Grassi Investment Management Cuts Stake in LendingClub Co. (NYSE:LC)

Grassi Investment Management reduced its stake in shares of LendingClub Co. (NYSE:LC) by 21.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 75,950 shares of the credit services provider’s stock after selling 20,600 shares during the period. Grassi Investment Management’s holdings in LendingClub were worth $868,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of LC. Baader Bank Aktiengesellschaft purchased a new position in LendingClub in the second quarter valued at approximately $600,000. Wellington Management Group LLP raised its holdings in LendingClub by 176.1% in the fourth quarter. Wellington Management Group LLP now owns 1,344,295 shares of the credit services provider’s stock valued at $11,749,000 after buying an additional 857,371 shares during the period. Capstone Investment Advisors LLC purchased a new position in LendingClub in the first quarter valued at approximately $164,000. Vanguard Group Inc. raised its holdings in LendingClub by 3.1% in the fourth quarter. Vanguard Group Inc. now owns 11,270,308 shares of the credit services provider’s stock valued at $98,502,000 after buying an additional 336,827 shares during the period. Finally, Interval Partners LP raised its holdings in LendingClub by 54.3% in the second quarter. Interval Partners LP now owns 495,039 shares of the credit services provider’s stock valued at $4,188,000 after buying an additional 174,130 shares during the period. 74.08% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Jefferies Financial Group lifted their price objective on shares of LendingClub from $11.00 to $12.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. Compass Point lifted their price objective on shares of LendingClub from $13.00 to $15.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Piper Sandler reiterated an “overweight” rating and set a $13.00 price objective (up previously from $10.00) on shares of LendingClub in a research note on Wednesday, July 31st. Wedbush lifted their price objective on shares of LendingClub from $11.00 to $14.00 and gave the company an “outperform” rating in a research note on Wednesday, July 31st. Finally, JPMorgan Chase & Co. lifted their price objective on shares of LendingClub from $12.00 to $14.00 and gave the company an “overweight” rating in a research note on Tuesday, August 20th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $13.57.

LendingClub Trading Up 18.9 %

Shares of NYSE:LC opened at $14.82 on Thursday. The company has a fifty day simple moving average of $11.58 and a 200 day simple moving average of $9.96. The firm has a market cap of $1.65 billion, a PE ratio of 36.66 and a beta of 2.04. LendingClub Co. has a 12-month low of $4.73 and a 12-month high of $14.82.

LendingClub (NYSE:LC) last issued its quarterly earnings results on Tuesday, July 30th. The credit services provider reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.09. The business had revenue of $187.20 million during the quarter, compared to analyst estimates of $177.03 million. LendingClub had a net margin of 5.61% and a return on equity of 3.38%. The business’s revenue was down 19.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.09 earnings per share. As a group, equities research analysts forecast that LendingClub Co. will post 0.38 EPS for the current fiscal year.

Insider Buying and Selling

In other LendingClub news, CEO Scott Sanborn sold 17,000 shares of LendingClub stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $11.36, for a total value of $193,120.00. Following the completion of the transaction, the chief executive officer now owns 1,373,273 shares of the company’s stock, valued at $15,600,381.28. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Over the last quarter, insiders sold 51,703 shares of company stock worth $562,705. 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.