Wedbush Analysts Lift Earnings Estimates for LendingClub Co. (NYSE:LC)

LendingClub Co. (NYSE:LC) – Equities researchers at Wedbush lifted their Q2 2024 earnings per share estimates for shares of LendingClub in a report issued on Wednesday, May 1st. Wedbush analyst D. Chiaverini now expects that the credit services provider will earn $0.07 per share for the quarter, up from their prior estimate of $0.04. Wedbush has a “Outperform” rating and a $11.00 price target on the stock. The consensus estimate for LendingClub’s current full-year earnings is $0.23 per share. Wedbush also issued estimates for LendingClub’s Q3 2024 earnings at $0.11 EPS, Q4 2024 earnings at $0.10 EPS, FY2024 earnings at $0.40 EPS, Q1 2025 earnings at $0.23 EPS, Q2 2025 earnings at $0.22 EPS, Q3 2025 earnings at $0.25 EPS, Q4 2025 earnings at $0.21 EPS, FY2025 earnings at $0.90 EPS and FY2026 earnings at $1.10 EPS.

A number of other brokerages have also weighed in on LC. Piper Sandler restated an “overweight” rating and issued a $10.00 target price (up from $9.50) on shares of LendingClub in a research note on Wednesday. Keefe, Bruyette & Woods upped their target price on LendingClub from $9.50 to $10.00 and gave the stock a “market perform” rating in a research note on Wednesday. Finally, StockNews.com lowered LendingClub from a “hold” rating to a “sell” rating in a research note on Friday, March 22nd. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $11.42.

LendingClub Price Performance

Shares of NYSE LC opened at $9.28 on Friday. The firm has a market capitalization of $1.03 billion, a P/E ratio of 27.29 and a beta of 2.00. The company has a quick ratio of 0.83, a current ratio of 0.89 and a debt-to-equity ratio of 0.01. The stock’s 50-day simple moving average is $8.23 and its two-hundred day simple moving average is $7.64. LendingClub has a twelve month low of $4.73 and a twelve month high of $10.92.

LendingClub (NYSE:LC) last issued its quarterly earnings data on Tuesday, April 30th. The credit services provider reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.08. The business had revenue of $180.69 million for the quarter, compared to analysts’ expectations of $174.52 million. LendingClub had a return on equity of 3.07% and a net margin of 4.69%. During the same quarter in the prior year, the firm posted $0.13 EPS.

Hedge Funds Weigh In On LendingClub

Several institutional investors have recently modified their holdings of LC. SG Americas Securities LLC bought a new position in shares of LendingClub during the 3rd quarter valued at about $157,000. Asset Management One Co. Ltd. grew its position in LendingClub by 40.7% during the 3rd quarter. Asset Management One Co. Ltd. now owns 8,217 shares of the credit services provider’s stock worth $50,000 after acquiring an additional 2,377 shares during the last quarter. Brighton Jones LLC grew its position in LendingClub by 28.4% during the 3rd quarter. Brighton Jones LLC now owns 444,801 shares of the credit services provider’s stock worth $2,713,000 after acquiring an additional 98,425 shares during the last quarter. Principal Financial Group Inc. grew its position in LendingClub by 39.4% during the 3rd quarter. Principal Financial Group Inc. now owns 15,761 shares of the credit services provider’s stock worth $96,000 after acquiring an additional 4,455 shares during the last quarter. Finally, Victory Capital Management Inc. grew its position in LendingClub by 272.6% during the 3rd quarter. Victory Capital Management Inc. now owns 41,307 shares of the credit services provider’s stock worth $252,000 after acquiring an additional 30,221 shares during the last quarter. 74.08% of the stock is currently owned by institutional investors.

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.