LendingClub Corporation (NYSE:LC) CFO Sells $298,950.75 in Stock

LendingClub Corporation (NYSE:LC) CFO Andrew Labenne sold 17,955 shares of the company’s stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $16.65, for a total value of $298,950.75. Following the completion of the transaction, the chief financial officer directly owned 178,111 shares in the company, valued at approximately $2,965,548.15. This represents a 9.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

LendingClub Price Performance

Shares of LC stock opened at $15.59 on Monday. LendingClub Corporation has a twelve month low of $7.90 and a twelve month high of $18.75. The company has a market cap of $1.78 billion, a P/E ratio of 24.36 and a beta of 2.46. The business has a fifty day simple moving average of $11.93 and a 200 day simple moving average of $11.76.

LendingClub (NYSE:LC) last announced its quarterly earnings data on Tuesday, July 29th. The credit services provider reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.18. LendingClub had a return on equity of 5.66% and a net margin of 8.36%. The business had revenue of $248.44 million during the quarter, compared to the consensus estimate of $227.04 million. During the same period in the prior year, the company earned $0.13 EPS. LendingClub’s revenue for the quarter was up 14.1% on a year-over-year basis. As a group, equities research analysts anticipate that LendingClub Corporation will post 0.72 earnings per share for the current fiscal year.

Institutional Trading of LendingClub

Several institutional investors and hedge funds have recently modified their holdings of the business. Comerica Bank acquired a new position in LendingClub in the 4th quarter worth about $37,000. Quarry LP increased its holdings in LendingClub by 1,427.2% in the 1st quarter. Quarry LP now owns 2,810 shares of the credit services provider’s stock worth $29,000 after purchasing an additional 2,626 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new position in LendingClub in the 1st quarter worth about $35,000. Sterling Capital Management LLC increased its holdings in LendingClub by 818.6% in the 4th quarter. Sterling Capital Management LLC now owns 3,500 shares of the credit services provider’s stock worth $57,000 after purchasing an additional 3,119 shares in the last quarter. Finally, National Bank of Canada FI increased its holdings in LendingClub by 150.6% in the 4th quarter. National Bank of Canada FI now owns 4,074 shares of the credit services provider’s stock worth $66,000 after purchasing an additional 2,448 shares in the last quarter. 74.08% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on LC. Stephens began coverage on LendingClub in a research report on Thursday, June 12th. They set an “overweight” rating and a $15.00 target price for the company. Wall Street Zen upgraded LendingClub from a “sell” rating to a “hold” rating in a research report on Saturday. Piper Sandler set a $15.50 target price on LendingClub and gave the company an “overweight” rating in a research report on Wednesday, July 30th. Keefe, Bruyette & Woods upped their target price on LendingClub from $14.00 to $16.50 and gave the company an “outperform” rating in a research report on Wednesday, July 30th. Finally, Citizens Jmp began coverage on LendingClub in a research report on Monday, July 7th. They set a “market perform” rating for the company. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $16.57.

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.