Connor Clark & Lunn Investment Management Ltd. Acquires 350,548 Shares of LendingClub Co. (NYSE:LC)

Connor Clark & Lunn Investment Management Ltd. lifted its holdings in LendingClub Co. (NYSE:LC) by 1,227.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 379,110 shares of the credit services provider’s stock after purchasing an additional 350,548 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.34% of LendingClub worth $6,138,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. FMR LLC raised its position in LendingClub by 32.1% in the 3rd quarter. FMR LLC now owns 5,865 shares of the credit services provider’s stock worth $67,000 after buying an additional 1,424 shares during the last quarter. Jones Financial Companies Lllp lifted its position in LendingClub by 49.2% during the fourth quarter. Jones Financial Companies Lllp now owns 5,986 shares of the credit services provider’s stock valued at $97,000 after purchasing an additional 1,975 shares during the period. New York State Common Retirement Fund boosted its holdings in LendingClub by 7.3% in the fourth quarter. New York State Common Retirement Fund now owns 29,316 shares of the credit services provider’s stock worth $475,000 after purchasing an additional 2,000 shares during the last quarter. SBI Securities Co. Ltd. bought a new stake in LendingClub in the 4th quarter worth approximately $45,000. Finally, XTX Topco Ltd raised its stake in LendingClub by 55.4% during the 3rd quarter. XTX Topco Ltd now owns 19,789 shares of the credit services provider’s stock valued at $226,000 after buying an additional 7,054 shares during the last quarter. 74.08% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on LC. Piper Sandler restated an “overweight” rating and issued a $19.00 price target (down from $20.00) on shares of LendingClub in a research note on Wednesday, January 29th. JPMorgan Chase & Co. cut their price target on LendingClub from $17.00 to $14.00 and set a “neutral” rating for the company in a research note on Monday, March 10th. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $16.00 price objective (down previously from $17.00) on shares of LendingClub in a report on Wednesday, January 29th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $16.00.

LendingClub Trading Up 4.6 %

LendingClub stock opened at $10.89 on Friday. LendingClub Co. has a 12-month low of $7.48 and a 12-month high of $18.75. The firm has a market capitalization of $1.23 billion, a price-to-earnings ratio of 24.19 and a beta of 2.07. The firm has a 50 day moving average of $13.95 and a 200 day moving average of $13.93.

Insider Transactions at LendingClub

In other LendingClub news, General Counsel Jordan Cheng sold 7,000 shares of the stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $14.10, for a total value of $98,700.00. Following the completion of the sale, the general counsel now owns 88,263 shares in the company, valued at approximately $1,244,508.30. This represents a 7.35 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Scott Sanborn sold 17,000 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $16.12, for a total value of $274,040.00. Following the sale, the chief executive officer now directly owns 1,312,184 shares in the company, valued at approximately $21,152,406.08. This represents a 1.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 41,000 shares of company stock valued at $606,660 over the last three months. Corporate insiders own 3.31% of the company’s stock.

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.