Quest Partners LLC Grows Position in LendingClub Co. (NYSE:LC)

Quest Partners LLC raised its position in LendingClub Co. (NYSE:LC) by 196.0% in the third quarter, Holdings Channel.com reports. The institutional investor owned 141,214 shares of the credit services provider’s stock after purchasing an additional 93,506 shares during the period. Quest Partners LLC’s holdings in LendingClub were worth $1,614,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the company. Aigen Investment Management LP raised its position in LendingClub by 18.5% in the 3rd quarter. Aigen Investment Management LP now owns 31,542 shares of the credit services provider’s stock valued at $361,000 after purchasing an additional 4,917 shares during the last quarter. GSA Capital Partners LLP increased its stake in LendingClub by 47.3% in the third quarter. GSA Capital Partners LLP now owns 214,192 shares of the credit services provider’s stock valued at $2,448,000 after purchasing an additional 68,791 shares during the period. Mesirow Financial Investment Management Inc. purchased a new stake in shares of LendingClub in the third quarter valued at about $236,000. SteelPeak Wealth LLC acquired a new stake in shares of LendingClub during the third quarter worth about $562,000. Finally, Assenagon Asset Management S.A. increased its position in 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 acquiring an additional 828,958 shares during the period. 74.08% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. StockNews.com downgraded LendingClub from a “hold” rating to a “sell” rating in a research note on Friday, October 25th. Keefe, Bruyette & Woods raised shares of LendingClub from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $11.50 to $15.00 in a research note on Thursday, October 10th. JPMorgan Chase & Co. raised their target price on shares of LendingClub from $12.00 to $14.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 20th. Maxim Group boosted their price target on shares of LendingClub from $16.00 to $19.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Finally, Compass Point raised their price objective on shares of LendingClub from $15.00 to $19.00 and gave the company a “buy” rating in a research report on Friday, October 25th. One analyst has rated the stock with a sell rating and eight have assigned a buy rating to the stock. According to MarketBeat, LendingClub presently has a consensus rating of “Moderate Buy” and a consensus price target of $15.38.

LendingClub Price Performance

NYSE LC opened at $15.19 on Tuesday. The business has a 50 day moving average price of $12.59 and a 200 day moving average price of $10.75. The company has a market capitalization of $1.71 billion, a P/E ratio of 32.43 and a beta of 2.01. LendingClub Co. has a 1-year low of $5.41 and a 1-year high of $16.16.

LendingClub (NYSE:LC) last announced its quarterly earnings results on Wednesday, October 23rd. The credit services provider reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.06. LendingClub had a return on equity of 4.02% and a net margin of 6.85%. The business had revenue of $201.90 million during the quarter, compared to analysts’ expectations of $190.40 million. During the same quarter last year, the business posted $0.05 earnings per share. The business’s revenue for the quarter was up .5% on a year-over-year basis. On average, research analysts expect that LendingClub Co. will post 0.47 earnings per share for the current fiscal year.

Insider Buying and Selling at LendingClub

In other news, Director John C. Morris sold 2,500 shares of the company’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $14.36, for a total value of $35,900.00. Following the sale, the director now directly owns 203,348 shares in the company, valued at $2,920,077.28. This represents a 1.21 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Scott Sanborn sold 17,000 shares of LendingClub stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $14.89, for a total value of $253,130.00. Following the sale, the chief executive officer now owns 1,339,273 shares of the company’s stock, valued at approximately $19,941,774.97. This represents a 1.25 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 75,500 shares of company stock worth $996,940. 3.31% of the stock is owned by corporate insiders.

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.