SG Americas Securities LLC Sells 34,855 Shares of LendingClub Corporation $LC

SG Americas Securities LLC trimmed its position in shares of LendingClub Corporation (NYSE:LC) by 10.6% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 295,232 shares of the credit services provider’s stock after selling 34,855 shares during the period. SG Americas Securities LLC’s holdings in LendingClub were worth $3,552,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Wellington Management Group LLP lifted its stake in shares of LendingClub by 36.0% in the 1st quarter. Wellington Management Group LLP now owns 5,167,642 shares of the credit services provider’s stock valued at $53,330,000 after purchasing an additional 1,368,057 shares during the period. Driehaus Capital Management LLC lifted its position in LendingClub by 8.6% during the first quarter. Driehaus Capital Management LLC now owns 3,897,322 shares of the credit services provider’s stock valued at $40,220,000 after buying an additional 308,523 shares during the period. Geode Capital Management LLC boosted its holdings in shares of LendingClub by 1.3% during the 2nd 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 in the last quarter. Long Focus Capital Management LLC grew its position in shares of LendingClub by 26.4% in the 1st quarter. Long Focus Capital Management LLC now owns 2,034,725 shares of the credit services provider’s stock worth $20,998,000 after buying an additional 425,000 shares during the period. Finally, Nuveen LLC bought a new position in shares of LendingClub in the 1st quarter worth about $16,329,000. Hedge funds and other institutional investors own 74.08% of the company’s stock.

LendingClub Stock Down 1.1%

Shares of NYSE LC opened at $16.01 on Wednesday. LendingClub Corporation has a twelve month low of $7.90 and a twelve month high of $19.88. The firm has a market cap of $1.85 billion, a P/E ratio of 18.19 and a beta of 2.51. The company has a 50 day moving average of $16.80 and a 200 day moving average of $14.28.

LendingClub (NYSE:LC) last issued its earnings results on Wednesday, October 22nd. The credit services provider reported $0.37 EPS for the quarter, beating the consensus estimate of $0.30 by $0.07. The business had revenue of $107.79 million for the quarter, compared to the consensus estimate of $256.27 million. LendingClub had a return on equity of 7.68% and a net margin of 10.94%.The company’s revenue was up 31.8% compared to the same quarter last year. During the same period last year, the business posted $0.13 EPS. As a group, equities analysts expect that LendingClub Corporation will post 0.72 earnings per share for the current fiscal year.

LendingClub announced that its Board of Directors has initiated a stock buyback program on Wednesday, November 5th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the credit services provider to buy up to 4.9% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Insider Activity at LendingClub

In related news, CFO Andrew Labenne sold 20,903 shares of LendingClub stock in a transaction dated 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 directly owned 181,750 shares in the company, valued at approximately $3,097,020. This trade represents a 10.31% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Scott Sanborn sold 30,000 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer directly owned 1,210,070 shares of the company’s stock, valued at approximately $23,342,250.30. This trade represents a 2.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 113,293 shares of company stock valued at $1,985,787 over the last ninety days. Insiders own 3.31% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. JPMorgan Chase & Co. raised shares of LendingClub from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $17.00 to $22.00 in a research note on Thursday, October 23rd. Piper Sandler reissued an “overweight” rating and issued a $20.00 price target (up from $18.00) on shares of LendingClub in a research report on Thursday, October 23rd. Weiss Ratings restated a “hold (c)” rating on shares of LendingClub in a research note on Wednesday, October 8th. Wall Street Zen raised LendingClub from a “sell” rating to a “hold” rating in a research report on Saturday, August 2nd. Finally, Janney Montgomery Scott boosted their target price on LendingClub from $17.00 to $20.00 and gave the stock a “neutral” rating in a report on Thursday, November 6th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, LendingClub has an average rating of “Moderate Buy” and an average target price of $21.14.

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.