Insider Selling: LendingClub (NYSE:LC) Director Sells 2,390 Shares of Stock

Key Points

• Erin Selleck, a director at LendingClub, sold 2,390 shares of the company's stock at an average price of $16.82, resulting in a total transaction value of approximately $40,200.
• LendingClub reported a net margin of 8.36% and earnings of $0.33 per share for the last quarter, surpassing analysts' expectations of $0.15 by $0.18.
• Recent analyst ratings indicate a consensus of "Moderate Buy" for LendingClub shares, with an average price target of $16.57.

LendingClub Corporation (NYSE:LC - Get Free Report) Director Erin Selleck sold 2,390 shares of LendingClub stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $16.82, for a total value of $40,199.80. Following the transaction, the director directly owned 73,987 shares in the company, valued at $1,244,461.34. The trade was a 3.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

LendingClub Stock Performance

Shares of LC traded down $0.01 during mid-day trading on Tuesday, reaching $16.49. 829,258 shares of the company were exchanged, compared to its average volume of 1,692,975. The business has a 50 day simple moving average of $14.64 and a two-hundred day simple moving average of $12.02. The stock has a market capitalization of $1.89 billion, a PE ratio of 25.77 and a beta of 2.53. LendingClub Corporation has a 52 week low of $7.90 and a 52 week high of $18.75.

LendingClub (NYSE:LC - Get Free Report) last released its earnings results on Tuesday, July 29th. The credit services provider reported $0.33 earnings per share 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 business had revenue of $248.44 million during the quarter, compared to the consensus estimate of $227.04 million. During the same quarter in the prior year, the firm posted $0.13 EPS. The company's revenue for the quarter was up 14.1% compared to the same quarter last year. On average, analysts predict that LendingClub Corporation will post 0.72 EPS for the current year.

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On LendingClub

A number of hedge funds have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. raised its stake in shares of LendingClub by 8.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,004,943 shares of the credit services provider's stock worth $10,371,000 after purchasing an additional 80,100 shares during the last quarter. Hsbc Holdings PLC raised its position in LendingClub by 71.8% in the 1st quarter. Hsbc Holdings PLC now owns 39,176 shares of the credit services provider's stock valued at $405,000 after buying an additional 16,367 shares during the last quarter. Bank of America Corp DE lifted its stake in LendingClub by 111.5% during the 4th quarter. Bank of America Corp DE now owns 402,033 shares of the credit services provider's stock valued at $6,509,000 after acquiring an additional 211,979 shares in the last quarter. Mackenzie Financial Corp purchased a new position in LendingClub during the 1st quarter worth $211,000. Finally, Wealth Enhancement Advisory Services LLC bought a new stake in shares of LendingClub in the 1st quarter worth $161,000. Institutional investors and hedge funds own 74.08% 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.

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