LendingClub (NYSE:LC) Posts Earnings Results, Beats Estimates By $0.07 EPS

Key Points

• LendingClub reported a quarterly earnings per share (EPS) of $0.37, surpassing analysts' expectations of $0.30 by $0.07.
• The company experienced a stock price decline of $0.20, closing at $16.52, despite a market capitalization of $1.90 billion.
• Insider activity included the sale of shares by both CEO Scott Sanborn and a director, indicating a decrease in their stock positions.

LendingClub (NYSE:LC - Get Free Report) issued its quarterly earnings results on Wednesday. The credit services provider reported $0.37 EPS for the quarter, beating analysts' consensus estimates of $0.30 by $0.07, Zacks reports. LendingClub had a return on equity of 5.66% and a net margin of 8.36%.

LendingClub Stock Performance

LC stock traded down $0.20 during trading on Wednesday, hitting $16.52. 3,624,412 shares of the company traded hands, compared to its average volume of 1,665,397. The firm has a market capitalization of $1.90 billion, a PE ratio of 25.81 and a beta of 2.48. LendingClub has a 1 year low of $7.90 and a 1 year high of $18.75. The company has a 50-day moving average of $16.23 and a 200-day moving average of $13.11.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Wall Street Zen raised LendingClub from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Zacks Research lowered LendingClub from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 29th. Keefe, Bruyette & Woods boosted their price objective on LendingClub from $14.00 to $16.50 and gave the company an "outperform" rating in a research note on Wednesday, July 30th. Weiss Ratings reiterated a "hold (c)" rating on shares of LendingClub in a research note on Wednesday, October 8th. Finally, Piper Sandler set a $15.50 target price on LendingClub and gave the stock an "overweight" rating in a research note on Wednesday, July 30th. Six equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $16.57.

Insider Activity at LendingClub

In other LendingClub news, Director Erin Selleck sold 2,390 shares of the stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $16.82, for a total value of $40,199.80. Following the completion of the sale, the director owned 73,987 shares in the company, valued at approximately $1,244,461.34. This trade represents a 3.13% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Scott Sanborn sold 30,000 shares of the stock in a transaction that occurred on Monday, September 15th. The stock was 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. This trade represents a 2.36% decrease in their position. The disclosure for this sale can be found here. Insiders sold 101,248 shares of company stock worth $1,706,038 in the last ninety days. 3.31% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Headlands Technologies LLC purchased a new position in shares of LendingClub in the 2nd quarter valued at approximately $53,000. Osaic Holdings Inc. increased its position in LendingClub by 8.8% during the 2nd quarter. Osaic Holdings Inc. now owns 13,354 shares of the credit services provider's stock valued at $160,000 after buying an additional 1,084 shares in the last quarter. Tower Research Capital LLC TRC increased its position in LendingClub by 114.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 15,705 shares of the credit services provider's stock valued at $189,000 after buying an additional 8,374 shares in the last quarter. Man Group plc bought a new position in LendingClub during the 2nd quarter valued at approximately $318,000. Finally, Oxford Asset Management LLP bought a new position in LendingClub during the 2nd quarter valued at approximately $325,000. Hedge funds and other 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.