Piper Sandler Reaffirms “Overweight” Rating for LendingClub (NYSE:LC)

Piper Sandler reiterated their overweight rating on shares of LendingClub (NYSE:LC) in a report issued on Thursday, Benzinga reports. The brokerage currently has a $15.00 price target on the credit services provider’s stock, up from their prior price target of $13.00.

Several other equities research analysts have also recently weighed in on LC. Jefferies Financial Group boosted their price objective on LendingClub from $11.00 to $12.00 and gave the stock a “buy” rating in a research note on Thursday, July 18th. Wedbush increased their price target on LendingClub from $11.00 to $14.00 and gave the company an “outperform” rating in a report on Wednesday, July 31st. StockNews.com upgraded LendingClub from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. JPMorgan Chase & Co. boosted their price objective on shares of LendingClub from $12.00 to $14.00 and gave the company an “overweight” rating in a research report on Tuesday, August 20th. Finally, Keefe, Bruyette & Woods upgraded shares of LendingClub from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $11.50 to $15.00 in a report on Thursday, October 10th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $14.88.

LendingClub Stock Performance

NYSE:LC traded up $0.63 during trading hours on Thursday, reaching $14.45. The stock had a trading volume of 510,739 shares, compared to its average volume of 1,437,026. The stock has a market capitalization of $1.61 billion, a PE ratio of 41.41 and a beta of 2.04. LendingClub has a 52 week low of $4.73 and a 52 week high of $15.52. The company has a 50 day moving average price of $11.64 and a two-hundred day moving average price of $9.98.

LendingClub (NYSE:LC) last released its quarterly earnings results on Wednesday, October 23rd. The credit services provider reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.07 by $0.06. LendingClub had a net margin of 5.61% and a return on equity of 3.38%. The company had revenue of $201.90 million for the quarter, compared to the consensus estimate of $190.40 million. During the same quarter in the prior year, the firm earned $0.05 earnings per share. LendingClub’s revenue was up .5% on a year-over-year basis. Equities research analysts predict that LendingClub will post 0.38 EPS for the current year.

Insider Transactions at LendingClub

In related news, CEO Scott Sanborn sold 17,000 shares of LendingClub stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $11.09, for a total transaction of $188,530.00. Following the completion of the sale, the chief executive officer now owns 1,356,273 shares in the company, valued at $15,041,067.57. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Over the last ninety days, insiders have sold 51,703 shares of company stock worth $562,705. Insiders own 3.31% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of LendingClub by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 11,446,014 shares of the credit services provider’s stock worth $100,610,000 after buying an additional 175,706 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in LendingClub by 5.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 5,898,545 shares of the credit services provider’s stock worth $49,901,000 after acquiring an additional 300,536 shares in the last quarter. American Century Companies Inc. increased its position in LendingClub by 24.8% during the 2nd quarter. American Century Companies Inc. now owns 1,658,679 shares of the credit services provider’s stock valued at $14,032,000 after purchasing an additional 329,279 shares during the period. Assenagon Asset Management S.A. raised its holdings in shares of LendingClub by 120.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,517,986 shares of the credit services provider’s stock valued at $17,351,000 after purchasing an additional 828,958 shares in the last quarter. Finally, Wellington Management Group LLP lifted its position in shares of LendingClub by 176.1% in the 4th quarter. Wellington Management Group LLP now owns 1,344,295 shares of the credit services provider’s stock worth $11,749,000 after purchasing an additional 857,371 shares during the period. 74.08% of the stock is currently owned by hedge funds and other institutional investors.

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.