Piper Sandler Reiterates "Overweight" Rating for LendingClub (NYSE:LC)

Piper Sandler reissued their overweight rating on shares of LendingClub (NYSE:LC - Free Report) in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a $19.00 price target on the credit services provider's stock, down from their previous price target of $20.00.

LC has been the topic of several other reports. JPMorgan Chase & Co. restated a "neutral" rating and issued a $17.00 price objective (up from $14.00) on shares of LendingClub in a research report on Monday, December 2nd. Compass Point boosted their price target on LendingClub from $15.00 to $19.00 and gave the stock a "buy" rating in a report on Friday, October 25th. Wedbush increased their price objective on shares of LendingClub from $14.00 to $17.00 and gave the company an "outperform" rating in a report on Thursday, October 24th. StockNews.com cut shares of LendingClub from a "hold" rating to a "sell" rating in a research report on Friday, October 25th. Finally, Keefe, Bruyette & Woods upped their target price on shares of LendingClub from $15.00 to $17.00 and gave the stock an "outperform" rating in a research report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, LendingClub currently has an average rating of "Moderate Buy" and an average price target of $16.38.

LendingClub Stock Performance

Shares of LC stock traded down $0.10 during mid-day trading on Wednesday, reaching $14.33. 3,433,889 shares of the company's stock traded hands, compared to its average volume of 2,240,957. The firm has a 50 day moving average price of $16.36 and a two-hundred day moving average price of $13.54. The firm has a market capitalization of $1.61 billion, a PE ratio of 31.14 and a beta of 2.03. LendingClub has a 12 month low of $7.48 and a 12 month high of $18.75.

Insider Activity at LendingClub

In other news, CEO Scott Sanborn sold 17,000 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $14.89, for a total value of $253,130.00. Following the sale, the chief executive officer now directly owns 1,339,273 shares in the company, valued at approximately $19,941,774.97. This represents a 1.25 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, General Counsel Jordan Cheng sold 22,000 shares of the business'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 transaction, the general counsel now owns 89,385 shares of the company's stock, valued at approximately $1,325,579.55. The trade was a 19.75 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 73,000 shares of company stock worth $1,122,710. Company insiders own 3.31% of the company's stock.

Institutional Investors Weigh In On LendingClub

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LC. FMR LLC raised its holdings in shares of LendingClub by 32.1% in the third quarter. FMR LLC now owns 5,865 shares of the credit services provider's stock valued at $67,000 after acquiring an additional 1,424 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake 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 valued at $2,562,000 after purchasing an additional 1,445 shares in the last quarter. AlphaMark Advisors LLC purchased a new position in LendingClub during the third quarter valued at approximately $32,000. Hsbc Holdings PLC raised its stake in LendingClub by 38.3% in the second quarter. Hsbc Holdings PLC now owns 16,748 shares of the credit services provider's stock worth $141,000 after buying an additional 4,640 shares in the last quarter. Finally, Aigen Investment Management LP lifted its holdings in LendingClub by 18.5% during the third quarter. Aigen Investment Management LP now owns 31,542 shares of the credit services provider's stock worth $361,000 after buying an additional 4,917 shares during the period. 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.