SG Americas Securities LLC Cuts Position in LendingClub Corporation $LC

SG Americas Securities LLC trimmed its holdings in shares of LendingClub Corporation (NYSE:LC) by 10.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 295,232 shares of the credit services provider’s stock after selling 34,855 shares during the quarter. SG Americas Securities LLC owned 0.26% of LendingClub worth $3,552,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of LC. Police & Firemen s Retirement System of New Jersey grew its stake in LendingClub by 9.9% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 26,063 shares of the credit services provider’s stock valued at $314,000 after purchasing an additional 2,354 shares during the period. Bailard Inc. purchased a new position in shares of LendingClub in the 2nd quarter worth about $427,000. Geode Capital Management LLC grew its position in LendingClub by 1.3% during the second quarter. Geode Capital Management LLC now owns 2,699,141 shares of the credit services provider’s stock valued at $32,476,000 after buying an additional 34,221 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its holdings in LendingClub by 31.2% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 667,669 shares of the credit services provider’s stock worth $8,032,000 after buying an additional 158,773 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its position in LendingClub by 31.7% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 22,689 shares of the credit services provider’s stock worth $273,000 after acquiring an additional 5,459 shares during the period. 74.08% of the stock is currently owned by institutional investors.

LendingClub Price Performance

LendingClub stock opened at $16.01 on Wednesday. The firm has a market capitalization of $1.85 billion, a P/E ratio of 18.19 and a beta of 2.51. LendingClub Corporation has a one year low of $7.90 and a one year high of $19.88. The business has a fifty day moving average price of $16.80 and a 200-day moving average price of $14.28.

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 7.68% and a net margin of 10.94%.The business had revenue of $107.79 million for the quarter, compared to analysts’ expectations of $256.27 million. During the same quarter in the prior year, the firm posted $0.13 EPS. The firm’s quarterly revenue was up 31.8% on a year-over-year basis. Sell-side analysts expect that LendingClub Corporation will post 0.72 earnings per share for the current fiscal year.

LendingClub announced that its board has authorized a share repurchase plan on Wednesday, November 5th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the credit services provider to buy up to 4.9% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

LC has been the subject of several research analyst reports. Citizens Jmp upgraded shares of LendingClub from a “market perform” rating to an “outperform” rating and set a $23.00 price target for the company in a research note on Monday, November 10th. JPMorgan Chase & Co. raised LendingClub from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $17.00 to $22.00 in a research report on Thursday, October 23rd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of LendingClub in a research report on Wednesday, October 8th. Janney Montgomery Scott increased their price target on LendingClub from $17.00 to $20.00 and gave the stock a “neutral” rating in a research note on Thursday, November 6th. Finally, Keefe, Bruyette & Woods boosted their price objective on LendingClub from $20.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, November 7th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $21.14.

Insider Transactions at LendingClub

In other LendingClub news, CEO Scott Sanborn sold 30,000 shares of the company’s stock in a transaction that occurred on Thursday, October 23rd. The stock was sold at an average price of $19.29, for a total value of $578,700.00. Following the completion of the sale, the chief executive officer owned 1,210,070 shares of the company’s stock, valued at $23,342,250.30. This represents a 2.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Andrew Labenne sold 20,903 shares of the company’s stock in a transaction on Monday, September 15th. The shares were sold at an average price of $17.04, for a total transaction of $356,187.12. Following the completion of the sale, the chief financial officer directly owned 181,750 shares of the company’s stock, valued at $3,097,020. This trade represents a 10.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 113,293 shares of company stock valued at $1,985,787. 3.31% of the stock is currently owned by corporate insiders.

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.