Rhumbline Advisers Boosts Stake in LendingClub Co. (NYSE:LC)

Rhumbline Advisers increased its holdings in shares of LendingClub Co. (NYSE:LC) by 3.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 175,174 shares of the credit services provider’s stock after acquiring an additional 5,418 shares during the period. Rhumbline Advisers owned approximately 0.16% of LendingClub worth $1,482,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Baader Bank Aktiengesellschaft purchased a new stake in shares of LendingClub during the 2nd quarter worth approximately $600,000. Wellington Management Group LLP boosted its position in LendingClub by 176.1% during the fourth quarter. Wellington Management Group LLP now owns 1,344,295 shares of the credit services provider’s stock worth $11,749,000 after purchasing an additional 857,371 shares in the last quarter. G2 Investment Partners Management LLC acquired a new stake in LendingClub in the fourth quarter valued at $1,758,000. Verition Fund Management LLC purchased a new position in shares of LendingClub in the fourth quarter valued at $6,115,000. Finally, Capstone Investment Advisors LLC acquired a new position in shares of LendingClub during the 1st quarter worth $164,000. Hedge funds and other institutional investors own 74.08% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Piper Sandler restated an “overweight” rating and set a $13.00 price objective (up from $10.00) on shares of LendingClub in a research report on Wednesday, July 31st. BTIG Research assumed coverage on LendingClub in a report on Friday, June 7th. They issued a “buy” rating and a $12.00 price target for the company. JPMorgan Chase & Co. increased their price objective on LendingClub from $12.00 to $14.00 and gave the company an “overweight” rating in a research note on Tuesday, August 20th. Keefe, Bruyette & Woods boosted their target price on shares of LendingClub from $10.00 to $11.50 and gave the company a “market perform” rating in a research note on Wednesday, July 31st. Finally, Jefferies Financial Group upped their target price on shares of LendingClub from $11.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, July 18th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $13.07.

LendingClub Price Performance

Shares of LC opened at $11.18 on Friday. LendingClub Co. has a 12 month low of $4.73 and a 12 month high of $12.87. The stock’s 50-day moving average is $11.03 and its two-hundred day moving average is $9.38. The stock has a market cap of $1.24 billion, a PE ratio of 32.88 and a beta of 2.04.

LendingClub (NYSE:LC) last posted its earnings results on Tuesday, July 30th. The credit services provider reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.09. The business had revenue of $187.20 million for the quarter, compared to analysts’ expectations of $177.03 million. LendingClub had a net margin of 5.61% and a return on equity of 3.38%. The business’s revenue for the quarter was down 19.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.09 earnings per share. On average, research analysts anticipate that LendingClub Co. will post 0.38 earnings per share for the current year.

Insider Buying and Selling at LendingClub

In related news, CEO Scott Sanborn sold 17,000 shares of LendingClub stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $11.36, for a total value of $193,120.00. Following the completion of the sale, the chief executive officer now owns 1,373,273 shares in the company, valued at $15,600,381.28. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold a total of 34,703 shares of company stock worth $374,175 in the last 90 days. 3.31% of the stock is owned by corporate insiders.

LendingClub 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.