LendingClub (NYSE:LC) Upgraded by JPMorgan Chase & Co. to Overweight Rating

LendingClub (NYSE:LC) was upgraded by investment analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a report issued on Thursday,Briefing.com Automated Import reports. The brokerage currently has a $22.00 price objective on the credit services provider’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 33.17% from the stock’s previous close.

A number of other brokerages have also recently issued reports on LC. Wall Street Zen upgraded shares of LendingClub from a “sell” rating to a “hold” rating in a research note on Saturday, August 2nd. Weiss Ratings reissued a “hold (c)” rating on shares of LendingClub in a research report on Wednesday, October 8th. Citizens Jmp started coverage on LendingClub in a research report on Monday, July 7th. They issued a “market perform” rating for the company. Zacks Research lowered LendingClub from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 29th. Finally, Citigroup initiated coverage on shares of LendingClub in a research note on Monday, July 7th. They issued a “market perform” rating for the company. Seven research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, LendingClub currently has an average rating of “Moderate Buy” and an average price target of $17.71.

LendingClub Price Performance

NYSE:LC opened at $16.52 on Thursday. LendingClub has a one year low of $7.90 and a one year high of $18.75. The company’s 50-day simple moving average is $16.24 and its 200 day simple moving average is $13.14. The firm has a market capitalization of $1.90 billion, a P/E ratio of 25.81 and a beta of 2.48.

LendingClub (NYSE:LC) last released its earnings results on Wednesday, October 22nd. The credit services provider reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.07. LendingClub had a net margin of 8.36% and a return on equity of 5.66%. The firm had revenue of $266.23 million during the quarter, compared to analyst estimates of $256.27 million. During the same period last year, the business earned $0.13 earnings per share. The business’s revenue was up 31.8% on a year-over-year basis. On average, equities research analysts expect that LendingClub will post 0.72 earnings per share for the current fiscal year.

Insider Buying and Selling at LendingClub

In other LendingClub news, Director Erin Selleck sold 2,390 shares of the business’s stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $16.82, for a total transaction of $40,199.80. Following the completion of the sale, the director directly owned 73,987 shares in the company, valued at $1,244,461.34. The trade was a 3.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Scott Sanborn sold 30,000 shares of the firm’s stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $17.04, for a total transaction of $511,200.00. Following the completion of the transaction, the chief executive officer directly owned 1,240,070 shares in the company, valued at approximately $21,130,792.80. The trade was a 2.36% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 101,248 shares of company stock worth $1,706,038 in the last three months. 3.19% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On LendingClub

Several hedge funds and other institutional investors have recently modified their holdings of LC. Quarry LP increased its stake in shares of LendingClub by 1,427.2% in the 1st quarter. Quarry LP now owns 2,810 shares of the credit services provider’s stock worth $29,000 after purchasing an additional 2,626 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new stake in LendingClub during the first quarter valued at about $35,000. Headlands Technologies LLC purchased a new position in shares of LendingClub during the 2nd quarter valued at about $53,000. KBC Group NV purchased a new position in shares of LendingClub during the 1st quarter valued at about $67,000. Finally, Asset Management One Co. Ltd. lifted its position in shares of LendingClub by 95.4% during the 1st quarter. Asset Management One Co. Ltd. now owns 9,526 shares of the credit services provider’s stock valued at $98,000 after buying an additional 4,651 shares in the last quarter. 74.08% of the stock is currently owned by hedge funds and other institutional investors.

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.