LendingClub (NYSE:LC) Upgraded to “Hold” at StockNews.com

StockNews.com upgraded shares of LendingClub (NYSE:LC) from a sell rating to a hold rating in a report released on Friday morning.

Several other equities research analysts have also recently weighed in on LC. Piper Sandler restated an “overweight” rating and set a $19.00 target price (down from $20.00) on shares of LendingClub in a report on Wednesday, January 29th. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $16.00 price objective (down previously from $17.00) on shares of LendingClub in a research note on Wednesday, January 29th. Finally, JPMorgan Chase & Co. cut their target price on shares of LendingClub from $17.00 to $14.00 and set a “neutral” rating on the stock in a report on Monday, March 10th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, LendingClub presently has an average rating of “Moderate Buy” and a consensus price target of $16.00.

LendingClub Stock Down 8.0 %

Shares of NYSE:LC opened at $8.68 on Friday. The stock has a market cap of $983.61 million, a PE ratio of 19.28 and a beta of 2.07. The company’s fifty day moving average is $12.25 and its 200 day moving average is $13.85. LendingClub has a 52 week low of $7.48 and a 52 week high of $18.75.

Insider Activity at LendingClub

In other news, Director Michael P. Zeisser purchased 20,000 shares of LendingClub stock in a transaction that occurred on Monday, February 3rd. The shares were bought at an average cost of $12.88 per share, with a total value of $257,600.00. Following the completion of the purchase, the director now directly owns 148,018 shares in the company, valued at approximately $1,906,471.84. This trade represents a 15.62 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Scott Sanborn sold 17,000 shares of the stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $13.76, for a total value of $233,920.00. Following the completion of the transaction, the chief executive officer now owns 1,295,184 shares of the company’s stock, valued at approximately $17,821,731.84. This trade represents a 1.30 % decrease in their position. The disclosure for this sale can be found here. 3.31% of the stock is currently owned by company insiders.

Institutional Trading of LendingClub

A number of hedge funds and other institutional investors have recently modified their holdings of LC. State Street Corp increased its position in LendingClub by 2.2% during the 3rd quarter. State Street Corp now owns 3,896,816 shares of the credit services provider’s stock valued at $44,541,000 after buying an additional 82,315 shares in the last quarter. Wellington Management Group LLP raised its position in shares of LendingClub by 353.1% in the 4th quarter. Wellington Management Group LLP now owns 3,799,585 shares of the credit services provider’s stock worth $61,515,000 after purchasing an additional 2,961,050 shares during the last quarter. Driehaus Capital Management LLC boosted its stake in LendingClub by 229.1% in the 4th quarter. Driehaus Capital Management LLC now owns 3,588,799 shares of the credit services provider’s stock worth $58,103,000 after purchasing an additional 2,498,318 shares in the last quarter. Geode Capital Management LLC grew its position in LendingClub by 1.7% during the 3rd quarter. Geode Capital Management LLC now owns 2,559,805 shares of the credit services provider’s stock valued at $29,265,000 after purchasing an additional 42,429 shares during the last quarter. Finally, Balyasny Asset Management L.P. increased its stake in LendingClub by 196.5% during the 4th 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 in the last quarter. 74.08% of the stock is owned by hedge funds and other institutional investors.

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.