Wedbush Boosts LendingClub (NYSE:LC) Price Target to $17.00

LendingClub (NYSE:LC) had its price target lifted by equities researchers at Wedbush from $14.00 to $17.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has an “outperform” rating on the credit services provider’s stock. Wedbush’s price objective suggests a potential upside of 14.63% from the stock’s current price.

A number of other research analysts have also recently weighed in on LC. Keefe, Bruyette & Woods upgraded shares of LendingClub from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $11.50 to $15.00 in a research note on Thursday, October 10th. StockNews.com raised LendingClub from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Compass Point boosted their price objective on LendingClub from $13.00 to $15.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Piper Sandler reissued an “overweight” rating and set a $15.00 target price (up previously from $13.00) on shares of LendingClub in a research report on Thursday. Finally, JPMorgan Chase & Co. raised their price target on LendingClub from $12.00 to $14.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, LendingClub presently has a consensus rating of “Moderate Buy” and an average target price of $14.29.

LendingClub Stock Up 19.0 %

Shares of NYSE:LC traded up $2.37 on Thursday, hitting $14.83. 2,711,646 shares of the company traded hands, compared to its average volume of 1,404,488. LendingClub has a 52 week low of $4.73 and a 52 week high of $15.52. The company has a market cap of $1.65 billion, a PE ratio of 43.62 and a beta of 2.04. The stock has a 50 day simple moving average of $11.58 and a 200-day simple moving average of $9.96.

LendingClub (NYSE:LC) last released its quarterly earnings results on Tuesday, July 30th. The credit services provider reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.09. The firm had revenue of $187.20 million for the quarter, compared to analysts’ expectations of $177.03 million. LendingClub had a return on equity of 3.38% and a net margin of 5.61%. The company’s revenue was down 19.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.09 EPS. As a group, sell-side analysts anticipate that LendingClub will post 0.38 earnings per share for the current year.

Insider Activity at LendingClub

In other news, CEO Scott Sanborn sold 17,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $11.36, for a total transaction of $193,120.00. Following the transaction, the chief executive officer now directly owns 1,373,273 shares of the company’s stock, valued at approximately $15,600,381.28. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold 51,703 shares of company stock worth $562,705 in the last 90 days. 3.31% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On LendingClub

Large investors have recently modified their holdings of the business. Wellington Management Group LLP increased its holdings in LendingClub by 176.1% during the fourth quarter. Wellington Management Group LLP now owns 1,344,295 shares of the credit services provider’s stock valued at $11,749,000 after buying an additional 857,371 shares during the period. Vanguard Group Inc. boosted its position in LendingClub by 3.1% during the 4th quarter. Vanguard Group Inc. now owns 11,270,308 shares of the credit services provider’s stock valued at $98,502,000 after acquiring an additional 336,827 shares in the last quarter. Capstone Investment Advisors LLC purchased a new position in shares of LendingClub in the 1st quarter valued at $164,000. GSA Capital Partners LLP increased its holdings in shares of LendingClub by 38.2% in the 1st quarter. GSA Capital Partners LLP now owns 143,839 shares of the credit services provider’s stock valued at $1,264,000 after acquiring an additional 39,733 shares during the period. Finally, Empowered Funds LLC raised its position in shares of LendingClub by 8.2% in the 1st quarter. Empowered Funds LLC now owns 314,729 shares of the credit services provider’s stock worth $2,766,000 after acquiring an additional 23,790 shares in the last quarter. Institutional investors own 74.08% of the company’s stock.

LendingClub Company Profile

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.