Trek Financial LLC Acquires New Position in LendingClub Corporation $LC

Trek Financial LLC bought a new position in shares of LendingClub Corporation (NYSE:LC) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 33,222 shares of the credit services provider’s stock, valued at approximately $505,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Headlands Technologies LLC purchased a new position in shares of LendingClub during the 2nd quarter worth $53,000. State of Alaska Department of Revenue acquired a new position in LendingClub in the third quarter valued at $69,000. Marex Group plc acquired a new position in LendingClub in the second quarter valued at $120,000. MQS Management LLC purchased a new position in LendingClub during the second quarter worth about $121,000. Finally, Systematic Alpha Investments LLC acquired a new stake in LendingClub in the 2nd quarter worth about $122,000. 74.08% of the stock is owned by hedge funds and other institutional investors.

LendingClub Stock Down 2.3%

LC opened at $21.07 on Monday. LendingClub Corporation has a 52-week low of $7.90 and a 52-week high of $21.67. The company has a 50 day moving average of $19.12 and a two-hundred day moving average of $17.08. The company has a market cap of $2.43 billion, a P/E ratio of 23.95 and a beta of 2.08.

LendingClub declared that its board has authorized a share buyback program on Wednesday, November 5th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the credit services provider to reacquire up to 4.9% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other LendingClub news, Director Erin Selleck sold 2,390 shares of the firm’s stock in a transaction dated Friday, December 5th. The stock was sold at an average price of $19.47, for a total value of $46,533.30. Following the transaction, the director directly owned 76,377 shares of the company’s stock, valued at $1,487,060.19. This trade represents a 3.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 3.31% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on LC shares. Citizens Jmp upgraded shares of LendingClub from a “market perform” rating to an “outperform” rating and set a $23.00 price objective on the stock in a report on Monday, November 10th. JPMorgan Chase & Co. upped their price target on shares of LendingClub from $22.00 to $25.00 and gave the stock an “overweight” rating in a research report on Thursday, December 4th. Keefe, Bruyette & Woods lifted their price target on shares of LendingClub from $20.00 to $22.00 and gave the company an “outperform” rating in a report on Friday, November 7th. BTIG Research boosted their price objective on shares of LendingClub from $18.00 to $26.00 and gave the company a “buy” rating in a research note on Thursday, November 6th. Finally, Zacks Research lowered LendingClub from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 5th. Six investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $21.57.

LendingClub Profile

LendingClub Corporation operates an online lending marketplace that connects borrowers seeking personal and small business credit with individual and institutional investors. The platform leverages technology to streamline the loan application and underwriting process, offering unsecured personal loans, auto refinancing, and small business loans. In addition to lending products, LendingClub provides high-yield savings accounts and certificates of deposit through its banking charter, following its acquisition of Radius Bank in 2021.

Founded in 2006 by Renaud Laplanche, LendingClub pioneered peer-to-peer lending in the United States, helping to democratize access to credit and investment opportunities.