LendingClub Corporation (LC) Upgraded to “Hold” by Zacks Investment Research

Zacks Investment Research upgraded shares of LendingClub Corporation (NYSE:LC) from a sell rating to a hold rating in a report released on Tuesday, August 8th. The firm currently has $6.50 price objective on the credit services provider’s stock.

According to Zacks, “LendingClub Corporation provides internet financial services. The Company offers online marketplace for loan approval, pricing, servicing and support operations as well as regulatory and legal framework which connects borrowers and investors. LendingClub Corporation is headquartered in San Francisco, California. “

Other research analysts have also recently issued research reports about the stock. UBS AG upgraded shares of LendingClub Corporation from a neutral rating to a positive rating in a report on Monday, May 1st. Canaccord Genuity restated a hold rating and issued a $7.00 price objective on shares of LendingClub Corporation in a report on Friday, May 5th. Vetr upgraded shares of LendingClub Corporation from a hold rating to a buy rating and set a $6.10 price target for the company in a research note on Wednesday, May 24th. FBR & Co reiterated a market perform rating and issued a $6.50 price target on shares of LendingClub Corporation in a research note on Monday, May 15th. Finally, BTIG Research reiterated a buy rating and issued a $9.00 price target on shares of LendingClub Corporation in a research note on Monday, May 8th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have issued a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average target price of $6.78.

LendingClub Corporation (LC) traded up 2.23% during midday trading on Tuesday, hitting $5.96. The company’s stock had a trading volume of 12,698,049 shares. The firm’s market cap is $2.45 billion. LendingClub Corporation has a 12 month low of $4.64 and a 12 month high of $6.78. The company’s 50 day moving average price is $5.45 and its 200 day moving average price is $5.62.

LendingClub Corporation (NYSE:LC) last announced its quarterly earnings results on Monday, August 7th. The credit services provider reported ($0.06) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.06). LendingClub Corporation had a negative net margin of 24.52% and a negative return on equity of 11.97%. The business had revenue of $139.60 million during the quarter, compared to analysts’ expectations of $134.02 million. During the same period last year, the business earned ($0.09) earnings per share. The business’s revenue for the quarter was up 35.0% on a year-over-year basis. Analysts expect that LendingClub Corporation will post $0.04 EPS for the current year.

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In other LendingClub Corporation news, CFO Thomas W. Casey sold 5,254 shares of the stock in a transaction that occurred on Friday, May 26th. The shares were sold at an average price of $5.65, for a total value of $29,685.10. Following the completion of the sale, the chief financial officer now owns 31,203 shares of the company’s stock, valued at $176,296.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Sandeep Bhandari sold 69,050 shares of the stock in a transaction that occurred on Wednesday, May 24th. The shares were sold at an average price of $5.87, for a total transaction of $405,323.50. Following the completion of the sale, the insider now directly owns 47,737 shares of the company’s stock, valued at approximately $280,216.19. The disclosure for this sale can be found here. Insiders sold 329,846 shares of company stock valued at $1,882,204 in the last ninety days. 11.40% of the stock is owned by corporate insiders.

Several hedge funds have recently added to or reduced their stakes in LC. Vanguard Group Inc. increased its stake in LendingClub Corporation by 4.8% in the second quarter. Vanguard Group Inc. now owns 28,403,846 shares of the credit services provider’s stock worth $156,505,000 after buying an additional 1,300,878 shares during the last quarter. BlackRock Inc. boosted its position in shares of LendingClub Corporation by 3,276.7% in the first quarter. BlackRock Inc. now owns 22,099,607 shares of the credit services provider’s stock valued at $121,326,000 after buying an additional 21,445,128 shares during the period. Fred Alger Management Inc. boosted its position in shares of LendingClub Corporation by 5.8% in the second quarter. Fred Alger Management Inc. now owns 12,337,744 shares of the credit services provider’s stock valued at $67,981,000 after buying an additional 681,192 shares during the period. Jackson Square Partners LLC boosted its position in shares of LendingClub Corporation by 23.3% in the second quarter. Jackson Square Partners LLC now owns 9,610,092 shares of the credit services provider’s stock valued at $52,951,000 after buying an additional 1,817,453 shares during the period. Finally, State Street Corp boosted its position in shares of LendingClub Corporation by 5.3% in the second quarter. State Street Corp now owns 6,461,593 shares of the credit services provider’s stock valued at $35,602,000 after buying an additional 323,373 shares during the period. 91.72% of the stock is owned by institutional investors and hedge funds.

LendingClub Corporation Company Profile

LendingClub Corporation provides online marketplace to connect borrowers and investors. Consumers and small business owners borrow through Lending Club. Investors use Lending Club to earn risk-adjusted returns from an asset class that has been closed to many investors and only available on a limited basis to large institutional investors.

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