LendingClub (NYSE:LC) Upgraded at Zacks Research

Zacks Research upgraded shares of LendingClub (NYSE:LC) from a hold rating to a strong-buy rating in a research report report published on Tuesday,Zacks.com reports.

LC has been the topic of a number of other reports. Citizens Jmp assumed coverage on LendingClub in a research note on Monday, July 7th. They issued a “market perform” rating on the stock. JPMorgan Chase & Co. upgraded shares of LendingClub from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $17.00 to $22.00 in a research report on Thursday, October 23rd. Citigroup started coverage on shares of LendingClub in a research report on Monday, July 7th. They issued a “market perform” rating on the stock. Keefe, Bruyette & Woods lifted their price objective on shares of LendingClub from $19.00 to $20.00 and gave the company an “outperform” rating in a research report on Thursday, October 23rd. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of LendingClub in a report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $19.00.

LendingClub Stock Down 2.4%

Shares of NYSE LC opened at $16.81 on Tuesday. The firm’s 50-day moving average price is $16.53 and its two-hundred day moving average price is $13.52. LendingClub has a 52-week low of $7.90 and a 52-week high of $19.88. The stock has a market capitalization of $1.93 billion, a P/E ratio of 19.10 and a beta of 2.48.

LendingClub (NYSE:LC) last announced its quarterly earnings results on Wednesday, October 22nd. The credit services provider reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.07. The business had revenue of $266.23 million for the quarter, compared to the consensus estimate of $256.27 million. LendingClub had a return on equity of 7.81% and a net margin of 10.94%.The business’s revenue was up 31.8% on a year-over-year basis. During the same quarter last year, the business posted $0.13 EPS. As a group, equities research analysts expect that LendingClub will post 0.72 earnings per share for the current year.

Insiders Place Their Bets

In other LendingClub news, Director Erin Selleck sold 2,390 shares of the business’s stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $16.82, for a total transaction of $40,199.80. Following the sale, the director directly owned 73,987 shares in the company, valued at approximately $1,244,461.34. The trade was a 3.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Scott Sanborn sold 30,000 shares of the business’s stock in a transaction that occurred on Thursday, October 23rd. The stock was sold at an average price of $19.29, for a total value of $578,700.00. Following the sale, the chief executive officer directly owned 1,210,070 shares in the company, valued at approximately $23,342,250.30. The trade was a 2.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 113,293 shares of company stock worth $1,985,787. 3.19% of the stock is owned by corporate insiders.

Institutional Trading of LendingClub

Hedge funds and other institutional investors have recently modified their holdings of the company. Asset Management One Co. Ltd. raised its position in LendingClub by 7.4% in the second quarter. Asset Management One Co. Ltd. now owns 10,232 shares of the credit services provider’s stock worth $123,000 after acquiring an additional 706 shares in the last quarter. Osaic Holdings Inc. raised its holdings in shares of LendingClub by 8.8% in the 2nd quarter. Osaic Holdings Inc. now owns 13,354 shares of the credit services provider’s stock worth $160,000 after purchasing an additional 1,084 shares in the last quarter. KLP Kapitalforvaltning AS raised its holdings in shares of LendingClub by 5.3% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 25,840 shares of the credit services provider’s stock worth $311,000 after purchasing an additional 1,300 shares in the last quarter. SummerHaven Investment Management LLC increased its holdings in shares of LendingClub by 1.7% in the second quarter. SummerHaven Investment Management LLC now owns 92,061 shares of the credit services provider’s stock valued at $1,107,000 after buying an additional 1,496 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of LendingClub by 11.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 17,230 shares of the credit services provider’s stock valued at $178,000 after buying an additional 1,730 shares in the last quarter. Institutional investors own 74.08% of the company’s stock.

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.