Insider Selling: LendingClub Co. (NYSE:LC) Director Sells 2,677 Shares of Stock

LendingClub Co. (NYSE:LC) Director Erin Selleck sold 2,677 shares of the business’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $8.70, for a total transaction of $23,289.90. Following the completion of the sale, the director now owns 57,248 shares in the company, valued at $498,057.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Erin Selleck also recently made the following trade(s):

• On Friday, May 31st, Erin Selleck sold 4,083 shares of LendingClub stock. The shares were sold at an average price of $8.88, for a total transaction of $36,257.04.

LendingClub Stock Performance

Shares of NYSE LC traded down $0.19 during mid-day trading on Thursday, reaching $8.48. The company had a trading volume of 2,001,417 shares, compared to its average volume of 1,415,692. The stock has a fifty day moving average of $8.62 and a two-hundred day moving average of $8.34. The company has a market capitalization of $941.74 million, a price-to-earnings ratio of 25.09 and a beta of 2.07. LendingClub Co. has a 12-month low of $4.73 and a 12-month high of $10.92.

LendingClub (NYSE:LC) last posted its quarterly earnings results on Tuesday, April 30th. The credit services provider reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.08. The business had revenue of $180.69 million during the quarter, compared to analyst estimates of $174.52 million. LendingClub had a net margin of 4.69% and a return on equity of 3.04%. During the same period in the prior year, the firm earned $0.13 earnings per share. Sell-side analysts forecast that LendingClub Co. will post 0.27 earnings per share for the current fiscal year.

Hedge Funds Weigh In On LendingClub

A number of hedge funds have recently added to or reduced their stakes in LC. Principal Financial Group Inc. increased its holdings in LendingClub by 39.4% in the third quarter. Principal Financial Group Inc. now owns 15,761 shares of the credit services provider’s stock worth $96,000 after buying an additional 4,455 shares during the last quarter. Victory Capital Management Inc. increased its holdings in LendingClub by 272.6% in the third quarter. Victory Capital Management Inc. now owns 41,307 shares of the credit services provider’s stock worth $252,000 after buying an additional 30,221 shares during the last quarter. Jump Financial LLC increased its holdings in LendingClub by 108.5% in the third quarter. Jump Financial LLC now owns 33,382 shares of the credit services provider’s stock worth $204,000 after buying an additional 17,369 shares during the last quarter. Swiss National Bank increased its holdings in LendingClub by 1.8% in the third quarter. Swiss National Bank now owns 236,260 shares of the credit services provider’s stock worth $1,441,000 after buying an additional 4,200 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in LendingClub by 3.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 832,017 shares of the credit services provider’s stock worth $5,075,000 after buying an additional 31,159 shares during the last quarter. Institutional investors and hedge funds own 74.08% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on the stock. StockNews.com lowered shares of LendingClub from a “hold” rating to a “sell” rating in a research note on Friday, March 22nd. Keefe, Bruyette & Woods upped their price objective on shares of LendingClub from $9.50 to $10.00 and gave the company a “market perform” rating in a research note on Wednesday, May 1st. Piper Sandler reaffirmed an “overweight” rating and set a $10.00 price objective (up from $9.50) on shares of LendingClub in a research note on Wednesday, May 1st. BTIG Research assumed coverage on shares of LendingClub in a research note on Friday, June 7th. They set a “buy” rating and a $12.00 price objective for the company. Finally, Wedbush reaffirmed an “outperform” rating and set a $11.00 price objective on shares of LendingClub in a research note on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, LendingClub has an average rating of “Moderate Buy” and an average target price of $11.50.

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.