LendingClub Corporation (NYSE:LC) Receives Average Recommendation of “Moderate Buy” from Brokerages

by · The Cerbat Gem

LendingClub Corporation (NYSE:LC – Get Free Report) has been assigned an average recommendation of “Moderate Buy” from the ten analysts that are covering the stock, Marketbeat.com reports. Three analysts have rated the stock with a hold recommendation, six have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $21.5714.

A number of equities research analysts have recently issued reports on LC shares. Keefe, Bruyette & Woods upped their target price on shares of LendingClub from $20.00 to $22.00 and gave the company an “outperform” rating in a report on Friday, November 7th. Citizens Jmp upgraded LendingClub from a “market perform” rating to an “outperform” rating and set a $23.00 price objective on the stock in a research note on Monday, November 10th. Janney Montgomery Scott raised their price objective on LendingClub from $17.00 to $20.00 and gave the company a “neutral” rating in a research report on Thursday, November 6th. JPMorgan Chase & Co. boosted their target price on LendingClub from $22.00 to $25.00 and gave the stock an “overweight” rating in a report on Thursday, December 4th. Finally, Zacks Research upgraded LendingClub from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 28th.

Check Out Our Latest Research Report on LendingClub

Insider Activity

In related news, Director Erin Selleck sold 2,390 shares of the business’s stock in a transaction on Friday, December 5th. The stock was sold at an average price of $19.47, for a total value of $46,533.30. Following the completion of the sale, the director directly owned 76,377 shares in the company, valued at $1,487,060.19. The trade was a 3.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Scott Sanborn sold 30,000 shares of LendingClub stock in a transaction that occurred on Thursday, October 23rd. The stock was sold at an average price of $19.29, for a total transaction of $578,700.00. Following the sale, the chief executive officer owned 1,210,070 shares in the company, valued at approximately $23,342,250.30. This represents a 2.42% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 3.19% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On LendingClub

Several institutional investors have recently modified their holdings of LC. Wellington Management Group LLP lifted its holdings in LendingClub by 18.8% during the third quarter. Wellington Management Group LLP now owns 7,960,550 shares of the credit services provider’s stock worth $120,921,000 after acquiring an additional 1,261,861 shares during the period. Senvest Management LLC raised its stake in shares of LendingClub by 23.5% during the 2nd quarter. Senvest Management LLC now owns 5,881,290 shares of the credit services provider’s stock worth $70,752,000 after purchasing an additional 1,117,241 shares during the period. Driehaus Capital Management LLC boosted its holdings in shares of LendingClub by 8.6% in the 1st quarter. Driehaus Capital Management LLC now owns 3,897,322 shares of the credit services provider’s stock worth $40,220,000 after buying an additional 308,523 shares during the last quarter. Geode Capital Management LLC grew its position in LendingClub by 1.3% during the second quarter. Geode Capital Management LLC now owns 2,699,141 shares of the credit services provider’s stock valued at $32,476,000 after buying an additional 34,221 shares during the period. Finally, Azora Capital LP raised its position in LendingClub by 258.2% in the third quarter. Azora Capital LP now owns 2,391,190 shares of the credit services provider’s stock worth $36,322,000 after acquiring an additional 1,723,658 shares during the period. 74.08% of the stock is owned by institutional investors.

LendingClub Stock Down 0.6%

NYSE:LC opened at $19.62 on Monday. The firm has a market capitalization of $2.26 billion, a price-to-earnings ratio of 22.30 and a beta of 2.14. LendingClub has a twelve month low of $7.90 and a twelve month high of $20.94. The stock’s 50 day moving average price is $18.19 and its two-hundred day moving average price is $15.83.

LendingClub (NYSE:LC – Get Free Report) last issued its earnings results on Wednesday, October 22nd. The credit services provider reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.30 by $0.07. The business had revenue of $107.79 million for the quarter, compared to the consensus estimate of $256.27 million. LendingClub had a net margin of 10.94% and a return on equity of 7.68%. The firm’s revenue for the quarter was up 31.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.13 earnings per share. As a group, analysts anticipate that LendingClub will post 0.72 earnings per share for the current year.

LendingClub declared that its board has approved a stock buyback plan on Wednesday, November 5th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the credit services provider to purchase up to 4.9% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.

About LendingClub

(Get Free Report)

LendingClub Corporation operates an online lending marketplace that connects borrowers seeking personal and small business credit with individual and institutional investors. The platform leverages technology to streamline the loan application and underwriting process, offering unsecured personal loans, auto refinancing, and small business loans. In addition to lending products, LendingClub provides high-yield savings accounts and certificates of deposit through its banking charter, following its acquisition of Radius Bank in 2021.

Founded in 2006 by Renaud Laplanche, LendingClub pioneered peer-to-peer lending in the United States, helping to democratize access to credit and investment opportunities.

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