LendingClub (NYSE:LC) Given New $18.00 Price Target at BTIG Research

LendingClub (NYSE:LC) had its price target hoisted by investment analysts at BTIG Research from $16.00 to $18.00 in a report released on Thursday,Benzinga reports. The firm currently has a “buy” rating on the credit services provider’s stock. BTIG Research’s price target indicates a potential upside of 8.96% from the company’s previous close.

Several other equities research analysts have also recently issued reports on LC. Weiss Ratings reiterated a “hold (c)” rating on shares of LendingClub in a research note on Wednesday, October 8th. Piper Sandler set a $15.50 target price on LendingClub and gave the stock an “overweight” rating in a research note on Wednesday, July 30th. Keefe, Bruyette & Woods upped their target price on LendingClub from $14.00 to $16.50 and gave the stock an “outperform” rating in a research note on Wednesday, July 30th. Wall Street Zen upgraded LendingClub from a “sell” rating to a “hold” rating in a research note on Saturday, August 2nd. Finally, Citigroup assumed coverage on shares of LendingClub in a report on Monday, July 7th. They set a “market perform” rating for the company. Eight investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $17.75.

LendingClub Stock Down 1.2%

Shares of NYSE:LC opened at $16.52 on Thursday. LendingClub has a 12-month low of $7.90 and a 12-month high of $18.75. The stock has a market cap of $1.90 billion, a PE ratio of 25.81 and a beta of 2.48. The business has a 50 day moving average of $16.24 and a 200-day moving average of $13.14.

LendingClub (NYSE:LC) last issued its quarterly earnings data on Wednesday, October 22nd. The credit services provider reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.30 by $0.07. LendingClub had a return on equity of 5.66% and a net margin of 8.36%.The company had revenue of $266.23 million during the quarter, compared to analysts’ expectations of $256.27 million. During the same quarter in the previous year, the company posted $0.13 earnings per share. The business’s revenue was up 31.8% on a year-over-year basis. Equities research analysts expect that LendingClub will post 0.72 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Scott Sanborn sold 30,000 shares of the firm’s stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $16.65, for a total transaction of $499,500.00. Following the completion of the transaction, the chief executive officer directly owned 1,270,070 shares of the company’s stock, valued at $21,146,665.50. This trade represents a 2.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Andrew Labenne sold 20,903 shares of the firm’s stock in a transaction on Monday, September 15th. The stock was sold at an average price of $17.04, for a total value of $356,187.12. Following the transaction, the chief financial officer directly owned 181,750 shares of the company’s stock, valued at approximately $3,097,020. This represents a 10.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 101,248 shares of company stock valued at $1,706,038 in the last three months. Insiders own 3.19% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Asset Management One Co. Ltd. lifted its position in LendingClub by 7.4% in the 2nd quarter. Asset Management One Co. Ltd. now owns 10,232 shares of the credit services provider’s stock valued at $123,000 after acquiring an additional 706 shares in the last quarter. Osaic Holdings Inc. boosted its stake in shares of LendingClub by 8.8% in the 2nd quarter. Osaic Holdings Inc. now owns 13,354 shares of the credit services provider’s stock worth $160,000 after buying an additional 1,084 shares during the last quarter. KLP Kapitalforvaltning AS boosted its stake in shares of LendingClub by 5.3% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 25,840 shares of the credit services provider’s stock worth $311,000 after buying an additional 1,300 shares during the last quarter. SummerHaven Investment Management LLC boosted its stake in shares of LendingClub by 1.7% in the 2nd quarter. SummerHaven Investment Management LLC now owns 92,061 shares of the credit services provider’s stock worth $1,107,000 after buying an additional 1,496 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of LendingClub by 11.2% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 17,230 shares of the credit services provider’s stock worth $178,000 after buying an additional 1,730 shares during the last quarter. 74.08% of the stock is owned by 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.