Point72 Asset Management L.P. Increases Position in LendingClub Co. (NYSE:LC)

Point72 Asset Management L.P. raised its position in shares of LendingClub Co. (NYSE:LC - Free Report) by 98.1% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,547,342 shares of the credit services provider's stock after purchasing an additional 766,287 shares during the period. Point72 Asset Management L.P. owned about 1.38% of LendingClub worth $17,686,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its holdings in shares of LendingClub by 6.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 70,715 shares of the credit services provider's stock valued at $622,000 after purchasing an additional 4,479 shares in the last quarter. SG Americas Securities LLC boosted its stake in shares of LendingClub by 16.3% during the second quarter. SG Americas Securities LLC now owns 12,344 shares of the credit services provider's stock valued at $104,000 after purchasing an additional 1,732 shares in the last quarter. Baader Bank Aktiengesellschaft purchased a new position in LendingClub during the second quarter valued at approximately $600,000. Assenagon Asset Management S.A. raised its stake in LendingClub by 45.0% in the second quarter. Assenagon Asset Management S.A. now owns 689,028 shares of the credit services provider's stock worth $5,829,000 after buying an additional 213,823 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in LendingClub by 9.5% during the second quarter. Bank of New York Mellon Corp now owns 447,522 shares of the credit services provider's stock worth $3,786,000 after buying an additional 38,912 shares during the period. 74.08% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Scott Sanborn sold 17,000 shares of the company's stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $11.09, for a total value of $188,530.00. Following the sale, the chief executive officer now directly owns 1,356,273 shares of the company's stock, valued at $15,041,067.57. This represents a 1.24 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Jordan Cheng sold 22,000 shares of the firm's stock in a transaction on Friday, November 8th. The stock was sold at an average price of $14.83, for a total transaction of $326,260.00. Following the transaction, the general counsel now directly owns 89,385 shares of the company's stock, valued at approximately $1,325,579.55. This trade represents a 19.75 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 75,500 shares of company stock valued at $1,073,100. Company insiders own 3.31% of the company's stock.

LendingClub Stock Up 2.7 %

Shares of LendingClub stock traded up $0.43 during midday trading on Friday, hitting $16.12. The company had a trading volume of 888,358 shares, compared to its average volume of 1,572,124. The stock has a market cap of $1.81 billion, a price-to-earnings ratio of 35.04 and a beta of 2.02. LendingClub Co. has a 12-month low of $6.56 and a 12-month high of $17.15. The company has a fifty day simple moving average of $14.13 and a 200 day simple moving average of $11.43.

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

Wall Street Analyst Weigh In

LC has been the topic of a number of analyst reports. StockNews.com downgraded LendingClub from a "hold" rating to a "sell" rating in a report on Friday, October 25th. Keefe, Bruyette & Woods lifted their target price on LendingClub from $15.00 to $17.00 and gave the company an "outperform" rating in a research note on Wednesday. JPMorgan Chase & Co. reissued a "neutral" rating and set a $17.00 price target (up from $14.00) on shares of LendingClub in a research report on Monday, December 2nd. Maxim Group raised their price target on shares of LendingClub from $16.00 to $19.00 and gave the company a "buy" rating in a report on Friday, October 25th. Finally, Compass Point boosted their price objective on shares of LendingClub from $15.00 to $19.00 and gave the stock a "buy" rating in a research note on Friday, October 25th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price 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.