Wedbush Analysts Raise Earnings Estimates for LendingClub Co. (NYSE:LC)

LendingClub Co. (NYSE:LC) – Equities research analysts at Wedbush upped their Q2 2024 earnings estimates for shares of LendingClub in a note issued to investors on Wednesday, May 1st. Wedbush analyst D. Chiaverini now expects that the credit services provider will earn $0.07 per share for the quarter, up from their previous forecast of $0.04. Wedbush currently has a “Outperform” rating and a $11.00 target price on the stock. The consensus estimate for LendingClub’s current full-year earnings is $0.26 per share. Wedbush also issued estimates for LendingClub’s Q3 2024 earnings at $0.11 EPS, Q4 2024 earnings at $0.10 EPS, FY2024 earnings at $0.40 EPS, Q1 2025 earnings at $0.23 EPS, Q2 2025 earnings at $0.22 EPS, Q3 2025 earnings at $0.25 EPS, Q4 2025 earnings at $0.21 EPS, FY2025 earnings at $0.90 EPS and FY2026 earnings at $1.10 EPS.

LendingClub (NYSE:LC) last issued its quarterly earnings data on Tuesday, April 30th. The credit services provider reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.08. LendingClub had a net margin of 4.69% and a return on equity of 3.04%. The business had revenue of $180.69 million during the quarter, compared to the consensus estimate of $174.52 million. During the same period in the prior year, the firm posted $0.13 EPS.

LC has been the subject of a number of other research reports. StockNews.com downgraded LendingClub from a “hold” rating to a “sell” rating in a research note on Friday, March 22nd. Keefe, Bruyette & Woods increased their price target on shares of LendingClub from $9.50 to $10.00 and gave the company a “market perform” rating in a research report on Wednesday. Finally, Piper Sandler restated an “overweight” rating and set a $10.00 price objective (up previously from $9.50) on shares of LendingClub in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $11.42.

LendingClub Stock Down 0.5 %

LC stock opened at $9.28 on Friday. The business has a 50 day moving average of $8.23 and a 200-day moving average of $7.66. The firm has a market cap of $1.03 billion, a PE ratio of 27.29 and a beta of 2.00. LendingClub has a 12-month low of $4.73 and a 12-month high of $10.92.

Institutional Trading of LendingClub

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Nordea Investment Management AB increased its holdings in LendingClub by 190.8% during the 3rd quarter. Nordea Investment Management AB now owns 609,966 shares of the credit services provider’s stock worth $3,733,000 after acquiring an additional 400,189 shares during the period. Wellington Management Group LLP purchased a new position in LendingClub in the 3rd quarter worth approximately $2,970,000. Quantbot Technologies LP bought a new position in shares of LendingClub in the 3rd quarter worth $643,000. Asset Management One Co. Ltd. raised its position in shares of LendingClub by 40.7% during the 3rd quarter. Asset Management One Co. Ltd. now owns 8,217 shares of the credit services provider’s stock valued at $50,000 after buying an additional 2,377 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in shares of LendingClub by 39.4% during the 3rd quarter. Principal Financial Group Inc. now owns 15,761 shares of the credit services provider’s stock worth $96,000 after acquiring an additional 4,455 shares during the last quarter. 74.08% of the stock is currently owned by 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.