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

LendingClub (NYSE:LC) had its price objective lifted by Wedbush from $14.00 to $17.00 in a report released on Thursday morning, Benzinga reports. They currently have an outperform rating on the credit services provider’s stock. Wedbush also issued estimates for LendingClub’s Q4 2024 earnings at $0.13 EPS, FY2024 earnings at $0.50 EPS, Q1 2025 earnings at $0.21 EPS, Q3 2025 earnings at $0.31 EPS, Q4 2025 earnings at $0.29 EPS, FY2025 earnings at $1.05 EPS and FY2026 earnings at $1.25 EPS.

Several other research analysts also recently commented on the stock. Keefe, Bruyette & Woods raised shares of LendingClub from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $11.50 to $15.00 in a report on Thursday, October 10th. StockNews.com upgraded LendingClub from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Piper Sandler reaffirmed an “overweight” rating and set a $15.00 price objective (up from $13.00) on shares of LendingClub in a report on Thursday. JPMorgan Chase & Co. raised their target price on shares of LendingClub from $12.00 to $14.00 and gave the company an “overweight” rating in a report on Tuesday, August 20th. Finally, Jefferies Financial Group upped their price target on shares of LendingClub from $11.00 to $12.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. One research analyst has rated the stock with a sell rating and eight have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $15.38.

LendingClub Trading Down 1.7 %

Shares of LC opened at $13.59 on Thursday. The business’s 50 day moving average is $11.69 and its 200 day moving average is $10.02. LendingClub has a 12-month low of $4.73 and a 12-month high of $15.52. The company has a market capitalization of $1.52 billion, a PE ratio of 35.76 and a beta of 2.04.

LendingClub (NYSE:LC) last released its quarterly earnings data on Wednesday, October 23rd. The credit services provider reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.06. LendingClub had a net margin of 5.61% and a return on equity of 3.38%. The firm had revenue of $201.90 million for the quarter, compared to analysts’ expectations of $190.40 million. During the same quarter last year, the business posted $0.05 earnings per share. The company’s revenue for the quarter was up .5% compared to the same quarter last year. Equities research analysts predict that LendingClub will post 0.39 earnings per share for the current year.

Insider Buying and Selling at LendingClub

In related news, CEO Scott Sanborn sold 17,000 shares of LendingClub stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $11.36, for a total transaction of $193,120.00. Following the completion of 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. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 51,703 shares of company stock worth $562,705 over the last quarter. Insiders own 3.31% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. International Assets Investment Management LLC lifted its stake in shares of LendingClub by 5.3% during the 2nd quarter. International Assets Investment Management LLC now owns 19,900 shares of the credit services provider’s stock worth $168,000 after acquiring an additional 1,000 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of LendingClub by 0.5% during the second quarter. The Manufacturers Life Insurance Company now owns 302,844 shares of the credit services provider’s stock valued at $2,562,000 after purchasing an additional 1,445 shares during the period. ProShare Advisors LLC grew its holdings in shares of LendingClub by 8.5% in the first quarter. ProShare Advisors LLC now owns 19,518 shares of the credit services provider’s stock worth $172,000 after purchasing an additional 1,536 shares during the last quarter. SG Americas Securities LLC lifted its holdings in LendingClub by 16.3% during the 2nd quarter. SG Americas Securities LLC now owns 12,344 shares of the credit services provider’s stock valued at $104,000 after buying an additional 1,732 shares in the last quarter. Finally, Swiss National Bank boosted its position in LendingClub by 1.0% in the 1st quarter. Swiss National Bank now owns 216,360 shares of the credit services provider’s stock valued at $1,902,000 after buying an additional 2,100 shares during the period. Hedge funds and other institutional investors own 74.08% of the company’s stock.

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.