LPL Financial LLC acquired a new stake in LendingClub Co. (NYSE:LC - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 36,705 shares of the credit services provider's stock, valued at approximately $594,000.
A number of other hedge funds have also made changes to their positions in the business. SBI Securities Co. Ltd. acquired a new stake in shares of LendingClub during the 4th quarter worth about $45,000. FMR LLC boosted its position 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 worth $67,000 after acquiring an additional 1,424 shares during the last quarter. Jones Financial Companies Lllp grew its holdings in LendingClub by 49.2% in 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. Sanctuary Advisors LLC acquired a new position in LendingClub during the fourth quarter worth approximately $164,000. Finally, Vontobel Holding Ltd. purchased a new position in LendingClub during the fourth quarter worth approximately $166,000. Hedge funds and other institutional investors own 74.08% of the company's stock.
Insiders Place Their Bets
In related news, General Counsel Jordan Cheng sold 7,000 shares of the business's stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $14.10, for a total value of $98,700.00. Following the sale, the general counsel now directly owns 88,263 shares in the company, valued at $1,244,508.30. The trade was a 7.35 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Scott Sanborn sold 17,000 shares of the stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $13.76, for a total value of $233,920.00. Following the sale, the chief executive officer now owns 1,295,184 shares of the company's stock, valued at $17,821,731.84. This trade represents a 1.30 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 34,500 shares of company stock worth $439,405. 3.31% of the stock is owned by corporate insiders.
Analysts Set New Price Targets
Several brokerages have commented on LC. StockNews.com upgraded LendingClub from a "sell" rating to a "hold" rating in a research note on Friday, April 4th. Keefe, Bruyette & Woods restated an "outperform" rating and issued a $16.00 price target (down previously from $17.00) on shares of LendingClub in a report on Wednesday, January 29th. Piper Sandler reiterated an "overweight" rating and set a $19.00 price objective (down from $20.00) on shares of LendingClub in a research note on Wednesday, January 29th. Finally, JPMorgan Chase & Co. cut their target price on shares of LendingClub from $17.00 to $14.00 and set a "neutral" rating on the stock in a research note on Monday, March 10th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, LendingClub currently has a consensus rating of "Moderate Buy" and a consensus target price of $16.00.
Get Our Latest Report on LC
LendingClub Stock Performance
Shares of NYSE:LC traded up $0.09 on Friday, hitting $10.96. The company's stock had a trading volume of 1,222,213 shares, compared to its average volume of 1,626,648. LendingClub Co. has a 12 month low of $7.48 and a 12 month high of $18.75. The stock's 50-day moving average is $10.74 and its two-hundred day moving average is $13.64. The company has a market capitalization of $1.25 billion, a price-to-earnings ratio of 24.36 and a beta of 2.09.
About LendingClub
(
Free Report)
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.
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