LendingClub (NYSE:LC) Upgraded at StockNews.com

LendingClub (NYSE:LC) was upgraded by investment analysts at StockNews.com from a “sell” rating to a “hold” rating in a research report issued on Friday.

A number of other brokerages have also recently commented on LC. JPMorgan Chase & Co. dropped their target price on LendingClub from $17.00 to $14.00 and set a “neutral” rating for the company in a report on Monday, March 10th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $16.00 price objective (down from $17.00) on shares of LendingClub in a research note on Wednesday, January 29th. Finally, Piper Sandler reissued an “overweight” rating and issued a $19.00 target price (down previously from $20.00) on shares of LendingClub in a research note on Wednesday, January 29th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, LendingClub presently has a consensus rating of “Moderate Buy” and an average price target of $16.00.

LendingClub Stock Down 8.0 %

NYSE LC traded down $0.76 during trading on Friday, hitting $8.68. 2,242,630 shares of the stock traded hands, compared to its average volume of 1,606,141. The company has a market capitalization of $983.61 million, a P/E ratio of 19.28 and a beta of 2.07. LendingClub has a 12-month low of $7.48 and a 12-month high of $18.75. The firm has a 50-day simple moving average of $12.25 and a 200-day simple moving average of $13.85.

Insider Activity

In other LendingClub news, CEO Scott Sanborn sold 17,000 shares of the firm’s stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $13.76, for a total transaction of $233,920.00. Following the transaction, the chief executive officer now directly owns 1,295,184 shares in the company, valued at $17,821,731.84. This trade represents a 1.30 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Michael P. Zeisser bought 20,000 shares of the firm’s stock in a transaction on Monday, February 3rd. The shares were purchased at an average cost of $12.88 per share, with a total value of $257,600.00. Following the completion of the transaction, the director now owns 148,018 shares in the company, valued at $1,906,471.84. This represents a 15.62 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 3.31% of the company’s stock.

Hedge Funds Weigh In On LendingClub

Several institutional investors have recently made changes to their positions in the company. Comerica Bank bought a new position in LendingClub during the 4th quarter worth about $37,000. SBI Securities Co. Ltd. purchased a new stake in shares of LendingClub in the 4th quarter worth approximately $45,000. Sterling Capital Management LLC boosted its stake in shares of LendingClub by 818.6% during the fourth quarter. Sterling Capital Management LLC now owns 3,500 shares of the credit services provider’s stock valued at $57,000 after purchasing an additional 3,119 shares in the last quarter. National Bank of Canada FI increased its holdings in LendingClub by 150.6% during the fourth quarter. National Bank of Canada FI now owns 4,074 shares of the credit services provider’s stock valued at $66,000 after buying an additional 2,448 shares during the period. Finally, FMR LLC raised its stake in LendingClub by 32.1% in the third quarter. FMR LLC now owns 5,865 shares of the credit services provider’s stock worth $67,000 after buying an additional 1,424 shares in the last quarter. 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.