LendingClub (NYSE:LC) Price Target Raised to $20.00

LendingClub (NYSE:LC) had its price objective upped by Janney Montgomery Scott from $17.00 to $20.00 in a research report report published on Thursday morning,Benzinga reports. Janney Montgomery Scott currently has a neutral rating on the credit services provider’s stock.

Several other brokerages have also recently weighed in on LC. Keefe, Bruyette & Woods boosted their price target on shares of LendingClub from $19.00 to $20.00 and gave the company an “outperform” rating in a research report on Thursday, October 23rd. Piper Sandler reiterated an “overweight” rating and issued a $20.00 target price (up from $18.00) on shares of LendingClub in a report on Thursday, October 23rd. JPMorgan Chase & Co. raised shares of LendingClub from a “neutral” rating to an “overweight” rating and increased their price target for the company from $17.00 to $22.00 in a research note on Thursday, October 23rd. Wall Street Zen raised shares of LendingClub from a “sell” rating to a “hold” rating in a research report on Saturday, August 2nd. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of LendingClub in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $20.83.

LendingClub Price Performance

LC stock opened at $18.09 on Thursday. LendingClub has a 1 year low of $7.90 and a 1 year high of $19.88. The firm has a market capitalization of $2.09 billion, a PE ratio of 20.55 and a beta of 2.51. The business has a 50 day simple moving average of $16.68 and a 200-day simple moving average of $13.91.

LendingClub (NYSE:LC) last released its quarterly earnings data on Wednesday, October 22nd. The credit services provider reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.30 by $0.07. The company had revenue of $266.23 million for the quarter, compared to analyst estimates of $256.27 million. LendingClub had a return on equity of 7.68% and a net margin of 10.94%.The firm’s revenue for the quarter was up 31.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.13 earnings per share. On average, equities research analysts expect that LendingClub will post 0.72 EPS for the current year.

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

Insider Activity

In other news, Director Erin Selleck sold 2,390 shares of the company’s stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $16.82, for a total value of $40,199.80. Following the transaction, the director directly owned 73,987 shares in the company, valued at approximately $1,244,461.34. This represents a 3.13% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Scott Sanborn sold 30,000 shares of LendingClub stock in a transaction that occurred on Thursday, October 23rd. The shares were sold at an average price of $19.29, for a total transaction of $578,700.00. Following the completion of the sale, the chief executive officer owned 1,210,070 shares of the company’s stock, valued at $23,342,250.30. This trade represents a 2.42% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 113,293 shares of company stock valued at $1,985,787. Company insiders own 3.19% of the company’s stock.

Institutional Investors Weigh In On LendingClub

Several institutional investors and hedge funds have recently modified their holdings of LC. Quarry LP boosted its holdings in LendingClub by 1,427.2% during the 1st quarter. Quarry LP now owns 2,810 shares of the credit services provider’s stock valued at $29,000 after acquiring an additional 2,626 shares during the period. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of LendingClub during the first quarter worth about $35,000. Headlands Technologies LLC acquired a new stake in shares of LendingClub during the second quarter worth about $53,000. Jones Financial Companies Lllp boosted its stake in shares of LendingClub by 46.7% in the third quarter. Jones Financial Companies Lllp now owns 4,051 shares of the credit services provider’s stock valued at $67,000 after purchasing an additional 1,290 shares during the period. Finally, State of Alaska Department of Revenue acquired a new position in shares of LendingClub in the third quarter valued at approximately $69,000. Hedge funds and other institutional investors own 74.08% of the company’s stock.

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.