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

Key Points

• Scott Sanborn, CEO of LendingClub, sold 30,000 shares at an average price of $19.29, totaling $578,700, which decreased his ownership by 2.42%.
• LendingClub reported a quarterly earnings per share (EPS) of $0.37, surpassing analysts' expectations of $0.30, with revenue increasing by 31.8% year over year to $266.23 million.
• Institutional investors currently hold 74.08% of LendingClub's stock, indicating significant interest from larger investment firms in the company.

LendingClub Corporation (NYSE:LC - Get Free Report) CEO Scott Sanborn sold 30,000 shares of the stock in a transaction dated Thursday, October 23rd. The stock was sold at an average price of $19.29, for a total transaction of $578,700.00. Following the transaction, the chief executive officer owned 1,210,070 shares in the company, valued at approximately $23,342,250.30. The trade was a 2.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

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

• On Monday, September 15th, Scott Sanborn sold 30,000 shares of LendingClub stock. The shares were sold at an average price of $17.04, for a total transaction of $511,200.00.
• 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.

LendingClub Price Performance

LC traded up $0.19 during trading on Friday, reaching $18.44. 3,095,329 shares of the company's stock were exchanged, compared to its average volume of 1,712,823. LendingClub Corporation has a 1 year low of $7.90 and a 1 year high of $19.88. The stock has a market capitalization of $2.12 billion, a P/E ratio of 20.95 and a beta of 2.48. The company's fifty day simple moving average is $16.36 and its 200-day simple moving average is $13.27.

LendingClub (NYSE:LC - Get Free Report) last posted its quarterly earnings results on Wednesday, October 22nd. The credit services provider reported $0.37 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.30 by $0.07. LendingClub had a net margin of 10.94% and a return on equity of 7.81%. The company had revenue of $266.23 million during the quarter, compared to analyst estimates of $256.27 million. During the same period last year, the firm posted $0.13 EPS. LendingClub's revenue for the quarter was up 31.8% compared to the same quarter last year. Equities analysts forecast that LendingClub Corporation will post 0.72 EPS for the current year.

Institutional Investors Weigh In On LendingClub

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC purchased a new position in shares of LendingClub during the 1st quarter worth $161,000. Oppenheimer Asset Management Inc. raised its holdings in shares of LendingClub by 35.5% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 39,340 shares of the credit services provider's stock worth $406,000 after acquiring an additional 10,314 shares during the period. Asset Management One Co. Ltd. raised its holdings in shares of LendingClub by 95.4% during the 1st quarter. Asset Management One Co. Ltd. now owns 9,526 shares of the credit services provider's stock worth $98,000 after acquiring an additional 4,651 shares during the period. Highland Capital Management LLC raised its holdings in shares of LendingClub by 24.4% during the 1st quarter. Highland Capital Management LLC now owns 13,841 shares of the credit services provider's stock worth $143,000 after acquiring an additional 2,717 shares during the period. Finally, KBC Group NV purchased a new position in shares of LendingClub during the 1st quarter worth $67,000. Institutional investors and hedge funds own 74.08% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Weiss Ratings reissued a "hold (c)" rating on shares of LendingClub in a research report on Wednesday, October 8th. Citizens Jmp initiated coverage on shares of LendingClub in a report on Monday, July 7th. They set a "market perform" rating for the company. BTIG Research lifted their target price on shares of LendingClub from $16.00 to $18.00 and gave the company a "buy" rating in a report on Thursday. Keefe, Bruyette & Woods lifted their target price on shares of LendingClub from $19.00 to $20.00 and gave the company an "outperform" rating in a report on Thursday. Finally, Wall Street Zen raised shares of LendingClub from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Seven research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, LendingClub currently has a consensus rating of "Moderate Buy" and a consensus target price of $19.00.

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.

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