LendingClub (NYSE:LC) Price Target Raised to $25.00

LendingClub (NYSE:LC) had its price objective raised by JPMorgan Chase & Co. from $22.00 to $25.00 in a research report report published on Thursday morning,Benzinga reports. The firm currently has an overweight rating on the credit services provider’s stock.

A number of other research analysts also recently issued reports on LC. Keefe, Bruyette & Woods raised their price target on LendingClub from $20.00 to $22.00 and gave the stock an “outperform” rating in a research note on Friday, November 7th. Zacks Research upgraded shares of LendingClub from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 28th. Janney Montgomery Scott lifted their target price on shares of LendingClub from $17.00 to $20.00 and gave the company a “neutral” rating in a report on Thursday, November 6th. Citizens Jmp upgraded shares of LendingClub from a “market perform” rating to an “outperform” rating and set a $23.00 price target for the company in a research note on Monday, November 10th. Finally, BTIG Research raised their price objective on shares of LendingClub from $18.00 to $26.00 and gave the stock a “buy” rating in a research report on Thursday, November 6th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, LendingClub currently has a consensus rating of “Moderate Buy” and an average price target of $21.57.

LendingClub Price Performance

Shares of NYSE:LC opened at $19.44 on Thursday. LendingClub has a 12 month low of $7.90 and a 12 month high of $19.88. The firm has a market capitalization of $2.24 billion, a P/E ratio of 22.09 and a beta of 2.14. The company’s fifty day moving average price is $16.97 and its 200 day moving average price is $14.89.

LendingClub (NYSE:LC) last issued its quarterly earnings data on Wednesday, October 22nd. The credit services provider reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.07. LendingClub had a return on equity of 7.68% and a net margin of 10.94%.The company had revenue of $107.79 million for the quarter, compared to analyst estimates of $256.27 million. During the same quarter last year, the company posted $0.13 earnings per share. The business’s quarterly revenue was up 31.8% compared to the same quarter last year. On average, sell-side analysts anticipate that LendingClub will post 0.72 EPS for the current year.

LendingClub declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, November 5th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the credit services provider to repurchase up to 4.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling at LendingClub

In related news, CFO Andrew Labenne sold 20,903 shares of the stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $17.04, for a total transaction of $356,187.12. Following the completion of the transaction, the chief financial officer directly owned 181,750 shares of the company’s stock, valued at $3,097,020. This represents a 10.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Scott Sanborn sold 30,000 shares of the firm’s stock in a transaction dated Thursday, October 23rd. The shares were sold at an average price of $19.29, for a total transaction of $578,700.00. Following the completion of the sale, the chief executive officer owned 1,210,070 shares of the company’s stock, valued at approximately $23,342,250.30. The trade was a 2.42% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 80,903 shares of company stock valued at $1,446,087 in the last 90 days. Company insiders own 3.19% of the company’s stock.

Hedge Funds Weigh In On LendingClub

Large investors have recently modified their holdings of the business. Mackenzie Financial Corp purchased a new stake in shares of LendingClub in the first quarter valued at approximately $211,000. Citizens Financial Group Inc. RI raised its position in LendingClub by 9.5% in the first quarter. Citizens Financial Group Inc. RI now owns 23,120 shares of the credit services provider’s stock worth $239,000 after acquiring an additional 2,000 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in LendingClub by 8.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,004,943 shares of the credit services provider’s stock valued at $10,371,000 after acquiring an additional 80,100 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of LendingClub by 11.2% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 17,230 shares of the credit services provider’s stock worth $178,000 after purchasing an additional 1,730 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of LendingClub by 34.2% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 508,896 shares of the credit services provider’s stock worth $5,252,000 after purchasing an additional 129,786 shares in the last quarter. 74.08% of the stock is owned by hedge funds and other institutional investors.

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.