Federated Hermes Inc. Has $10.49 Million Stock Position in LendingClub Co. (NYSE:LC)

Federated Hermes Inc. raised its stake in LendingClub Co. (NYSE:LC - Free Report) by 77.1% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 647,961 shares of the credit services provider's stock after purchasing an additional 282,110 shares during the period. Federated Hermes Inc. owned 0.58% of LendingClub worth $10,490,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of LC. Wellington Management Group LLP increased its stake in LendingClub by 21.6% during the third quarter. Wellington Management Group LLP now owns 838,535 shares of the credit services provider's stock valued at $9,584,000 after purchasing an additional 148,685 shares during the last quarter. JPMorgan Chase & Co. raised its stake in LendingClub by 4.8% during the third quarter. JPMorgan Chase & Co. now owns 998,148 shares of the credit services provider's stock worth $11,409,000 after acquiring an additional 45,307 shares during the period. Captrust Financial Advisors bought a new position in LendingClub in the third quarter worth about $237,000. Victory Capital Management Inc. boosted its stake in LendingClub by 301.0% in the fourth quarter. Victory Capital Management Inc. now owns 54,687 shares of the credit services provider's stock valued at $885,000 after acquiring an additional 41,048 shares during the period. Finally, Raymond James Financial Inc. bought a new position in shares of LendingClub during the fourth quarter valued at approximately $1,696,000. Institutional investors and hedge funds own 74.08% of the company's stock.

LendingClub Price Performance

Shares of NYSE LC traded down $0.01 during mid-day trading on Wednesday, reaching $9.45. 123,994 shares of the company traded hands, compared to its average volume of 1,789,970. LendingClub Co. has a fifty-two week low of $7.48 and a fifty-two week high of $18.75. The firm has a market cap of $1.07 billion, a PE ratio of 20.96 and a beta of 2.09. The stock has a fifty day simple moving average of $11.33 and a 200-day simple moving average of $13.73.

Insider Activity

In related news, CEO Scott Sanborn sold 5,250 shares of the stock in a transaction that occurred on Wednesday, April 9th. The shares were sold at an average price of $10.00, for a total transaction of $52,500.00. Following the completion of the sale, the chief executive officer now directly owns 1,303,032 shares of the company's stock, valued at $13,030,320. This represents a 0.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Jordan Cheng sold 7,000 shares of LendingClub stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $14.10, for a total transaction of $98,700.00. Following the completion of the transaction, the general counsel now owns 88,263 shares in the company, valued at approximately $1,244,508.30. This trade represents a 7.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 29,250 shares of company stock worth $385,120 over the last 90 days. 3.31% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms recently issued reports on LC. JPMorgan Chase & Co. reduced their price objective on LendingClub from $17.00 to $14.00 and set a "neutral" rating for the company in a research report on Monday, March 10th. Keefe, Bruyette & Woods reissued an "outperform" rating and set a $16.00 price target (down previously from $17.00) on shares of LendingClub in a report on Wednesday, January 29th. Piper Sandler reaffirmed an "overweight" rating and issued a $19.00 price objective (down previously from $20.00) on shares of LendingClub in a report on Wednesday, January 29th. Finally, StockNews.com raised shares of LendingClub from a "sell" rating to a "hold" rating in a research note on Friday, April 4th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $16.00.

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.