Piper Sandler Reiterates Overweight Rating for LendingClub (NYSE:LC)

LendingClub (NYSE:LC)‘s stock had its “overweight” rating reaffirmed by Piper Sandler in a report released on Wednesday,Benzinga reports. They currently have a $19.00 target price on the credit services provider’s stock, down from their prior target price of $20.00. Piper Sandler’s price target would suggest a potential upside of 32.64% from the company’s previous close.

A number of other research firms also recently weighed in on LC. Keefe, Bruyette & Woods raised their price target on LendingClub from $15.00 to $17.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. StockNews.com cut shares of LendingClub from a “hold” rating to a “sell” rating in a research note on Friday, October 25th. Compass Point upped their price target on shares of LendingClub from $15.00 to $19.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Maxim Group lifted their price objective on shares of LendingClub from $16.00 to $19.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $17.00 target price (up from $14.00) on shares of LendingClub in a report on Monday, December 2nd. One analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $16.38.

LendingClub Price Performance

Shares of NYSE:LC opened at $14.33 on Wednesday. The stock has a market capitalization of $1.61 billion, a PE ratio of 31.14 and a beta of 2.03. The company’s 50-day moving average price is $16.36 and its two-hundred day moving average price is $13.54. LendingClub has a one year low of $7.48 and a one year high of $18.75.

Insider Buying and Selling

In other news, General Counsel Jordan Cheng sold 22,000 shares of the business’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $14.83, for a total transaction of $326,260.00. Following the sale, the general counsel now directly owns 89,385 shares in the company, valued at approximately $1,325,579.55. The trade was a 19.75 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Scott Sanborn sold 17,000 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $14.89, for a total value of $253,130.00. Following the completion of the transaction, the chief executive officer now directly owns 1,339,273 shares of the company’s stock, valued at $19,941,774.97. This represents a 1.25 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 73,000 shares of company stock valued at $1,122,710. Company insiders own 3.31% of the company’s stock.

Hedge Funds Weigh In On LendingClub

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. State Street Corp grew its stake in shares of LendingClub by 2.2% in the third quarter. State Street Corp now owns 3,896,816 shares of the credit services provider’s stock worth $44,541,000 after purchasing an additional 82,315 shares during the last quarter. Geode Capital Management LLC grew its position in shares of LendingClub by 1.7% in the 3rd quarter. Geode Capital Management LLC now owns 2,559,805 shares of the credit services provider’s stock valued at $29,265,000 after buying an additional 42,429 shares during the last quarter. Point72 Asset Management L.P. increased its stake in shares of LendingClub by 98.1% in the third quarter. Point72 Asset Management L.P. now owns 1,547,342 shares of the credit services provider’s stock valued at $17,686,000 after buying an additional 766,287 shares during the period. Assenagon Asset Management S.A. raised its position in shares of LendingClub by 120.3% during the third quarter. Assenagon Asset Management S.A. now owns 1,517,986 shares of the credit services provider’s stock worth $17,351,000 after acquiring an additional 828,958 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in shares of LendingClub by 4.8% in the third quarter. JPMorgan Chase & Co. now owns 998,148 shares of the credit services provider’s stock worth $11,409,000 after acquiring an additional 45,307 shares during the period. 74.08% of the stock is currently owned by institutional investors and hedge funds.

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.