LendingClub (NYSE:LC) CEO Scott Sanborn Sells 30,000 Shares

Key Points

• LendingClub CEO Scott Sanborn sold 30,000 shares at an average price of $17.04, totaling $511,200, reducing his ownership by 2.36% to approximately $21.1 million in stock.
• The company's stock has a market cap of $1.98 billion and recent trading showed a 0.2% increase to $17.23, with a one-year high of $18.75.
• LendingClub reported earnings of $0.33 per share for the last quarter, surpassing estimates, with revenue up 14.1% year over year to $248.44 million.

LendingClub Corporation (NYSE:LC - Get Free Report) CEO Scott Sanborn sold 30,000 shares of the business's stock in a transaction on Monday, September 15th. The shares were sold at an average price of $17.04, for a total transaction of $511,200.00. Following the completion of the transaction, the chief executive officer directly owned 1,240,070 shares in the company, valued at $21,130,792.80. This represents a 2.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Scott Sanborn also recently made the following trade(s):

• On Tuesday, September 2nd, Scott Sanborn sold 30,000 shares of LendingClub stock. The stock was sold at an average price of $16.65, for a total transaction of $499,500.00.
• On Thursday, July 17th, Scott Sanborn sold 5,250 shares of LendingClub stock. The stock was sold at an average price of $12.98, for a total transaction of $68,145.00.
• On Thursday, July 3rd, Scott Sanborn sold 5,250 shares of LendingClub stock. The shares were sold at an average price of $12.56, for a total transaction of $65,940.00.
• On Friday, June 20th, Scott Sanborn sold 5,250 shares of LendingClub stock. The shares were sold at an average price of $11.15, for a total transaction of $58,537.50.

LendingClub Stock Down 0.2%

Shares of LC stock traded down $0.04 during trading hours on Friday, hitting $17.60. 2,033,684 shares of the company were exchanged, compared to its average volume of 1,323,311. The firm has a market cap of $2.02 billion, a PE ratio of 27.50 and a beta of 2.53. LendingClub Corporation has a 1 year low of $7.90 and a 1 year high of $18.75. The firm has a fifty day moving average of $15.45 and a 200 day moving average of $12.33.

LendingClub (NYSE:LC - Get Free Report) last posted its earnings results on Tuesday, July 29th. The credit services provider reported $0.33 earnings per share (EPS) for the quarter, topping 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 firm 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 company earned $0.13 EPS. The company's revenue was up 14.1% on a year-over-year basis. Analysts expect that LendingClub Corporation will post 0.72 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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

Institutional Trading of LendingClub

A number of institutional investors and hedge funds have recently modified their holdings of the company. Osaic Holdings Inc. grew its position in LendingClub by 8.8% in the second quarter. Osaic Holdings Inc. now owns 13,354 shares of the credit services provider's stock valued at $160,000 after acquiring an additional 1,084 shares during the period. Marex Group plc bought a new stake in shares of LendingClub during the second quarter worth $120,000. Headlands Technologies LLC bought a new stake in shares of LendingClub during the second quarter worth $53,000. Systematic Alpha Investments LLC bought a new stake in shares of LendingClub during the second quarter worth $122,000. Finally, Tower Research Capital LLC TRC grew its holdings in shares of LendingClub by 114.2% during the second quarter. Tower Research Capital LLC TRC now owns 15,705 shares of the credit services provider's stock worth $189,000 after purchasing an additional 8,374 shares during the last quarter. 74.08% of the stock is currently owned by institutional investors.

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.