LendingClub (NYSE:LC) Sets New 1-Year High - Here's Why

LendingClub Co. (NYSE:LC - Get Free Report) reached a new 52-week high during mid-day trading on Friday . The company traded as high as $16.50 and last traded at $16.28, with a volume of 92533 shares changing hands. The stock had previously closed at $15.90.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Keefe, Bruyette & Woods raised LendingClub from a "market perform" rating to an "outperform" rating and boosted their price target for the company from $11.50 to $15.00 in a report on Thursday, October 10th. Wedbush upped their price objective on shares of LendingClub from $14.00 to $17.00 and gave the stock an "outperform" rating in a research report on Thursday, October 24th. JPMorgan Chase & Co. upped their price target on LendingClub from $12.00 to $14.00 and gave the stock an "overweight" rating in a report on Tuesday, August 20th. Piper Sandler reaffirmed an "overweight" rating and set a $15.00 target price (up from $13.00) on shares of LendingClub in a research note on Thursday, October 24th. Finally, StockNews.com cut shares of LendingClub from a "hold" rating to a "sell" rating in a research report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $15.38.

LendingClub Trading Up 5.2 %

The firm has a market cap of $1.88 billion, a price-to-earnings ratio of 36.35 and a beta of 2.01. The stock's fifty day moving average price is $13.09 and its 200-day moving average price is $10.95.

LendingClub (NYSE:LC - Get Free Report) last posted its quarterly earnings data on Wednesday, October 23rd. The credit services provider reported $0.13 earnings per share for the quarter, topping analysts' consensus estimates of $0.07 by $0.06. LendingClub had a net margin of 6.85% and a return on equity of 4.02%. The firm had revenue of $201.90 million during the quarter, compared to analysts' expectations of $190.40 million. During the same quarter last year, the company posted $0.05 EPS. The firm's quarterly revenue was up .5% on a year-over-year basis. Analysts predict that LendingClub Co. will post 0.47 earnings per share for the current year.

Insiders Place Their Bets

In other news, General Counsel Jordan Cheng sold 22,000 shares of the firm's stock in a transaction on Friday, November 8th. The shares were sold at an average price of $14.83, for a total value of $326,260.00. Following the sale, the general counsel now directly owns 89,385 shares in the company, valued at approximately $1,325,579.55. This trade represents a 19.75 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Scott Sanborn sold 17,000 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $14.89, for a total value of $253,130.00. Following the completion of the transaction, the chief executive officer now directly owns 1,339,273 shares in the company, valued at $19,941,774.97. This trade represents a 1.25 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 75,500 shares of company stock worth $996,940 in the last ninety days. 3.31% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in LC. International Assets Investment Management LLC increased its position in LendingClub by 5.3% in the 2nd quarter. International Assets Investment Management LLC now owns 19,900 shares of the credit services provider's stock valued at $168,000 after acquiring an additional 1,000 shares during the period. FMR LLC raised its stake in shares of LendingClub by 32.1% during the third quarter. FMR LLC now owns 5,865 shares of the credit services provider's stock worth $67,000 after purchasing an additional 1,424 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of LendingClub by 0.5% during the second quarter. The Manufacturers Life Insurance Company now owns 302,844 shares of the credit services provider's stock worth $2,562,000 after purchasing an additional 1,445 shares during the period. ProShare Advisors LLC lifted its stake in shares of LendingClub by 8.5% in the 1st quarter. ProShare Advisors LLC now owns 19,518 shares of the credit services provider's stock worth $172,000 after acquiring an additional 1,536 shares during the period. Finally, SG Americas Securities LLC raised its holdings in LendingClub by 16.3% during the second quarter. SG Americas Securities LLC now owns 12,344 shares of the credit services provider's stock worth $104,000 after purchasing an additional 1,732 shares in the last quarter. Hedge funds and other institutional investors own 74.08% of the company's stock.

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.