Cresset Asset Management LLC Boosts Stock Holdings in LendingClub Co. (NYSE:LC)

Cresset Asset Management LLC raised its holdings in LendingClub Co. (NYSE:LC) by 2.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 362,914 shares of the credit services provider’s stock after purchasing an additional 7,144 shares during the quarter. Cresset Asset Management LLC owned 0.32% of LendingClub worth $5,876,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in LC. Wellington Management Group LLP lifted its position in shares of LendingClub by 353.1% during the 4th quarter. Wellington Management Group LLP now owns 3,799,585 shares of the credit services provider’s stock valued at $61,515,000 after acquiring an additional 2,961,050 shares during the period. Balyasny Asset Management L.P. grew its holdings in LendingClub by 196.5% in the fourth quarter. Balyasny Asset Management L.P. now owns 2,131,253 shares of the credit services provider’s stock valued at $34,505,000 after purchasing an additional 1,412,568 shares during the last quarter. American Century Companies Inc. grew its holdings in LendingClub by 9.3% in the fourth quarter. American Century Companies Inc. now owns 1,895,699 shares of the credit services provider’s stock valued at $30,691,000 after purchasing an additional 160,916 shares during the last quarter. Senvest Management LLC increased its position in shares of LendingClub by 3.4% in the fourth quarter. Senvest Management LLC now owns 1,529,587 shares of the credit services provider’s stock valued at $24,764,000 after buying an additional 50,000 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its stake in shares of LendingClub by 158.6% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,522,360 shares of the credit services provider’s stock worth $24,647,000 after buying an additional 933,680 shares during the last quarter. Institutional investors and hedge funds own 74.08% of the company’s stock.

Insider Transactions at LendingClub

In other LendingClub news, Director Michael P. Zeisser bought 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 30th. The stock was purchased at an average price of $9.35 per share, with a total value of $187,000.00. Following the transaction, the director now owns 174,138 shares in the company, valued at $1,628,190.30. This trade represents a 12.98 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Scott Sanborn sold 5,250 shares of the firm’s stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $10.00, for a total transaction of $52,500.00. Following the completion of the transaction, the chief executive officer now owns 1,292,532 shares in the company, valued at $12,925,320. The trade was a 0.40 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 22,750 shares of company stock worth $257,985 in the last ninety days. Insiders own 3.19% of the company’s stock.

Analysts Set New Price Targets

LC has been the subject of several recent research reports. JPMorgan Chase & Co. dropped their target price on shares of LendingClub from $17.00 to $14.00 and set a “neutral” rating for the company in a report on Monday, March 10th. Keefe, Bruyette & Woods reduced their target price on LendingClub from $15.00 to $14.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 30th. Piper Sandler reissued an “overweight” rating and set a $19.00 price target (down previously from $20.00) on shares of LendingClub in a research report on Wednesday, January 29th. Finally, StockNews.com downgraded LendingClub from a “hold” rating to a “sell” rating in a research report on Tuesday. One research analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $15.75.

LendingClub Stock Up 2.8 %

LC stock opened at $10.28 on Thursday. The stock has a market capitalization of $1.17 billion, a price-to-earnings ratio of 22.83 and a beta of 2.35. The stock’s fifty day simple moving average is $10.33 and its 200-day simple moving average is $13.51. LendingClub Co. has a 52-week low of $7.81 and a 52-week high of $18.75.

LendingClub (NYSE:LC) last released its earnings results on Tuesday, April 29th. The credit services provider reported $0.10 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.10. LendingClub had a net margin of 6.52% and a return on equity of 4.16%. The business had revenue of $217.71 million for the quarter, compared to analysts’ expectations of $213.71 million. During the same period last year, the company earned $0.11 earnings per share. The company’s quarterly revenue was up 21670.0% on a year-over-year basis. As a group, analysts anticipate that LendingClub Co. will post 0.72 earnings per share for the current fiscal year.

LendingClub 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.