Victory Capital Management Inc. Acquires 107,036 Shares of LendingClub Corporation (NYSE:LC)

Victory Capital Management Inc. increased its stake in LendingClub Corporation (NYSE:LC - Free Report) by 195.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 161,723 shares of the credit services provider's stock after acquiring an additional 107,036 shares during the quarter. Victory Capital Management Inc. owned about 0.14% of LendingClub worth $1,669,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Commonwealth Equity Services LLC increased its holdings in LendingClub by 2.8% in the fourth quarter. Commonwealth Equity Services LLC now owns 27,248 shares of the credit services provider's stock worth $441,000 after purchasing an additional 748 shares in the last quarter. Summit Investment Advisors Inc. increased its holdings in shares of LendingClub by 9.3% during the fourth quarter. Summit Investment Advisors Inc. now owns 11,563 shares of the credit services provider's stock valued at $187,000 after acquiring an additional 984 shares in the last quarter. SummerHaven Investment Management LLC boosted its position in shares of LendingClub by 1.2% during the first quarter. SummerHaven Investment Management LLC now owns 90,565 shares of the credit services provider's stock valued at $935,000 after buying an additional 1,066 shares during the last quarter. Comerica Bank purchased a new position in shares of LendingClub during the fourth quarter valued at approximately $37,000. Finally, National Bank of Canada FI boosted its position in shares of LendingClub by 150.6% during the fourth quarter. National Bank of Canada FI now owns 4,074 shares of the credit services provider's stock valued at $66,000 after buying an additional 2,448 shares during the last quarter. 74.08% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on LC shares. Citizens Jmp started coverage on LendingClub in a research report on Monday, July 7th. They issued a "market perform" rating on the stock. Piper Sandler set a $15.50 price objective on LendingClub and gave the stock an "overweight" rating in a research report on Wednesday. Stephens started coverage on LendingClub in a research report on Thursday, June 12th. They issued an "overweight" rating and a $15.00 price objective on the stock. Citigroup started coverage on LendingClub in a research report on Monday, July 7th. They issued a "market perform" rating on the stock. Finally, Wall Street Zen cut LendingClub from a "hold" rating to a "sell" rating in a research report on Saturday, July 12th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, LendingClub presently has a consensus rating of "Moderate Buy" and a consensus price target of $16.57.

Insider Activity at LendingClub

In other news, CFO Andrew Labenne sold 17,955 shares of the firm's stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $16.65, for a total value of $298,950.75. Following the completion of the transaction, the chief financial officer owned 178,111 shares in the company, 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 shares were sold at an average price of $12.98, for a total value of $68,145.00. Following the completion of the transaction, the chief executive officer owned 1,283,175 shares of the company's stock, valued at approximately $16,655,611.50. The trade was a 0.41% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 44,205 shares of company stock valued at $601,561. Company insiders own 3.19% of the company's stock.

LendingClub Price Performance

LC remained flat at $15.59 on Friday. The company had a trading volume of 4,147,162 shares, compared to its average volume of 1,722,031. The stock's 50 day moving average price is $11.82 and its two-hundred day moving average price is $11.83. LendingClub Corporation has a fifty-two week low of $7.90 and a fifty-two week high of $18.75. The company has a market capitalization of $1.78 billion, a PE ratio of 24.36 and a beta of 2.44.

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, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $227.04 million. During the same period last year, the company earned $0.13 EPS. LendingClub's revenue for the quarter was up 14.1% compared to the same quarter last year. Sell-side analysts forecast that LendingClub Corporation will post 0.72 earnings per share for the current 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.