JPMorgan Chase & Co. Sells 413,993 Shares of LendingClub Co. (NYSE:LC)

JPMorgan Chase & Co. lessened its holdings in shares of LendingClub Co. (NYSE:LC) by 41.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 584,155 shares of the credit services provider’s stock after selling 413,993 shares during the quarter. JPMorgan Chase & Co. owned about 0.52% of LendingClub worth $9,457,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Wellington Management Group LLP increased its holdings in shares of LendingClub by 21.6% in the third quarter. Wellington Management Group LLP now owns 838,535 shares of the credit services provider’s stock worth $9,584,000 after buying an additional 148,685 shares during the period. Captrust Financial Advisors purchased a new stake in shares of LendingClub in the 3rd quarter worth about $237,000. Victory Capital Management Inc. boosted its position in shares of LendingClub by 301.0% during the fourth quarter. Victory Capital Management Inc. now owns 54,687 shares of the credit services provider’s stock valued at $885,000 after purchasing an additional 41,048 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of LendingClub in the 4th quarter worth about $1,696,000. Finally, Geode Capital Management LLC increased its stake in shares of LendingClub by 1.7% during the third quarter. Geode Capital Management LLC now owns 2,559,805 shares of the credit services provider’s stock valued at $29,265,000 after purchasing an additional 42,429 shares in the last quarter. Hedge funds and other institutional investors own 74.08% of the company’s stock.

LendingClub Price Performance

Shares of NYSE LC opened at $9.26 on Tuesday. LendingClub Co. has a 1 year low of $7.48 and a 1 year high of $18.75. The firm has a fifty day moving average price of $11.42 and a 200-day moving average price of $13.76. The stock has a market cap of $1.05 billion, a PE ratio of 20.58 and a beta of 2.09.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling at LendingClub

In other news, CEO Scott Sanborn sold 17,000 shares of the company’s stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $13.76, for a total transaction of $233,920.00. Following the sale, the chief executive officer now directly owns 1,295,184 shares of the company’s stock, valued at $17,821,731.84. This represents a 1.30 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Jordan Cheng sold 7,000 shares of the firm’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $14.10, for a total transaction of $98,700.00. Following the completion of the transaction, the general counsel now directly owns 88,263 shares of the company’s stock, valued at approximately $1,244,508.30. This trade represents a 7.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 29,250 shares of company stock valued at $385,120 over the last ninety days. 3.31% of the stock is currently owned by company insiders.

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.