Point72 Asset Management L.P. Reduces Stock Position in LendingClub Co. (NYSE:LC)

Point72 Asset Management L.P. trimmed its position in LendingClub Co. (NYSE:LC) by 58.8% during the fourth quarter, Holdings Channel.com reports. The firm owned 637,932 shares of the credit services provider’s stock after selling 909,410 shares during the period. Point72 Asset Management L.P.’s holdings in LendingClub were worth $10,328,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Comerica Bank acquired a new stake in shares of LendingClub during the fourth quarter worth $37,000. SBI Securities Co. Ltd. purchased a new position in LendingClub during the fourth quarter worth about $45,000. Sterling Capital Management LLC boosted its stake in LendingClub by 818.6% in the 4th quarter. Sterling Capital Management LLC now owns 3,500 shares of the credit services provider’s stock worth $57,000 after buying an additional 3,119 shares during the last quarter. National Bank of Canada FI grew its holdings in LendingClub by 150.6% in the 4th quarter. National Bank of Canada FI now owns 4,074 shares of the credit services provider’s stock valued at $66,000 after buying an additional 2,448 shares during the period. Finally, Jones Financial Companies Lllp increased its stake in shares of LendingClub by 49.2% during the 4th quarter. Jones Financial Companies Lllp now owns 5,986 shares of the credit services provider’s stock valued at $97,000 after acquiring an additional 1,975 shares during the last quarter. 74.08% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on LC. Piper Sandler reiterated an “overweight” rating and set a $19.00 price objective (down from $20.00) on shares of LendingClub in a report on Wednesday, January 29th. StockNews.com downgraded shares of LendingClub from a “hold” rating to a “sell” rating in a research note on Tuesday, May 6th. Keefe, Bruyette & Woods decreased their price target on shares of LendingClub from $15.00 to $14.00 and set an “outperform” rating on the stock in a report on Wednesday, April 30th. Finally, JPMorgan Chase & Co. dropped their price objective on LendingClub from $17.00 to $14.00 and set a “neutral” rating for the company in a report on Monday, March 10th. One analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $15.75.

Insider Activity at LendingClub

In related news, General Counsel Jordan Cheng sold 7,000 shares of LendingClub stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $14.10, for a total transaction of $98,700.00. Following the sale, the general counsel now owns 88,263 shares of the company’s stock, valued at $1,244,508.30. The trade was a 7.35% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Scott Sanborn sold 5,250 shares of the business’s stock in a transaction on Wednesday, April 9th. The stock was sold at an average price of $10.00, for a total transaction of $52,500.00. Following the completion of the transaction, the chief executive officer now owns 1,303,032 shares in the company, valued at $13,030,320. This represents a 0.40% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 28,000 shares of company stock worth $313,898. 3.19% of the stock is currently owned by company insiders.

LendingClub Stock Up 0.3%

LendingClub stock opened at $10.62 on Monday. The firm has a fifty day moving average of $10.26 and a 200-day moving average of $13.38. LendingClub Co. has a 52-week low of $7.81 and a 52-week high of $18.75. The firm has a market capitalization of $1.21 billion, a P/E ratio of 23.60 and a beta of 2.35.

LendingClub (NYSE:LC) last announced its quarterly earnings results on Tuesday, April 29th. The credit services provider reported $0.10 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.10. LendingClub had a return on equity of 4.16% and a net margin of 6.52%. The firm had revenue of $217.71 million during the quarter, compared to the consensus estimate of $213.71 million. During the same period in the prior year, the firm earned $0.11 EPS. The firm’s quarterly revenue was up 21670.0% compared to the same quarter last year. On average, research analysts expect that LendingClub Co. will post 0.72 EPS for the current fiscal year.

LendingClub 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.