Nuveen LLC Takes $16.33 Million Position 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 bought a new stake in shares of LendingClub Corporation (NYSE:LC - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 1,582,259 shares of the credit services provider's stock, valued at approximately $16,329,000. Nuveen LLC owned 1.39% of LendingClub as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Comerica Bank acquired a new stake in shares of LendingClub during the 4th quarter valued at about $37,000. Sterling Capital Management LLC grew 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 acquiring an additional 3,119 shares during the period. KBC Group NV acquired a new stake in shares of LendingClub during the 1st quarter valued at about $67,000. Asset Management One Co. Ltd. grew its position in shares of 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 valued at $98,000 after acquiring an additional 4,651 shares during the period. Finally, Highland Capital Management LLC grew its position in shares of LendingClub by 24.4% during the 1st quarter. Highland Capital Management LLC now owns 13,841 shares of the credit services provider's stock valued at $143,000 after acquiring an additional 2,717 shares during the period. 74.08% of the stock is currently owned by institutional investors and hedge funds.

LendingClub Stock Up 0.3%

LC traded up $0.06 during trading on Tuesday, reaching $16.57. The company's stock had a trading volume of 1,344,770 shares, compared to its average volume of 2,459,038. The firm has a fifty day simple moving average of $13.69 and a two-hundred day simple moving average of $11.84. LendingClub Corporation has a 1 year low of $7.90 and a 1 year high of $18.75. The company has a market cap of $1.90 billion, a price-to-earnings ratio of 25.88 and a beta of 2.46.

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

Insider Buying and Selling

In other LendingClub news, CFO Andrew Labenne sold 17,955 shares of the firm'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 value of $298,950.75. Following the transaction, the chief financial officer directly owned 178,111 shares of the company's stock, valued at $2,965,548.15. This trade represents a 9.16% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Scott Sanborn sold 5,250 shares of the firm's stock in a transaction that occurred on Thursday, July 17th. The stock was 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. This trade represents a 0.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 38,955 shares of company stock worth $545,648 over the last three months. Corporate insiders own 3.31% of the company's stock.

Analyst Ratings Changes

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

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.