Keefe, Bruyette & Woods Issues Positive Forecast for LendingClub (NYSE:LC) Stock Price

Key Points

• Keefe, Bruyette & Woods has raised its price target for LendingClub stock from $19.00 to $20.00, indicating an 8.71% potential upside from the previous close.
• The stock's performance shows a significant increase, trading up to $18.40 with average trading volume of 6,867,532 shares compared to its average volume of 1,691,321.
• LendingClub recently reported earnings of $0.37 per share, surpassing analysts' expectations and showing a 31.8% revenue growth year-over-year.

LendingClub (NYSE:LC - Get Free Report) had its price objective hoisted by analysts at Keefe, Bruyette & Woods from $19.00 to $20.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an "outperform" rating on the credit services provider's stock. Keefe, Bruyette & Woods' price objective suggests a potential upside of 8.71% from the company's previous close.

A number of other research firms have also recently commented on LC. Citizens Jmp assumed coverage on LendingClub in a research report on Monday, July 7th. They set a "market perform" rating on the stock. Citigroup started coverage on LendingClub in a research note on Monday, July 7th. They issued a "market perform" rating on the stock. Piper Sandler reiterated an "overweight" rating and issued a $20.00 price target (up from $18.00) on shares of LendingClub in a report on Thursday. Weiss Ratings reaffirmed a "hold (c)" rating on shares of LendingClub in a research report on Wednesday, October 8th. Finally, BTIG Research lifted their price objective on LendingClub from $16.00 to $18.00 and gave the company a "buy" rating in a research note on Thursday. Eight equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, LendingClub presently has an average rating of "Moderate Buy" and an average target price of $18.75.

LendingClub Stock Performance

Shares of LC traded up $1.88 during midday trading on Thursday, hitting $18.40. 6,867,532 shares of the stock were exchanged, compared to its average volume of 1,691,321. LendingClub has a 52-week low of $7.90 and a 52-week high of $19.88. The stock has a fifty day simple moving average of $16.24 and a 200 day simple moving average of $13.14. The firm has a market cap of $2.11 billion, a P/E ratio of 28.75 and a beta of 2.48.

LendingClub (NYSE:LC - Get Free Report) last released its earnings results on Wednesday, October 22nd. The credit services provider reported $0.37 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.30 by $0.07. The firm had revenue of $266.23 million during the quarter, compared to analyst estimates of $256.27 million. LendingClub had a return on equity of 5.66% and a net margin of 8.36%.LendingClub's revenue was up 31.8% compared to the same quarter last year. During the same period last year, the business posted $0.13 earnings per share. As a group, equities research analysts forecast that LendingClub will post 0.72 EPS for the current fiscal year.

Insider Activity at LendingClub

In related news, CEO Scott Sanborn sold 30,000 shares of LendingClub stock in a transaction on Monday, September 15th. The shares were sold at an average price of $17.04, for a total value of $511,200.00. Following the completion of the sale, the chief executive officer owned 1,240,070 shares of the company's stock, valued at approximately $21,130,792.80. The trade was a 2.36% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Andrew Labenne sold 20,903 shares of LendingClub stock in a transaction on Monday, September 15th. The shares were sold at an average price of $17.04, for a total transaction of $356,187.12. Following the completion of the sale, the chief financial officer directly owned 181,750 shares of the company's stock, valued at approximately $3,097,020. The trade was a 10.31% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 101,248 shares of company stock valued at $1,706,038. Insiders own 3.19% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Senvest Management LLC raised its holdings in LendingClub by 23.5% in the 2nd quarter. Senvest Management LLC now owns 5,881,290 shares of the credit services provider's stock worth $70,752,000 after acquiring an additional 1,117,241 shares during the period. Wellington Management Group LLP raised its holdings in LendingClub by 36.0% in the 1st quarter. Wellington Management Group LLP now owns 5,167,642 shares of the credit services provider's stock worth $53,330,000 after acquiring an additional 1,368,057 shares during the period. Driehaus Capital Management LLC raised its holdings in LendingClub by 8.6% in the 1st quarter. Driehaus Capital Management LLC now owns 3,897,322 shares of the credit services provider's stock worth $40,220,000 after acquiring an additional 308,523 shares during the period. Geode Capital Management LLC raised its holdings in LendingClub by 1.3% in the 2nd quarter. Geode Capital Management LLC now owns 2,699,141 shares of the credit services provider's stock worth $32,476,000 after acquiring an additional 34,221 shares during the period. Finally, Assenagon Asset Management S.A. raised its holdings in LendingClub by 184.1% in the 3rd quarter. Assenagon Asset Management S.A. now owns 2,121,802 shares of the credit services provider's stock worth $32,230,000 after acquiring an additional 1,375,002 shares during the period. Institutional investors own 74.08% of the company's stock.

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.

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