Millennium Management LLC Sells 1,640,431 Shares of LendingClub Co. (NYSE:LC)

Millennium Management LLC reduced its position in LendingClub Co. (NYSE:LC - Free Report) by 67.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 776,692 shares of the credit services provider's stock after selling 1,640,431 shares during the period. Millennium Management LLC owned approximately 0.69% of LendingClub worth $12,575,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of LC. Comerica Bank purchased a new stake in shares of LendingClub during the 4th quarter valued at $37,000. SBI Securities Co. Ltd. purchased a new position in LendingClub during the 4th quarter valued at about $45,000. Sterling Capital Management LLC grew its holdings in 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 in the last quarter. National Bank of Canada FI grew 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 valued at $66,000 after buying an additional 2,448 shares in the last quarter. Finally, Jones Financial Companies Lllp grew its holdings in LendingClub by 49.2% during the 4th quarter. Jones Financial Companies Lllp now owns 5,986 shares of the credit services provider's stock valued at $97,000 after buying an additional 1,975 shares in the last quarter. 74.08% of the stock is currently owned by institutional investors.

LendingClub Trading Down 0.3%

Shares of NYSE LC traded down $0.03 during midday trading on Thursday, hitting $10.05. 197,708 shares of the company's stock were exchanged, compared to its average volume of 1,681,418. LendingClub Co. has a 12-month low of $7.81 and a 12-month high of $18.75. The company has a market cap of $1.15 billion, a price-to-earnings ratio of 22.33 and a beta of 2.35. The business's fifty day moving average price is $10.14 and its two-hundred day moving average price is $13.15.

LendingClub (NYSE:LC - Get Free Report) last released its earnings results on Tuesday, April 29th. The credit services provider reported $0.10 earnings per share for the quarter, hitting analysts' consensus estimates of $0.10. The company had revenue of $217.71 million during the quarter, compared to the consensus estimate of $213.71 million. LendingClub had a return on equity of 4.16% and a net margin of 6.52%. LendingClub's quarterly revenue was up 21670.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.11 EPS. Equities analysts expect that LendingClub Co. will post 0.72 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Scott Sanborn sold 5,250 shares of the business's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $10.65, for a total value of $55,912.50. Following the completion of the sale, the chief executive officer now owns 1,287,282 shares in the company, valued at $13,709,553.30. The trade was a 0.41% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Michael P. Zeisser bought 20,000 shares of the company's stock in a transaction that occurred on Wednesday, April 30th. The stock was purchased at an average price of $9.35 per share, with a total value of $187,000.00. Following the transaction, the director now directly owns 174,138 shares in the company, valued at $1,628,190.30. The trade was a 12.98% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 21,000 shares of company stock worth $215,198 in the last quarter. 3.31% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. JPMorgan Chase & Co. reduced their target price on LendingClub from $17.00 to $14.00 and set a "neutral" rating for the company in a report on Monday, March 10th. Keefe, Bruyette & Woods cut their price objective on LendingClub from $15.00 to $14.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Wall Street Zen lowered LendingClub from a "hold" rating to a "sell" rating in a report on Tuesday, May 6th. Finally, Piper Sandler reissued an "overweight" rating and set a $19.00 price objective (down previously from $20.00) on shares of LendingClub in a report on Wednesday, January 29th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat, LendingClub presently has an average rating of "Moderate Buy" and a consensus price target of $15.75.

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.