LendingClub Corporation (NYSE:LC) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of LendingClub Corporation (NYSE:LC) have been given an average rating of “Moderate Buy” by the ten brokerages that are currently covering the stock, Marketbeat.com reports. Four equities research analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $21.5714.

Several brokerages have issued reports on LC. BTIG Research boosted their target price on shares of LendingClub from $18.00 to $26.00 and gave the company a “buy” rating in a research note on Thursday, November 6th. Zacks Research lowered LendingClub from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 5th. Keefe, Bruyette & Woods increased their price objective on LendingClub from $20.00 to $22.00 and gave the stock an “outperform” rating in a research note on Friday, November 7th. Piper Sandler reaffirmed an “overweight” rating and set a $20.00 target price (up previously from $18.00) on shares of LendingClub in a research note on Thursday, October 23rd. Finally, JPMorgan Chase & Co. increased their price target on shares of LendingClub from $22.00 to $25.00 and gave the stock an “overweight” rating in a research report on Thursday, December 4th.

Insider Buying and Selling

In other news, CEO Scott Sanborn sold 30,000 shares of the company’s stock in a transaction on Thursday, October 23rd. The shares were sold at an average price of $19.29, for a total value of $578,700.00. Following the transaction, the chief executive officer directly owned 1,210,070 shares of the company’s stock, valued at approximately $23,342,250.30. This represents a 2.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Erin Selleck sold 2,390 shares of LendingClub stock in a transaction on Friday, December 5th. The shares were sold at an average price of $19.47, for a total value of $46,533.30. Following the sale, the director directly owned 76,377 shares of the company’s stock, valued at approximately $1,487,060.19. The trade was a 3.03% decrease in their position. The disclosure for this sale is available in the SEC filing. 3.19% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On LendingClub

Institutional investors have recently made changes to their positions in the company. Strs Ohio acquired a new position in shares of LendingClub during the 1st quarter valued at about $554,000. Assenagon Asset Management S.A. lifted its holdings in LendingClub by 24.1% in the 2nd quarter. Assenagon Asset Management S.A. now owns 746,800 shares of the credit services provider’s stock worth $8,984,000 after purchasing an additional 144,873 shares during the last quarter. Lido Advisors LLC bought a new stake in LendingClub during the second quarter worth approximately $1,202,000. Capital Fund Management S.A. grew its holdings in LendingClub by 183.9% during the second quarter. Capital Fund Management S.A. now owns 213,008 shares of the credit services provider’s stock valued at $2,562,000 after purchasing an additional 137,972 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. grew its holdings in LendingClub by 18.9% during the second quarter. Oppenheimer Asset Management Inc. now owns 46,771 shares of the credit services provider’s stock valued at $563,000 after purchasing an additional 7,431 shares during the last quarter. 74.08% of the stock is currently owned by institutional investors and hedge funds.

LendingClub Trading Up 1.9%

Shares of LC opened at $20.37 on Friday. The business’s 50-day moving average price is $18.80 and its 200 day moving average price is $16.67. The stock has a market capitalization of $2.35 billion, a P/E ratio of 23.15 and a beta of 2.08. LendingClub has a 1-year low of $7.90 and a 1-year high of $21.19.

LendingClub (NYSE:LC) last released its quarterly earnings results on Wednesday, October 22nd. The credit services provider reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.07. LendingClub had a net margin of 10.94% and a return on equity of 7.68%. The business had revenue of $107.79 million for the quarter, compared to analyst estimates of $256.27 million. During the same quarter in the previous year, the business earned $0.13 earnings per share. The firm’s revenue was up 31.8% compared to the same quarter last year. On average, research analysts predict that LendingClub will post 0.72 earnings per share for the current year.

LendingClub declared that its Board of Directors has approved a share buyback plan on Wednesday, November 5th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the credit services provider to repurchase up to 4.9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

LendingClub Company Profile

LendingClub Corporation operates an online lending marketplace that connects borrowers seeking personal and small business credit with individual and institutional investors. The platform leverages technology to streamline the loan application and underwriting process, offering unsecured personal loans, auto refinancing, and small business loans. In addition to lending products, LendingClub provides high-yield savings accounts and certificates of deposit through its banking charter, following its acquisition of Radius Bank in 2021.

Founded in 2006 by Renaud Laplanche, LendingClub pioneered peer-to-peer lending in the United States, helping to democratize access to credit and investment opportunities.