LPL Financial LLC Acquires New Shares in LendingClub Co. (NYSE:LC)

LPL Financial LLC purchased a new position in LendingClub Co. (NYSE:LC - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 36,705 shares of the credit services provider's stock, valued at approximately $594,000.

Several other institutional investors and hedge funds have also made changes to their positions in LC. JPMorgan Chase & Co. raised its position in shares of LendingClub by 4.8% in the third quarter. JPMorgan Chase & Co. now owns 998,148 shares of the credit services provider's stock worth $11,409,000 after acquiring an additional 45,307 shares during the period. Victory Capital Management Inc. increased its stake in LendingClub by 301.0% during the 4th quarter. Victory Capital Management Inc. now owns 54,687 shares of the credit services provider's stock worth $885,000 after buying an additional 41,048 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of LendingClub during the fourth quarter valued at approximately $1,696,000. Geode Capital Management LLC lifted its position in shares of LendingClub by 1.7% in the third quarter. Geode Capital Management LLC now owns 2,559,805 shares of the credit services provider's stock valued at $29,265,000 after acquiring an additional 42,429 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. acquired a new stake in shares of LendingClub in the fourth quarter worth approximately $470,000. 74.08% of the stock is currently owned by institutional investors and hedge funds.

LendingClub Trading Up 0.1 %

Shares of LendingClub stock traded up $0.01 during mid-day trading on Tuesday, hitting $10.99. 2,595,111 shares of the stock were exchanged, compared to its average volume of 1,630,896. LendingClub Co. has a twelve month low of $7.48 and a twelve month high of $18.75. The stock has a market capitalization of $1.26 billion, a price-to-earnings ratio of 24.42 and a beta of 2.09. The company has a 50-day simple moving average of $10.63 and a 200 day simple moving average of $13.63.

LendingClub (NYSE:LC - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The credit services provider reported $0.10 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.10. LendingClub had a net margin of 6.52% and a return on equity of 4.16%. The firm's revenue for the quarter 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. Equities research analysts forecast that LendingClub Co. will post 0.72 earnings per share for the current fiscal year.

Analyst Ratings Changes

LC has been the topic of a number of research analyst reports. 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 note on Monday, March 10th. StockNews.com raised LendingClub from a "sell" rating to a "hold" rating in a research note on Friday, April 4th. Keefe, Bruyette & Woods reissued an "outperform" rating and set a $16.00 price objective (down previously from $17.00) on shares of LendingClub in a research note on Wednesday, January 29th. Finally, Piper Sandler reissued an "overweight" rating and set a $19.00 price objective (down previously from $20.00) on shares of LendingClub in a research note on Wednesday, January 29th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $16.00.

Insiders Place Their Bets

In other LendingClub news, General Counsel Jordan Cheng sold 7,000 shares of the firm's stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $14.10, for a total value of $98,700.00. Following the sale, the general counsel now owns 88,263 shares in the company, valued at approximately $1,244,508.30. This trade represents a 7.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Scott Sanborn sold 17,000 shares of the firm's stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $13.76, for a total transaction of $233,920.00. Following the transaction, the chief executive officer now owns 1,295,184 shares in the company, valued at $17,821,731.84. This represents a 1.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 34,500 shares of company stock worth $439,405 in the last quarter. 3.31% of the stock is owned by corporate insiders.

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.