Charles Schwab Investment Management Inc. Grows Stake in LendingClub Corporation $LC

Charles Schwab Investment Management Inc. grew its position in LendingClub Corporation (NYSE:LC) by 8.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,004,943 shares of the credit services provider’s stock after purchasing an additional 80,100 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.88% of LendingClub worth $10,371,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. SummerHaven Investment Management LLC grew its holdings in shares of LendingClub by 1.2% during the first quarter. SummerHaven Investment Management LLC now owns 90,565 shares of the credit services provider’s stock valued at $935,000 after buying an additional 1,066 shares during the last quarter. Citizens Financial Group Inc. RI boosted its holdings in LendingClub by 9.5% in the first quarter. Citizens Financial Group Inc. RI now owns 23,120 shares of the credit services provider’s stock valued at $239,000 after purchasing an additional 2,000 shares during the last quarter. Comerica Bank purchased a new stake in LendingClub in the fourth quarter valued at $37,000. Highland Capital Management LLC boosted its holdings in LendingClub by 24.4% in the first quarter. Highland Capital Management LLC now owns 13,841 shares of the credit services provider’s stock valued at $143,000 after purchasing an additional 2,717 shares during the last quarter. Finally, MetLife Investment Management LLC raised its position in shares of LendingClub by 4.8% in the fourth quarter. MetLife Investment Management LLC now owns 66,251 shares of the credit services provider’s stock worth $1,073,000 after acquiring an additional 3,064 shares during the period. 74.08% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at LendingClub

In related news, CEO Scott Sanborn sold 5,250 shares of the company’s stock in a transaction that occurred on Thursday, July 17th. The shares were sold at an average price of $12.98, for a total transaction of $68,145.00. Following the transaction, the chief executive officer owned 1,283,175 shares of the company’s stock, valued at approximately $16,655,611.50. This represents a 0.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Andrew Labenne sold 17,955 shares of the company’s stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $16.65, for a total transaction of $298,950.75. Following the transaction, the chief financial officer directly owned 178,111 shares of the company’s stock, valued at $2,965,548.15. This trade represents a 9.16% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 38,955 shares of company stock worth $545,648. Company insiders own 3.31% of the company’s stock.

LendingClub Stock Performance

NYSE LC opened at $16.2740 on Monday. The firm has a market cap of $1.87 billion, a PE ratio of 25.43 and a beta of 2.46. LendingClub Corporation has a one year low of $7.90 and a one year high of $18.75. The firm’s fifty day moving average is $13.47 and its two-hundred day moving average is $11.78.

LendingClub (NYSE:LC) last issued its quarterly earnings results on Tuesday, July 29th. The credit services provider reported $0.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.15 by $0.18. LendingClub had a net margin of 8.36% and a return on equity of 5.66%. The business had revenue of $248.44 million for the quarter, compared to analyst estimates of $227.04 million. During the same period in the previous year, the business posted $0.13 earnings per share. The business’s revenue was up 14.1% compared to the same quarter last year. Research analysts predict that LendingClub Corporation will post 0.72 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have commented on LC. Piper Sandler set a $15.50 price objective on LendingClub and gave the stock an “overweight” rating in a research note on Wednesday, July 30th. Citizens Jmp started coverage on shares of LendingClub in a research note on Monday, July 7th. They issued a “market perform” rating for the company. Stephens started coverage on shares of LendingClub in a research note on Thursday, June 12th. They issued an “overweight” rating and a $15.00 price target for the company. Wall Street Zen raised shares of LendingClub from a “sell” rating to a “hold” rating in a research report on Saturday, August 2nd. Finally, Keefe, Bruyette & Woods raised their price target on shares of LendingClub from $14.00 to $16.50 and gave the company an “outperform” rating in a research report on Wednesday, July 30th. Six analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.57.

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.