LendingClub Corporation $LC Shares Sold by Rhino Investment Partners Inc

Key Points

• Rhino Investment Partners Inc significantly reduced its stake in LendingClub Corporation by 62.6%, selling 800,766 shares and now holds only 479,406 shares.
• LendingClub reported earnings of $0.33 per share for the last quarter, surpassing analysts' estimates of $0.15, and saw revenue of $248.44 million, reflecting a 14.1% increase year-over-year.
• A number of institutional investors are actively acquiring shares, with Wellington Management increasing its stake by 36% and Driehaus Capital Management boosting it by 229.1% in recent months.

Rhino Investment Partners Inc reduced its position in LendingClub Corporation (NYSE:LC - Free Report) by 62.6% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 479,406 shares of the credit services provider's stock after selling 800,766 shares during the period. LendingClub comprises approximately 1.2% of Rhino Investment Partners Inc's holdings, making the stock its 26th biggest holding. Rhino Investment Partners Inc owned 0.42% of LendingClub worth $4,947,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Wellington Management Group LLP grew its stake in shares of LendingClub by 353.1% during the 4th 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 during the period. Driehaus Capital Management LLC boosted its position 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 purchasing an additional 2,498,318 shares during the period. Nuveen LLC purchased a new stake in LendingClub during the 1st quarter worth $16,329,000. Balyasny Asset Management L.P. boosted its position 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 purchasing an additional 1,412,568 shares during the period. Finally, G2 Investment Partners Management LLC purchased a new stake in LendingClub during the 4th quarter worth $9,751,000. 74.08% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on LC shares. Stephens started coverage on shares of LendingClub in a research report on Thursday, June 12th. They set an "overweight" rating and a $15.00 price target for the company. Keefe, Bruyette & Woods upped their price target on shares of LendingClub from $14.00 to $16.50 and gave the stock an "outperform" rating in a research report on Wednesday, July 30th. Citigroup started coverage on shares of LendingClub in a research report on Monday, July 7th. They set a "market perform" rating for the company. Piper Sandler set a $15.50 price target on shares of LendingClub and gave the stock an "overweight" rating in a research report on Wednesday, July 30th. Finally, Wall Street Zen upgraded shares of LendingClub from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Six equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, LendingClub currently has a consensus rating of "Moderate Buy" and a consensus target price of $16.57.

LendingClub Trading Up 1.1%

LC stock traded up $0.18 during trading on Tuesday, reaching $16.69. The stock had a trading volume of 510,103 shares, compared to its average volume of 1,701,994. LendingClub Corporation has a 1-year low of $7.90 and a 1-year high of $18.75. The company has a market capitalization of $1.92 billion, a P/E ratio of 26.07 and a beta of 2.46. The firm has a fifty day moving average price of $13.58 and a 200 day moving average price of $11.81.

LendingClub (NYSE:LC - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The credit services provider reported $0.33 EPS for the quarter, topping analysts' consensus estimates of $0.15 by $0.18. The firm had revenue of $248.44 million for 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%. The firm's revenue was up 14.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.13 EPS. Sell-side analysts predict that LendingClub Corporation will post 0.72 EPS for the current year.

Insider Transactions at LendingClub

In other news, CEO Scott Sanborn sold 5,250 shares of the company's stock in a transaction dated Thursday, July 17th. The shares were sold at an average price of $12.98, for a total value of $68,145.00. Following the sale, the chief executive officer owned 1,283,175 shares in the company, valued at approximately $16,655,611.50. This represents a 0.41% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Andrew Labenne sold 17,955 shares of the company's stock in a transaction dated 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 sale, the chief financial officer owned 178,111 shares in the company, valued at approximately $2,965,548.15. This trade represents a 9.16% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 38,955 shares of company stock worth $545,648. Company 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.