TCW Group Inc. Decreases Holdings in LendingClub Corporation (NYSE:LC)

Key Points

• TCW Group Inc. reduced its stake in LendingClub Corporation (NYSE:LC) by 33.6%, selling over 100,000 shares during the first quarter, now holding approximately 0.17% of the company.
• Notable institutional investors such as Wellington Management and Driehaus Capital significantly increased their positions in LendingClub by over 200% in the last quarter, highlighting considerable investor interest.
• LendingClub's shares traded higher at $13.16, with a market cap of $1.50 billion, and a recent earnings per share of $0.33 exceeding estimates by $0.18.

TCW Group Inc. reduced its stake in shares of LendingClub Corporation (NYSE:LC - Free Report) by 33.6% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 198,641 shares of the credit services provider's stock after selling 100,600 shares during the period. TCW Group Inc. owned about 0.17% of LendingClub worth $2,050,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in LC. Universal Beteiligungs und Servicegesellschaft mbH lifted its position in shares of LendingClub by 9.0% during the 1st quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 257,845 shares of the credit services provider's stock valued at $2,661,000 after buying an additional 21,256 shares during the last quarter. Y Intercept Hong Kong Ltd raised its position in shares of LendingClub by 100.4% in the first quarter. Y Intercept Hong Kong Ltd now owns 48,625 shares of the credit services provider's stock worth $502,000 after buying an additional 24,363 shares in the last quarter. Allianz Asset Management GmbH raised its position in shares of LendingClub by 5.1% in the first quarter. Allianz Asset Management GmbH now owns 190,059 shares of the credit services provider's stock worth $1,961,000 after buying an additional 9,300 shares in the last quarter. Copperwynd Financial LLC purchased a new stake in shares of LendingClub in the first quarter worth $1,079,000. Finally, Victory Capital Management Inc. raised its position in shares of LendingClub by 195.7% in the first quarter. Victory Capital Management Inc. now owns 161,723 shares of the credit services provider's stock worth $1,669,000 after buying an additional 107,036 shares in the last quarter. 74.08% of the stock is owned by institutional investors.

Insider Activity

In related news, CEO Scott Sanborn sold 5,250 shares of the firm'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 completion of the sale, the chief executive officer 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 26,250 shares of company stock worth $302,610 over the last 90 days. Company insiders own 3.19% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Piper Sandler set a $15.50 price target on LendingClub and gave the company an "overweight" rating in a research report on Wednesday. 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. Wall Street Zen downgraded LendingClub from a "hold" rating to a "sell" rating in a report on Saturday, July 12th. Stephens started coverage on LendingClub in a report on Thursday, June 12th. They issued an "overweight" rating and a $15.00 price objective on the stock. Finally, Citigroup started coverage on LendingClub in a report on Monday, July 7th. They issued a "market perform" rating on the stock. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat.com, LendingClub presently has a consensus rating of "Moderate Buy" and a consensus price target of $16.57.

LendingClub Price Performance

NYSE LC traded down $0.10 during trading hours on Friday, reaching $15.50. The company's stock had a trading volume of 1,849,668 shares, compared to its average volume of 1,705,313. The firm has a market capitalization of $1.77 billion, a price-to-earnings ratio of 24.29 and a beta of 2.44. LendingClub Corporation has a 1-year low of $7.90 and a 1-year high of $18.75. The company's 50-day moving average is $11.82 and its two-hundred day moving average is $11.83.

LendingClub (NYSE:LC - Get Free Report) last posted its quarterly earnings results 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 return on equity of 5.72% and a net margin of 8.36%. The business had revenue of $248.44 million during the quarter, compared to analyst estimates of $227.04 million. During the same period in the prior year, the business earned $0.13 earnings per share. The business's revenue was up 14.1% compared to the same quarter last year. Equities analysts forecast that LendingClub Corporation will post 0.72 EPS for the current fiscal year.

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.