Wells Fargo & Company MN Purchases 140,611 Shares of LendingClub Co. (NYSE:LC)

Wells Fargo & Company MN lifted its stake in shares of LendingClub Co. (NYSE:LC - Free Report) by 277.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 191,206 shares of the credit services provider's stock after purchasing an additional 140,611 shares during the period. Wells Fargo & Company MN owned approximately 0.17% of LendingClub worth $3,096,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of LC. SBI Securities Co. Ltd. acquired a new position in LendingClub in the fourth quarter valued at approximately $45,000. National Bank of Canada FI grew its position in LendingClub by 150.6% in the fourth quarter. National Bank of Canada FI now owns 4,074 shares of the credit services provider's stock valued at $66,000 after purchasing an additional 2,448 shares in the last quarter. FMR LLC grew its position in LendingClub by 32.1% in the third quarter. FMR LLC now owns 5,865 shares of the credit services provider's stock valued at $67,000 after purchasing an additional 1,424 shares in the last quarter. Jones Financial Companies Lllp grew its position in LendingClub by 49.2% in the fourth quarter. Jones Financial Companies Lllp now owns 5,986 shares of the credit services provider's stock valued at $97,000 after purchasing an additional 1,975 shares in the last quarter. Finally, Sanctuary Advisors LLC bought a new position in shares of LendingClub in the 4th quarter valued at about $164,000. 74.08% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on LC shares. Piper Sandler reissued an "overweight" rating and issued a $19.00 price objective (down previously from $20.00) on shares of LendingClub in a research report on Wednesday, January 29th. JPMorgan Chase & Co. decreased their target price on LendingClub from $17.00 to $14.00 and set a "neutral" rating on the stock in a research report on Monday, March 10th. StockNews.com upgraded LendingClub from a "sell" rating to a "hold" rating in a research note on Friday, April 4th. Finally, Keefe, Bruyette & Woods restated an "outperform" rating and set a $16.00 target price (down from $17.00) on shares of LendingClub in a research note on Wednesday, January 29th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $16.00.

LendingClub Stock Performance

Shares of LC traded up $0.01 during trading hours on Tuesday, reaching $10.99. The stock had a trading volume of 2,595,111 shares, compared to its average volume of 1,630,896. The stock has a market capitalization of $1.26 billion, a PE ratio of 24.42 and a beta of 2.09. LendingClub Co. has a 12 month low of $7.48 and a 12 month high of $18.75. The company's 50-day moving average is $10.63 and its two-hundred day moving average is $13.63.

LendingClub (NYSE:LC - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The credit services provider reported $0.10 earnings per share for the quarter, meeting analysts' consensus estimates of $0.10. LendingClub had a return on equity of 4.16% and a net margin of 6.52%. The firm's revenue for the quarter was up 21670.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.11 earnings per share. Equities analysts anticipate that LendingClub Co. will post 0.72 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, General Counsel Jordan Cheng sold 7,000 shares of the stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $14.10, for a total value of $98,700.00. Following the completion of the sale, the general counsel now directly owns 88,263 shares of the company's stock, valued at approximately $1,244,508.30. This represents a 7.35 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Michael P. Zeisser acquired 20,000 shares of LendingClub stock in a transaction on Monday, February 3rd. The stock was acquired at an average price of $12.88 per share, with a total value of $257,600.00. Following the purchase, the director now directly owns 148,018 shares in the company, valued at approximately $1,906,471.84. This trade represents a 15.62 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 34,500 shares of company stock worth $439,405. Company insiders own 3.31% 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.