Highland Capital Management LLC Makes New $180,000 Investment in LendingClub Co. (NYSE:LC)

Highland Capital Management LLC bought a new position in LendingClub Co. (NYSE:LC) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 11,124 shares of the credit services provider’s stock, valued at approximately $180,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. FMR LLC lifted its position in shares of LendingClub by 32.1% in the 3rd quarter. FMR LLC now owns 5,865 shares of the credit services provider’s stock valued at $67,000 after acquiring an additional 1,424 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of LendingClub by 0.5% in the second quarter. The Manufacturers Life Insurance Company now owns 302,844 shares of the credit services provider’s stock valued at $2,562,000 after purchasing an additional 1,445 shares in the last quarter. AlphaMark Advisors LLC acquired a new stake in shares of LendingClub in the third quarter worth $32,000. Hsbc Holdings PLC grew its holdings in shares of LendingClub by 38.3% during the second quarter. Hsbc Holdings PLC now owns 16,748 shares of the credit services provider’s stock valued at $141,000 after buying an additional 4,640 shares in the last quarter. Finally, Aigen Investment Management LP raised its position in LendingClub by 18.5% during the third quarter. Aigen Investment Management LP now owns 31,542 shares of the credit services provider’s stock valued at $361,000 after buying an additional 4,917 shares during the period. 74.08% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

LC has been the topic of a number of research reports. StockNews.com downgraded LendingClub from a “hold” rating to a “sell” rating in a report on Friday, October 25th. Maxim Group increased their target price on shares of LendingClub from $16.00 to $19.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Piper Sandler restated an “overweight” rating and set a $19.00 price target (down from $20.00) on shares of LendingClub in a report on Wednesday. Compass Point increased their price objective on LendingClub from $15.00 to $19.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Finally, JPMorgan Chase & Co. restated a “neutral” rating and issued a $17.00 target price (up previously from $14.00) on shares of LendingClub in a research note on Monday, December 2nd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $16.38.

LendingClub Price Performance

LendingClub stock opened at $13.47 on Friday. LendingClub Co. has a one year low of $7.48 and a one year high of $18.75. The company’s fifty day moving average price is $16.33 and its two-hundred day moving average price is $13.54. The company has a market capitalization of $1.51 billion, a price-to-earnings ratio of 29.93 and a beta of 2.03.

Insider Activity

In other news, General Counsel Jordan Cheng sold 22,000 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $14.83, for a total value of $326,260.00. Following the sale, the general counsel now directly owns 89,385 shares of the company’s stock, valued at approximately $1,325,579.55. This trade represents a 19.75 % decrease in their ownership of the stock. The sale 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 business’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $14.89, for a total value of $253,130.00. Following the transaction, the chief executive officer now directly owns 1,339,273 shares of the company’s stock, valued at $19,941,774.97. This represents a 1.25 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 73,000 shares of company stock valued at $1,122,710. Insiders own 3.31% of the company’s stock.

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.