LendingClub (NYSE:LC) Issues Earnings Results, Beats Estimates By $0.09 EPS

LendingClub (NYSE:LC) released its quarterly earnings results on Tuesday. The credit services provider reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.09, Briefing.com reports. The business had revenue of $187.20 million for the quarter, compared to the consensus estimate of $177.03 million. LendingClub had a net margin of 4.69% and a return on equity of 3.04%. The company’s quarterly revenue was down 19.5% on a year-over-year basis. During the same period last year, the firm earned $0.09 earnings per share.

LendingClub Price Performance

LC traded up $1.33 during trading hours on Wednesday, hitting $12.52. 6,022,021 shares of the stock were exchanged, compared to its average volume of 1,433,568. The stock has a market cap of $1.39 billion, a price-to-earnings ratio of 36.68 and a beta of 2.06. LendingClub has a 12 month low of $4.73 and a 12 month high of $12.87. The stock has a 50-day simple moving average of $9.04 and a 200-day simple moving average of $8.67.

Insider Buying and Selling

In related news, Director Erin Selleck sold 4,083 shares of the company’s stock in a transaction on Friday, May 31st. The shares were sold at an average price of $8.88, for a total transaction of $36,257.04. Following the completion of the sale, the director now directly owns 54,571 shares of the company’s stock, valued at approximately $484,590.48. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 3.31% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on LC shares. BTIG Research started coverage on shares of LendingClub in a report on Friday, June 7th. They set a “buy” rating and a $12.00 price objective for the company. Piper Sandler restated an “overweight” rating and issued a $13.00 price target (up previously from $10.00) on shares of LendingClub in a report on Wednesday. Jefferies Financial Group boosted their price target on shares of LendingClub from $11.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, July 18th. Wedbush lifted their price objective on shares of LendingClub from $11.00 to $14.00 and gave the stock an “outperform” rating in a research report on Wednesday. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of LendingClub from $10.00 to $11.50 and gave the company a “market perform” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, LendingClub has an average rating of “Moderate Buy” and a consensus target price of $12.64.

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.