells 53,788 Shares of LendingClub Corporation $LC

Key Points

• Russell Investments Group Ltd. reduced its position in LendingClub by 17.0%, owning approximately 0.23% of the company after selling 53,788 shares in the first quarter.
• Several large investors significantly increased their holdings in LendingClub, with Wellington Management Group boosting its stake by 353.1% during the last quarter.
• LendingClub's recent quarterly earnings showed an EPS of $0.33, exceeding expectations and marking a 14.1% revenue increase compared to the same period last year.

Russell Investments Group Ltd. lessened its holdings in shares of LendingClub Corporation (NYSE:LC - Free Report) by 17.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 262,397 shares of the credit services provider's stock after selling 53,788 shares during the period. Russell Investments Group Ltd. owned about 0.23% of LendingClub worth $2,708,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. SummerHaven Investment Management LLC increased its holdings in LendingClub by 1.2% during the 1st quarter. SummerHaven Investment Management LLC now owns 90,565 shares of the credit services provider's stock valued at $935,000 after purchasing an additional 1,066 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in LendingClub by 11.2% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 17,230 shares of the credit services provider's stock valued at $178,000 after purchasing an additional 1,730 shares during the period. Citizens Financial Group Inc. RI increased its holdings in LendingClub by 9.5% during the 1st quarter. Citizens Financial Group Inc. RI now owns 23,120 shares of the credit services provider's stock valued at $239,000 after purchasing an additional 2,000 shares during the period. Comerica Bank purchased a new position in LendingClub during the 4th quarter valued at about $37,000. Finally, Highland Capital Management LLC grew its holdings in shares of LendingClub by 24.4% during the 1st quarter. Highland Capital Management LLC now owns 13,841 shares of the credit services provider's stock worth $143,000 after acquiring an additional 2,717 shares during the period. Hedge funds and other institutional investors own 74.08% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Citigroup assumed coverage on LendingClub in a report on Monday, July 7th. They set a "market perform" rating on the stock. Stephens assumed coverage on LendingClub in a report on Thursday, June 12th. They set 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 stock an "overweight" rating in a report on Wednesday, July 30th. Citizens Jmp assumed coverage on LendingClub in a report on Monday, July 7th. They set a "market perform" rating on the stock. Finally, Wall Street Zen upgraded LendingClub from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Six research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $16.57.

Insider Activity at LendingClub

In related news, CEO Scott Sanborn sold 5,250 shares of the company's stock in a transaction that occurred on Thursday, July 17th. The stock was sold at an average price of $12.98, for a total value 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Andrew Labenne sold 17,955 shares of the company'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 value of $298,950.75. Following the completion of the transaction, the chief financial officer directly owned 178,111 shares in the company, valued at $2,965,548.15. This trade represents a 9.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 38,955 shares of company stock worth $545,648 over the last ninety days. 3.19% of the stock is currently owned by insiders.

LendingClub Stock Performance

Shares of LC traded up $0.38 during mid-day trading on Thursday, reaching $17.19. The company had a trading volume of 1,461,617 shares, compared to its average volume of 1,708,739. The firm has a 50-day moving average price of $13.80 and a 200 day moving average price of $11.87. LendingClub Corporation has a 52 week low of $7.90 and a 52 week high of $18.75. The company has a market capitalization of $1.97 billion, a price-to-earnings ratio of 26.85 and a beta of 2.46.

LendingClub (NYSE:LC - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The credit services provider reported $0.33 EPS for the quarter, topping analysts' consensus estimates of $0.15 by $0.18. The firm had revenue of $248.44 million for the quarter, compared to analysts' expectations of $227.04 million. LendingClub had a return on equity of 5.66% and a net margin of 8.36%.The business's revenue for the quarter was up 14.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.13 EPS. As a group, research analysts forecast that LendingClub Corporation will post 0.72 earnings per share for the current fiscal year.

LendingClub 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.