Vanguard Group Inc. Sells 171,929 Shares of LendingClub Corporation $LC

Key Points

• Vanguard Group Inc. reduced its stake in LendingClub Corporation by 1.4%, selling 171,929 shares, but still owns 10.38% of the company valued at approximately $122 million.
• Several institutional investors have varying changes in their positions, with SummerHaven Investment Management increasing their stake by 1.2%, while Sterling Capital Management raised its holdings by an impressive 818.6%.
• LendingClub reported earnings of $0.33 EPS for the quarter, exceeding analysts' expectations and reflecting a 14.1% year-over-year increase in revenue.

Vanguard Group Inc. lessened its holdings in LendingClub Corporation (NYSE:LC - Free Report) by 1.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,855,242 shares of the credit services provider's stock after selling 171,929 shares during the period. Vanguard Group Inc. owned about 10.38% of LendingClub worth $122,346,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. LPL Financial LLC bought a new position in shares of LendingClub in the fourth quarter valued at approximately $594,000. Wells Fargo & Company MN lifted its position in shares of LendingClub by 277.9% during the fourth quarter. Wells Fargo & Company MN now owns 191,206 shares of the credit services provider's stock valued at $3,096,000 after purchasing an additional 140,611 shares in the last quarter. Legal & General Group Plc boosted its holdings in LendingClub by 4.1% during the fourth quarter. Legal & General Group Plc now owns 122,498 shares of the credit services provider's stock worth $1,983,000 after purchasing an additional 4,779 shares during the last quarter. Raymond James Financial Inc. bought a new stake in LendingClub in the 4th quarter worth about $1,696,000. Finally, Sterling Capital Management LLC increased its stake in LendingClub by 818.6% in the 4th quarter. Sterling Capital Management LLC now owns 3,500 shares of the credit services provider's stock valued at $57,000 after buying an additional 3,119 shares during the last quarter. Institutional investors and hedge funds own 74.08% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on LC shares. Citizens Jmp assumed coverage on LendingClub in a research note on Monday, July 7th. They issued a "market perform" rating on the stock. Stephens initiated coverage on LendingClub in a research note on Thursday, June 12th. They set an "overweight" rating and a $15.00 target price on the stock. Wall Street Zen upgraded shares of LendingClub from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Piper Sandler set a $15.50 price objective on shares of LendingClub and gave the stock an "overweight" rating in a research report on Wednesday, July 30th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of LendingClub from $14.00 to $16.50 and gave the company an "outperform" rating in a research note on Wednesday, July 30th. Six analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $16.57.

LendingClub Stock Up 1.2%

LC traded up $0.19 on Monday, hitting $16.50. The company's stock had a trading volume of 1,217,993 shares, compared to its average volume of 1,709,632. LendingClub Corporation has a 12 month low of $7.90 and a 12 month high of $18.75. The firm has a market cap of $1.89 billion, a P/E ratio of 25.78 and a beta of 2.46. The company's 50 day simple moving average is $13.47 and its 200-day simple moving average is $11.78.

LendingClub (NYSE:LC - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The credit services provider reported $0.33 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.15 by $0.18. The business 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 firm's quarterly revenue was up 14.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.13 EPS. Equities analysts predict that LendingClub Corporation will post 0.72 earnings per share for the current fiscal year.

Insider Activity at LendingClub

In other news, CEO Scott Sanborn sold 5,250 shares of the business's stock in a transaction 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 completion of the transaction, the chief executive officer directly owned 1,283,175 shares in the company, valued at $16,655,611.50. The trade was a 0.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Andrew Labenne sold 17,955 shares of the company's stock in a transaction on Wednesday, July 30th. The stock was 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 directly owned 178,111 shares in the company, valued at approximately $2,965,548.15. The trade was a 9.16% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 38,955 shares of company stock valued at $545,648. 3.19% of the stock is owned by corporate insiders.

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.