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 dated Monday, September 15th. The stock was sold at an average price of $17.04, for a total transaction of $511,200.00. Following the transaction, the chief executive officer owned 1,240,070 shares in the company, valued at $21,130,792.80. The trade was a 2.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

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 stock was 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 Performance

Shares of LendingClub stock traded down $0.04 on Friday, reaching $17.60. The company had a trading volume of 2,033,684 shares, compared to its average volume of 1,341,080. LendingClub Corporation has a 52-week low of $7.90 and a 52-week high of $18.75. The firm's 50 day moving average price is $15.45 and its two-hundred day moving average price is $12.32. The firm has a market cap of $2.02 billion, a PE ratio of 27.50 and a beta of 2.53.

LendingClub (NYSE:LC - Get Free Report) last announced its earnings results on Tuesday, July 29th. The credit services provider reported $0.33 earnings per share for the quarter, topping 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 the consensus estimate of $227.04 million. During the same period in the prior year, the firm earned $0.13 EPS. The firm's revenue for the quarter was up 14.1% on a year-over-year basis. As a group, sell-side analysts predict that LendingClub Corporation will post 0.72 EPS for the current year.

Analysts Set New Price Targets

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

Hedge Funds Weigh In On LendingClub

A number of large investors have recently made changes to their positions in LC. Charles Schwab Investment Management Inc. grew its stake in LendingClub by 8.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,004,943 shares of the credit services provider's stock valued at $10,371,000 after acquiring an additional 80,100 shares during the last quarter. Nuveen LLC acquired a new stake in LendingClub in the 1st quarter valued at about $16,329,000. Hsbc Holdings PLC grew its stake 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 acquiring an additional 16,367 shares during the last quarter. AlphaQuest LLC grew its stake in LendingClub by 72.9% in the 1st quarter. AlphaQuest LLC now owns 40,864 shares of the credit services provider's stock valued at $422,000 after acquiring an additional 17,224 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in LendingClub in the 1st quarter valued at about $869,000. Hedge funds and other institutional investors 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.