Persistent Asset Partners Ltd Takes Position in LendingClub Corporation (NYSE:LC)

Key Points

• Persistent Asset Partners Ltd acquired a new stake in LendingClub Corporation, purchasing 119,628 shares valued at approximately $1,235,000, representing 1.0% of their investment portfolio.
• LendingClub reported $0.33 EPS for the last quarter, exceeding analysts' expectations of $0.15, along with a revenue of $248.44 million, up 14.1% year-over-year.
• Several research firms have upgraded LendingClub's stock, with Keefe, Bruyette & Woods raising their price target to $16.50 and maintaining an "outperform" rating.

Persistent Asset Partners Ltd acquired 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 & Exchange Commission. The fund acquired 119,628 shares of the credit services provider's stock, valued at approximately $1,235,000. LendingClub accounts for 1.0% of Persistent Asset Partners Ltd's investment portfolio, making the stock its 27th largest position. Persistent Asset Partners Ltd owned about 0.10% of LendingClub at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of LC. Summit Investment Advisors Inc. lifted its position in shares of LendingClub by 9.3% during the 4th quarter. Summit Investment Advisors Inc. now owns 11,563 shares of the credit services provider's stock worth $187,000 after buying an additional 984 shares during the period. SummerHaven Investment Management LLC lifted its position in shares of LendingClub by 1.2% during the 1st quarter. SummerHaven Investment Management LLC now owns 90,565 shares of the credit services provider's stock worth $935,000 after buying an additional 1,066 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of LendingClub by 11.2% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 17,230 shares of the credit services provider's stock worth $178,000 after buying an additional 1,730 shares during the period. Citizens Financial Group Inc. RI grew its position in LendingClub by 9.5% during the 1st quarter. Citizens Financial Group Inc. RI now owns 23,120 shares of the credit services provider's stock worth $239,000 after acquiring an additional 2,000 shares during the last quarter. Finally, Comerica Bank bought a new stake in LendingClub during the 4th quarter worth approximately $37,000. 74.08% of the stock is currently owned by institutional investors.

LendingClub Stock Down 0.7%

Shares of LC opened at $14.89 on Tuesday. LendingClub Corporation has a 12-month low of $7.90 and a 12-month high of $18.75. The firm has a market capitalization of $1.71 billion, a PE ratio of 23.26 and a beta of 2.46. The stock's fifty day simple moving average is $12.58 and its 200-day simple moving average is $11.70.

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. LendingClub had a net margin of 8.36% and a return on equity of 5.66%. The firm had revenue of $248.44 million for the quarter, compared to analysts' expectations of $227.04 million. During the same period last year, the firm earned $0.13 earnings per share. The business's revenue for the quarter was up 14.1% on a year-over-year basis. Analysts anticipate that LendingClub Corporation will post 0.72 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently commented on LC. Keefe, Bruyette & Woods increased their price target on LendingClub from $14.00 to $16.50 and gave the stock an "outperform" rating in a research report on Wednesday, July 30th. Wall Street Zen upgraded LendingClub from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Stephens began 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. Citigroup began coverage on LendingClub in a research report on Monday, July 7th. They set a "market perform" rating on the stock. Finally, Piper Sandler set a $15.50 price target on LendingClub and gave the stock an "overweight" rating in a research report on Wednesday, July 30th. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $16.57.

Insider Activity at LendingClub

In other news, CEO Scott Sanborn sold 5,250 shares of the stock in a transaction 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 completion of the sale, the chief executive officer owned 1,283,175 shares of the company's stock, valued at $16,655,611.50. This represents a 0.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Andrew Labenne sold 17,955 shares of the business's stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $16.65, for a total transaction of $298,950.75. Following the completion of the sale, the chief financial officer directly owned 178,111 shares in the company, valued at approximately $2,965,548.15. This represents a 9.16% decrease in their position. The disclosure for this sale can be found here. Insiders sold 44,205 shares of company stock valued at $601,561 in the last ninety days. Insiders own 3.31% of the company's stock.

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.

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