Nuveen LLC Invests $16.33 Million in LendingClub Corporation $LC

Key Points

• Nuveen LLC acquired 1,582,259 shares of LendingClub Corporation in Q1, making its total ownership approximately 1.39% of the company, valued at about $16.3 million.
• Insider trading activity revealed CEO Scott Sanborn and CFO Andrew Labenne sold shares recently, with Sanborn reducing his stake by 0.41% and Labenne by 9.16% following their transactions.
• LendingClub reported a quarterly revenue of $248.44 million, exceeding analyst expectations and resulting in an EPS of $0.33, which is significantly higher than the consensus estimate of $0.15.

Nuveen LLC acquired a new stake in LendingClub Corporation (NYSE:LC - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 1,582,259 shares of the credit services provider's stock, valued at approximately $16,329,000. Nuveen LLC owned approximately 1.39% of LendingClub at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. Wellington Management Group LLP lifted its stake in shares of LendingClub by 353.1% in the fourth quarter. Wellington Management Group LLP now owns 3,799,585 shares of the credit services provider's stock valued at $61,515,000 after buying an additional 2,961,050 shares in the last quarter. Driehaus Capital Management LLC boosted its holdings in LendingClub by 229.1% during the 4th quarter. Driehaus Capital Management LLC now owns 3,588,799 shares of the credit services provider's stock worth $58,103,000 after acquiring an additional 2,498,318 shares during the last quarter. Balyasny Asset Management L.P. boosted its holdings in LendingClub by 196.5% during the 4th quarter. Balyasny Asset Management L.P. now owns 2,131,253 shares of the credit services provider's stock worth $34,505,000 after acquiring an additional 1,412,568 shares during the last quarter. Nuveen Asset Management LLC boosted its holdings in LendingClub by 2.8% during the 4th quarter. Nuveen Asset Management LLC now owns 1,839,360 shares of the credit services provider's stock worth $29,779,000 after acquiring an additional 49,996 shares during the last quarter. Finally, Northern Trust Corp boosted its holdings in LendingClub by 6.0% during the 4th quarter. Northern Trust Corp now owns 1,048,618 shares of the credit services provider's stock worth $16,977,000 after acquiring an additional 59,186 shares during the last quarter. 74.08% of the stock is owned by institutional investors.

LendingClub Stock Performance

NYSE LC traded up $0.23 during trading on Monday, hitting $16.54. 681,868 shares of the company's stock traded hands, compared to its average volume of 1,705,692. The stock has a market capitalization of $1.90 billion, a price-to-earnings ratio of 25.84 and a beta of 2.46. LendingClub Corporation has a 12-month low of $7.90 and a 12-month high of $18.75. The business has a 50 day moving average of $13.47 and a 200-day moving average of $11.78.

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

Analyst Upgrades and Downgrades

LC has been the topic of a number of analyst reports. Stephens initiated coverage on shares of LendingClub in a report on Thursday, June 12th. They set an "overweight" rating and a $15.00 price objective on the stock. Piper Sandler set a $15.50 price objective on shares of LendingClub and gave the stock an "overweight" rating in a report on Wednesday, July 30th. Wall Street Zen raised shares of LendingClub from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Citizens Jmp began coverage on shares of LendingClub in a research report on Monday, July 7th. They issued a "market perform" rating on the stock. Finally, Citigroup began coverage on shares of LendingClub in a research report on Monday, July 7th. They issued a "market perform" rating on the stock. Six research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. 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, CFO Andrew Labenne sold 17,955 shares of the business'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 transaction of $298,950.75. Following the completion of the transaction, the chief financial officer owned 178,111 shares of the company's stock, valued at approximately $2,965,548.15. The trade was a 9.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Scott Sanborn sold 5,250 shares of the business's stock in a transaction that occurred 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 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 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.

About LendingClub

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.