Wellington Management Group LLP Has $53.33 Million Position in LendingClub Corporation $LC

Key Points

• Wellington Management Group LLP increased its holdings in LendingClub Corporation by 36%, now owning approximately 4.53% of the company, valued at $53.33 million.
• LendingClub reported a quarterly earnings per share (EPS) of $0.33, significantly exceeding analysts' expectations of $0.15, and its revenue increased by 14.1% year-over-year.
• As of the article's publication, LendingClub's stocks have a moderate buy rating from analysts, with an average price target of $16.57.

Wellington Management Group LLP lifted its position in shares of LendingClub Corporation (NYSE:LC - Free Report) by 36.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,167,642 shares of the credit services provider's stock after acquiring an additional 1,368,057 shares during the quarter. Wellington Management Group LLP owned 4.53% of LendingClub worth $53,330,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Comerica Bank acquired a new stake in shares of LendingClub in the fourth quarter valued at about $37,000. KBC Group NV acquired a new stake in shares of LendingClub in the first quarter valued at about $67,000. Asset Management One Co. Ltd. lifted its stake in shares of LendingClub by 95.4% in the first quarter. Asset Management One Co. Ltd. now owns 9,526 shares of the credit services provider's stock valued at $98,000 after purchasing an additional 4,651 shares during the period. Highland Capital Management LLC lifted its stake in shares of LendingClub by 24.4% in the first quarter. Highland Capital Management LLC now owns 13,841 shares of the credit services provider's stock valued at $143,000 after purchasing an additional 2,717 shares during the period. Finally, Wealth Enhancement Advisory Services LLC acquired a new stake in shares of LendingClub in the first quarter valued at about $161,000. 74.08% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

LendingClub Stock Performance

NYSE LC traded up $0.42 on Thursday, reaching $17.23. The company had a trading volume of 801,808 shares, compared to its average volume of 1,704,544. The firm has a market capitalization of $1.98 billion, a price-to-earnings ratio of 26.91 and a beta of 2.46. LendingClub Corporation has a 1-year low of $7.90 and a 1-year high of $18.75. The company's fifty day moving average is $13.80 and its 200-day moving average is $11.87.

LendingClub (NYSE:LC - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The credit services provider reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $227.04 million. During the same period in the previous year, the business earned $0.13 EPS. The company's revenue was up 14.1% compared to the same quarter last year. On average, research analysts forecast that LendingClub Corporation will post 0.72 earnings per share for the current year.

Insider Buying and Selling at LendingClub

In other LendingClub news, CEO Scott Sanborn sold 5,250 shares of LendingClub stock in a transaction 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 sale, the chief executive officer directly owned 1,283,175 shares in the company, valued at approximately $16,655,611.50. The trade was a 0.41% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Andrew Labenne sold 17,955 shares of LendingClub stock in a transaction on 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 $2,965,548.15. The trade was a 9.16% 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 quarter. Company insiders own 3.19% of the company's stock.

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.