Federated Hermes Inc. Has $6.13 Million Stock Position in LendingClub Corporation (NYSE:LC)

Key Points

• Federated Hermes Inc. has reduced its stake in LendingClub Corporation by 8.3%, owning now 594,351 shares valued at approximately $6.13 million.
• Institutional investors own 74.08% of LendingClub’s stock, with significant increases in holdings from firms like Wellington Management Group (up 353.1%) and Driehaus Capital Management (up 229.1%).
• LendingClub’s stock has performed well recently, with a 3.0% increase, reaching $16.06, following better-than-expected earnings results that surpassed analysts' revenue expectations.

Federated Hermes Inc. trimmed its position in shares of LendingClub Corporation (NYSE:LC - Free Report) by 8.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 594,351 shares of the credit services provider's stock after selling 53,610 shares during the period. Federated Hermes Inc. owned about 0.52% of LendingClub worth $6,134,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Mackenzie Financial Corp acquired a new stake in LendingClub in the first quarter valued at $211,000. Universal Beteiligungs und Servicegesellschaft mbH lifted its holdings in LendingClub by 9.0% in the first quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 257,845 shares of the credit services provider's stock valued at $2,661,000 after acquiring an additional 21,256 shares during the period. Y Intercept Hong Kong Ltd lifted its holdings in LendingClub by 100.4% in the first quarter. Y Intercept Hong Kong Ltd now owns 48,625 shares of the credit services provider's stock valued at $502,000 after acquiring an additional 24,363 shares during the period. Allianz Asset Management GmbH increased its position in shares of LendingClub by 5.1% in the first quarter. Allianz Asset Management GmbH now owns 190,059 shares of the credit services provider's stock valued at $1,961,000 after buying an additional 9,300 shares in the last quarter. Finally, Copperwynd Financial LLC purchased a new stake in LendingClub during the 1st quarter worth about $1,079,000. 74.08% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

LC has been the subject of a number of recent research reports. Wall Street Zen upgraded LendingClub from a "sell" rating to a "hold" rating in a research report on Saturday. Stephens started coverage on LendingClub in a report on Thursday, June 12th. They issued an "overweight" rating and a $15.00 price target for the company. Keefe, Bruyette & Woods upped their price objective on LendingClub from $14.00 to $16.50 and gave the stock an "outperform" rating in a research note on Wednesday, July 30th. Piper Sandler set a $15.50 price objective on LendingClub and gave the stock an "overweight" rating in a research note on Wednesday, July 30th. Finally, Citigroup started coverage on LendingClub in a research report on Monday, July 7th. They set a "market perform" rating for the company. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $16.57.

LendingClub Price Performance

Shares of LendingClub stock traded down $0.18 during trading on Tuesday, hitting $15.87. The stock had a trading volume of 1,843,965 shares, compared to its average volume of 2,515,851. The firm has a market cap of $1.82 billion, a P/E ratio of 24.80 and a beta of 2.46. The business has a fifty day moving average of $12.06 and a two-hundred day moving average of $11.76. LendingClub Corporation has a fifty-two week low of $7.90 and a fifty-two week high of $18.75.

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

Insider Activity

In other LendingClub news, CEO Scott Sanborn sold 5,250 shares of the company's stock in a transaction dated 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 $16,655,611.50. This represents a 0.41% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Andrew Labenne sold 17,955 shares of the company's stock in a transaction dated Wednesday, July 30th. The stock was 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 approximately $2,965,548.15. The trade was a 9.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 44,205 shares of company stock worth $601,561. Insiders own 3.31% of the company's stock.

LendingClub Company 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.