Teacher Retirement System of Texas Decreases Stock Position in LendingClub Corporation $LC

Teacher Retirement System of Texas cut its holdings in LendingClub Corporation (NYSE:LC) by 4.4% in the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 133,860 shares of the credit services provider’s stock after selling 6,198 shares during the quarter. Teacher Retirement System of Texas owned about 0.12% of LendingClub worth $1,610,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Y Intercept Hong Kong Ltd raised its stake in LendingClub by 167.3% in the second quarter. Y Intercept Hong Kong Ltd now owns 129,990 shares of the credit services provider’s stock valued at $1,564,000 after buying an additional 81,365 shares during the last quarter. Oppenheimer Asset Management Inc. raised its stake in LendingClub by 18.9% in the second quarter. Oppenheimer Asset Management Inc. now owns 46,771 shares of the credit services provider’s stock valued at $563,000 after buying an additional 7,431 shares during the last quarter. MQS Management LLC purchased a new stake in LendingClub in the second quarter valued at about $121,000. AlphaQuest LLC raised its stake in LendingClub by 48.9% in the second quarter. AlphaQuest LLC now owns 60,831 shares of the credit services provider’s stock valued at $732,000 after buying an additional 19,967 shares during the last quarter. Finally, Asset Management One Co. Ltd. raised its stake in shares of 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 purchasing an additional 706 shares during the last quarter. 74.08% of the stock is currently owned by hedge funds and other institutional investors.

LendingClub Trading Up 0.9%

Shares of LC stock opened at $17.74 on Wednesday. The stock has a 50 day moving average of $16.60 and a 200 day moving average of $13.75. The stock has a market cap of $2.05 billion, a P/E ratio of 20.16 and a beta of 2.51. LendingClub Corporation has a twelve month low of $7.90 and a twelve month high of $19.88.

LendingClub (NYSE:LC) last announced its quarterly earnings results on Wednesday, October 22nd. The credit services provider reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.07. The company had revenue of $266.23 million during the quarter, compared to analysts’ expectations of $256.27 million. LendingClub had a return on equity of 7.68% and a net margin of 10.94%.LendingClub’s quarterly revenue was up 31.8% on a year-over-year basis. During the same period last year, the business earned $0.13 earnings per share. On average, research analysts predict that LendingClub Corporation will post 0.72 earnings per share for the current fiscal year.

Insider Activity at LendingClub

In other LendingClub news, CFO Andrew Labenne sold 20,903 shares of the firm’s stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $17.04, for a total value of $356,187.12. Following the sale, the chief financial officer directly owned 181,750 shares of the company’s stock, valued at approximately $3,097,020. This trade represents a 10.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Erin Selleck sold 2,390 shares of the firm’s stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $16.82, for a total value of $40,199.80. Following the completion of 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 113,293 shares of company stock worth $1,985,787. 3.31% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Zacks Research upgraded LendingClub from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 28th. Weiss Ratings restated a “hold (c)” rating on shares of LendingClub in a research note on Wednesday, October 8th. JPMorgan Chase & Co. upgraded LendingClub from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $17.00 to $22.00 in a research note on Thursday, October 23rd. BTIG Research raised their price objective on LendingClub from $16.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, October 23rd. Finally, Wall Street Zen upgraded LendingClub from a “sell” rating to a “hold” rating in a research note on Saturday, August 2nd. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.00.

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.