Mackenzie Financial Corp Purchases Shares of 20,472 LendingClub Corporation (NYSE:LC)

Key Points

• Mackenzie Financial Corp has acquired a new stake in LendingClub, buying 20,472 shares valued at approximately $211,000 during the first quarter.
• Several institutional investors, including Wellington Management and Driehaus Capital, significantly increased their stakes in LendingClub, reflecting growing confidence in the company's future.
• LendingClub reported $0.33 EPS for the last quarter, surpassing analysts' estimates of $0.15, and its revenue was up 14.1% year-over-year.

Mackenzie Financial Corp purchased a new stake in shares of LendingClub Corporation (NYSE:LC - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 20,472 shares of the credit services provider's stock, valued at approximately $211,000.

Other institutional investors have also recently made changes to their positions in the company. Comerica Bank purchased a new position in shares of LendingClub during the 4th quarter valued at $37,000. Sterling Capital Management LLC lifted its position in shares of LendingClub by 818.6% during 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. National Bank of Canada FI lifted its holdings in LendingClub by 150.6% during the 4th quarter. National Bank of Canada FI now owns 4,074 shares of the credit services provider's stock worth $66,000 after purchasing an additional 2,448 shares in the last quarter. KBC Group NV purchased a new stake in LendingClub during the 1st quarter worth about $67,000. Finally, Asset Management One Co. Ltd. lifted its holdings in LendingClub by 95.4% during the 1st quarter. Asset Management One Co. Ltd. now owns 9,526 shares of the credit services provider's stock worth $98,000 after purchasing an additional 4,651 shares in the last quarter. Hedge funds and other institutional investors own 74.08% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on LC. Piper Sandler set a $15.50 price objective on LendingClub and gave the stock an "overweight" rating in a report on Wednesday, July 30th. Citigroup assumed coverage on LendingClub in a research report on Monday, July 7th. They set a "market perform" rating on the stock. Wall Street Zen upgraded LendingClub from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Citizens Jmp assumed coverage on LendingClub in a research report on Monday, July 7th. They set a "market perform" rating on the stock. Finally, Stephens assumed coverage on LendingClub in a research report on Thursday, June 12th. They set an "overweight" rating and a $15.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $16.57.

Insiders Place Their Bets

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

LendingClub Trading Down 1.2%

NYSE:LC traded down $0.20 during trading hours on Thursday, reaching $15.58. 511,677 shares of the company traded hands, compared to its average volume of 1,710,480. The business's 50-day moving average price is $12.79 and its two-hundred day moving average price is $11.76. The stock has a market capitalization of $1.79 billion, a P/E ratio of 24.34 and a beta of 2.46. LendingClub Corporation has a 1 year low of $7.90 and a 1 year 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 (EPS) for the quarter, beating analysts' consensus estimates of $0.15 by $0.18. The business had revenue of $248.44 million during 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% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.13 earnings per share. As a group, equities analysts anticipate that LendingClub Corporation will post 0.72 EPS for the current 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.