Fox Run Management L.L.C. Sells 3,003 Shares of LendingClub Corporation $LC

Fox Run Management L.L.C. decreased its position in shares of LendingClub Corporation (NYSE:LC) by 4.3% during the second quarter, HoldingsChannel reports. The firm owned 67,322 shares of the credit services provider’s stock after selling 3,003 shares during the period. Fox Run Management L.L.C.’s holdings in LendingClub were worth $810,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of LC. Edgestream Partners L.P. purchased a new position in shares of LendingClub during the 1st quarter valued at about $738,000. Victory Capital Management Inc. grew its position in LendingClub by 195.7% during the first quarter. Victory Capital Management Inc. now owns 161,723 shares of the credit services provider’s stock valued at $1,669,000 after acquiring an additional 107,036 shares during the last quarter. Copperwynd Financial LLC purchased a new position in shares of LendingClub during the first quarter worth approximately $1,079,000. Allianz Asset Management GmbH lifted its holdings in shares of LendingClub by 5.1% in the 1st quarter. Allianz Asset Management GmbH now owns 190,059 shares of the credit services provider’s stock worth $1,961,000 after acquiring an additional 9,300 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd boosted its stake in shares of LendingClub by 100.4% in the 1st quarter. Y Intercept Hong Kong Ltd now owns 48,625 shares of the credit services provider’s stock valued at $502,000 after purchasing an additional 24,363 shares in the last quarter. 74.08% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at LendingClub

In related news, 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 completion of the sale, the chief financial officer owned 181,750 shares of the company’s stock, valued at $3,097,020. This trade represents a 10.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Erin Selleck sold 2,390 shares of LendingClub stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $16.82, for a total transaction of $40,199.80. Following the sale, the director directly owned 73,987 shares in the company, valued at $1,244,461.34. The trade was a 3.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 113,293 shares of company stock worth $1,985,787 over the last quarter. 3.31% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on LC shares. Janney Montgomery Scott lifted their target price on shares of LendingClub from $17.00 to $20.00 and gave the stock a “neutral” rating in a research report on Thursday. Zacks Research raised LendingClub from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 28th. Piper Sandler reissued an “overweight” rating and issued a $20.00 target price (up previously from $18.00) on shares of LendingClub in a research note on Thursday, October 23rd. JPMorgan Chase & Co. upgraded LendingClub from a “neutral” rating to an “overweight” rating and increased their target price for the company from $17.00 to $22.00 in a report on Thursday, October 23rd. Finally, Wall Street Zen raised LendingClub from a “sell” rating to a “hold” rating in a research note on Saturday, August 2nd. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $20.83.

LendingClub Trading Up 0.5%

LendingClub stock opened at $18.09 on Monday. The firm has a market cap of $2.09 billion, a P/E ratio of 20.55 and a beta of 2.51. LendingClub Corporation has a 1-year low of $7.90 and a 1-year high of $19.88. The firm has a 50-day moving average of $16.68 and a 200-day moving average of $13.94.

LendingClub (NYSE:LC) last released its quarterly earnings results on Wednesday, October 22nd. The credit services provider reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.30 by $0.07. The business had revenue of $266.23 million during the quarter, compared to analyst estimates of $256.27 million. LendingClub had a return on equity of 7.68% and a net margin of 10.94%.LendingClub’s quarterly revenue was up 31.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.13 EPS. Research analysts forecast that LendingClub Corporation will post 0.72 earnings per share for the current fiscal year.

LendingClub announced that its Board of Directors has approved a share buyback plan on Wednesday, November 5th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the credit services provider to reacquire up to 4.9% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

LendingClub Company Profile

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.