Deutsche Bank AG boosted its holdings in shares of LendingClub Corp (NYSE:LC) by 19.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,573,804 shares of the credit services provider’s stock after purchasing an additional 3,002,439 shares during the period. Deutsche Bank AG owned 4.48% of LendingClub worth $76,708,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in LC. Ark Investment Management LLC increased its holdings in LendingClub by 32.2% during the 2nd quarter. Ark Investment Management LLC now owns 1,416,570 shares of the credit services provider’s stock valued at $7,805,000 after purchasing an additional 345,015 shares in the last quarter. Parametric Portfolio Associates LLC increased its holdings in LendingClub by 21.9% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 220,325 shares of the credit services provider’s stock valued at $1,214,000 after purchasing an additional 39,585 shares in the last quarter. Prudential Financial Inc. increased its holdings in LendingClub by 65.6% during the 3rd quarter. Prudential Financial Inc. now owns 37,830 shares of the credit services provider’s stock valued at $230,000 after purchasing an additional 14,980 shares in the last quarter. Swiss National Bank increased its holdings in LendingClub by 2.8% during the 3rd quarter. Swiss National Bank now owns 506,500 shares of the credit services provider’s stock valued at $3,085,000 after purchasing an additional 13,900 shares in the last quarter. Finally, Global X MANAGEMENT CO LLC increased its holdings in LendingClub by 62.8% during the 3rd quarter. Global X MANAGEMENT CO LLC now owns 93,583 shares of the credit services provider’s stock valued at $570,000 after purchasing an additional 36,116 shares in the last quarter. 89.80% of the stock is owned by hedge funds and other institutional investors.
In related news, Director John J. Mack purchased 50,000 shares of LendingClub stock in a transaction dated Thursday, February 22nd. The shares were acquired at an average cost of $3.83 per share, for a total transaction of $191,500.00. Following the transaction, the director now directly owns 1,563,673 shares of the company’s stock, valued at $5,988,867.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Tian Qiao Chen purchased 7,696,016 shares of LendingClub stock in a transaction dated Thursday, March 1st. The stock was bought at an average price of $3.57 per share, for a total transaction of $27,474,777.12. The disclosure for this purchase can be found here. Insiders bought a total of 7,776,016 shares of company stock worth $27,761,077 over the last 90 days. 9.72% of the stock is owned by corporate insiders.
LendingClub (NYSE:LC) last released its earnings results on Tuesday, February 20th. The credit services provider reported $0.01 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.02 by ($0.01). The firm had revenue of $156.50 million during the quarter, compared to analyst estimates of $157.55 million. LendingClub had a negative net margin of 26.77% and a negative return on equity of 7.10%. The firm’s quarterly revenue was up 19.9% on a year-over-year basis. During the same period last year, the business posted ($0.02) earnings per share. sell-side analysts predict that LendingClub Corp will post -0.08 EPS for the current fiscal year.
A number of research firms recently weighed in on LC. Zacks Investment Research raised LendingClub from a “sell” rating to a “hold” rating in a report on Tuesday. Guggenheim cut LendingClub from a “buy” rating to a “neutral” rating and set a $7.00 price target for the company. in a report on Friday, February 23rd. Citigroup dropped their price target on LendingClub from $4.25 to $4.00 and set a “neutral” rating for the company in a report on Thursday, February 22nd. Credit Suisse Group dropped their price target on LendingClub from $5.60 to $5.00 and set a “neutral” rating for the company in a report on Wednesday, February 21st. Finally, Maxim Group reaffirmed a “buy” rating and set a $6.00 price target on shares of LendingClub in a report on Tuesday, February 20th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $6.24.
LendingClub Corporation provides online marketplace to connect borrowers and investors. Consumers and small business owners borrow through Lending Club. Investors use Lending Club to earn risk-adjusted returns from an asset class that has been closed to many investors and only available on a limited basis to large institutional investors.
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