Northern Trust Corp Sells 8,661 Shares of LendingClub Corporation $LC

Northern Trust Corp trimmed its holdings in LendingClub Corporation (NYSE:LC) by 0.8% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,039,957 shares of the credit services provider’s stock after selling 8,661 shares during the period. Northern Trust Corp owned 0.91% of LendingClub worth $10,732,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Comerica Bank bought a new stake in shares of LendingClub during the 4th quarter worth $37,000. KBC Group NV acquired a new position in shares of LendingClub in the 1st quarter valued at $67,000. Asset Management One Co. Ltd. increased its position in shares of LendingClub by 95.4% during the 1st quarter. Asset Management One Co. Ltd. now owns 9,526 shares of the credit services provider’s stock worth $98,000 after purchasing an additional 4,651 shares in the last quarter. Brevan Howard Capital Management LP acquired a new stake in shares of LendingClub during the 4th quarter worth about $187,000. Finally, Highland Capital Management LLC increased its position in shares of LendingClub by 24.4% during the 1st quarter. Highland Capital Management LLC now owns 13,841 shares of the credit services provider’s stock worth $143,000 after purchasing an additional 2,717 shares in the last quarter. 74.08% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CEO Scott Sanborn sold 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $16.65, for a total value of $499,500.00. Following the completion of the transaction, the chief executive officer owned 1,270,070 shares in the company, valued at $21,146,665.50. This trade represents a 2.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Andrew Labenne sold 17,955 shares of the firm’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 owned 178,111 shares of the company’s stock, valued at approximately $2,965,548.15. The trade was a 9.16% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 63,705 shares of company stock valued at $991,073. 3.19% of the stock is owned by company insiders.

LendingClub Stock Up 1.9%

Shares of LendingClub stock opened at $16.68 on Friday. The company has a market capitalization of $1.91 billion, a price-to-earnings ratio of 26.06 and a beta of 2.53. LendingClub Corporation has a 12-month low of $7.90 and a 12-month high of $18.75. The firm’s 50-day moving average price is $14.46 and its two-hundred day moving average price is $12.01.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on LC shares. Wall Street Zen upgraded shares of LendingClub from a “sell” rating to a “hold” rating in a research report on Saturday, August 2nd. Piper Sandler set a $15.50 price objective on shares of LendingClub and gave the stock an “overweight” rating in a research note on Wednesday, July 30th. Citizens Jmp began coverage on shares of LendingClub in a research note on Monday, July 7th. They set a “market perform” rating on the stock. Stephens assumed coverage on shares of LendingClub in a report on Thursday, June 12th. They issued an “overweight” rating and a $15.00 price target for the company. Finally, Citigroup assumed coverage on shares of LendingClub in a research report on Monday, July 7th. They issued a “market perform” rating on the stock. Six investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $16.57.

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.