Shell Asset Management Co. Reduces Stake in LendingClub Corporation $LC

Shell Asset Management Co. lowered its stake in LendingClub Corporation (NYSE:LC) by 3.5% in the 2nd quarter, Holdings Channel reports. The firm owned 384,137 shares of the credit services provider’s stock after selling 13,888 shares during the quarter. Shell Asset Management Co.’s holdings in LendingClub were worth $4,621,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. GAMMA Investing LLC lifted its holdings in shares of LendingClub by 4,249.2% in the first quarter. GAMMA Investing LLC now owns 19,876 shares of the credit services provider’s stock worth $1,926,000 after buying an additional 19,419 shares in the last quarter. SG Americas Securities LLC lifted its stake in LendingClub by 3.6% in the 1st quarter. SG Americas Securities LLC now owns 330,087 shares of the credit services provider’s stock worth $3,406,000 after purchasing an additional 11,342 shares in the last quarter. SummerHaven Investment Management LLC boosted its holdings in LendingClub by 1.2% in the 1st quarter. SummerHaven Investment Management LLC now owns 90,565 shares of the credit services provider’s stock valued at $935,000 after purchasing an additional 1,066 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new position in shares of LendingClub during the 1st quarter valued at $161,000. Finally, Oppenheimer Asset Management Inc. increased its holdings in shares of LendingClub by 35.5% in the first quarter. Oppenheimer Asset Management Inc. now owns 39,340 shares of the credit services provider’s stock worth $406,000 after purchasing an additional 10,314 shares during the period. 74.08% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently issued reports on LC. Weiss Ratings reissued a “hold (c)” rating on shares of LendingClub in a research note on Saturday, September 27th. Citigroup initiated coverage on LendingClub in a report on Monday, July 7th. They set a “market perform” rating for the company. Zacks Research cut shares of LendingClub from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 29th. Wall Street Zen raised shares of LendingClub from a “sell” rating to a “hold” rating in a report on Saturday, August 2nd. Finally, Citizens Jmp began coverage on shares of LendingClub in a report on Monday, July 7th. They set a “market perform” rating for the company. Six analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, LendingClub presently has an average rating of “Moderate Buy” and a consensus price target of $16.57.

Insider Activity at LendingClub

In other news, CEO Scott Sanborn sold 30,000 shares of the stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $17.04, for a total transaction of $511,200.00. Following the completion of the sale, the chief executive officer owned 1,240,070 shares of the company’s stock, valued at approximately $21,130,792.80. This represents a 2.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Erin Selleck sold 2,390 shares of the firm’s stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $16.82, for a total transaction of $40,199.80. Following the completion of the transaction, the director owned 73,987 shares in the company, valued at $1,244,461.34. This represents a 3.13% decrease in their position. The disclosure for this sale can be found here. Insiders sold 106,498 shares of company stock worth $1,774,183 in the last ninety days. 3.31% of the stock is owned by company insiders.

LendingClub Stock Performance

Shares of LC opened at $15.37 on Wednesday. LendingClub Corporation has a fifty-two week low of $7.90 and a fifty-two week high of $18.75. The firm has a market cap of $1.76 billion, a price-to-earnings ratio of 24.01 and a beta of 2.48. The firm has a 50 day moving average price of $16.16 and a 200-day moving average price of $12.74.

LendingClub (NYSE:LC) last issued its earnings results on Tuesday, July 29th. The credit services provider reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.15 by $0.18. LendingClub had a net margin of 8.36% and a return on equity of 5.66%. The company had revenue of $248.44 million for the quarter, compared to analysts’ expectations of $227.04 million. During the same quarter last year, the company earned $0.13 EPS. The firm’s revenue was up 14.1% compared to the same quarter last year. As a group, equities research analysts predict that LendingClub Corporation will post 0.72 earnings per share for the current year.

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.