LendingClub (NYSE:LC) Issues Quarterly Earnings Results, Meets Expectations

LendingClub (NYSE:LC - Get Free Report) posted its earnings results on Tuesday. The credit services provider reported $0.10 earnings per share for the quarter, meeting the consensus estimate of $0.10, Zacks reports. The company had revenue of $217.71 million for the quarter, compared to analyst estimates of $213.71 million. LendingClub had a return on equity of 4.16% and a net margin of 6.52%. The business's revenue was up 21670.0% compared to the same quarter last year. During the same period last year, the company earned $0.11 earnings per share.

LendingClub Stock Up 4.7 %

Shares of LC stock traded up $0.46 during mid-day trading on Friday, reaching $10.35. The stock had a trading volume of 2,252,877 shares, compared to its average volume of 1,629,773. LendingClub has a one year low of $7.81 and a one year high of $18.75. The firm has a market cap of $1.18 billion, a PE ratio of 23.00 and a beta of 2.35. The firm's 50 day simple moving average is $10.47 and its 200 day simple moving average is $13.57.

Insider Activity at LendingClub

In other news, CEO Scott Sanborn sold 5,250 shares of the stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $10.00, for a total value of $52,500.00. Following the completion of the transaction, the chief executive officer now directly owns 1,292,532 shares of the company's stock, valued at approximately $12,925,320. This represents a 0.40 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Michael P. Zeisser purchased 20,000 shares of the firm's stock in a transaction that occurred on Wednesday, April 30th. The stock was bought at an average cost of $9.35 per share, for a total transaction of $187,000.00. Following the purchase, the director now owns 174,138 shares in the company, valued at $1,628,190.30. This represents a 12.98 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 39,750 shares of company stock worth $491,905. 3.31% of the stock is owned by corporate insiders.

Analyst Ratings Changes

LC has been the subject of a number of recent analyst reports. StockNews.com raised LendingClub from a "sell" rating to a "hold" rating in a research report on Friday, April 4th. Keefe, Bruyette & Woods cut their target price on shares of LendingClub from $15.00 to $14.00 and set an "outperform" rating for the company in a research report on Wednesday. JPMorgan Chase & Co. lowered their price target on LendingClub from $17.00 to $14.00 and set a "neutral" rating on the stock in a research report on Monday, March 10th. Finally, Piper Sandler reiterated an "overweight" rating and issued a $19.00 price objective (down from $20.00) on shares of LendingClub in a research note on Wednesday, January 29th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $15.75.

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.