Connor Clark & Lunn Investment Management Ltd. Purchases 158,773 Shares of LendingClub Corporation $LC

Connor Clark & Lunn Investment Management Ltd. increased its stake in LendingClub Corporation (NYSE:LC) by 31.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 667,669 shares of the credit services provider’s stock after purchasing an additional 158,773 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.58% of LendingClub worth $8,032,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Quarry LP raised its position in shares of LendingClub by 1,427.2% in the first quarter. Quarry LP now owns 2,810 shares of the credit services provider’s stock valued at $29,000 after purchasing an additional 2,626 shares during the period. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of LendingClub in the first quarter valued at $35,000. Vident Advisory LLC bought a new stake in shares of LendingClub during the 1st quarter valued at $118,000. MQS Management LLC purchased a new stake in LendingClub during the 2nd quarter worth about $121,000. Finally, Asset Management One Co. Ltd. boosted its stake in LendingClub by 7.4% in the 2nd quarter. Asset Management One Co. Ltd. now owns 10,232 shares of the credit services provider’s stock worth $123,000 after purchasing an additional 706 shares during the period. 74.08% of the stock is owned by institutional investors.

LendingClub Stock Up 1.5%

Shares of LC stock opened at $18.57 on Thursday. The business has a 50-day moving average price of $16.79 and a two-hundred day moving average price of $14.08. LendingClub Corporation has a 12-month low of $7.90 and a 12-month high of $19.88. The firm has a market cap of $2.14 billion, a P/E ratio of 21.10 and a beta of 2.51.

LendingClub (NYSE:LC) last announced its quarterly earnings data on Wednesday, October 22nd. The credit services provider reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $0.07. The company had revenue of $266.23 million for the quarter, compared to analysts’ expectations of $256.27 million. LendingClub had a return on equity of 7.68% and a net margin of 10.94%.LendingClub’s revenue for the quarter was up 31.8% compared to the same quarter last year. During the same period last year, the firm posted $0.13 EPS. As a group, research analysts expect that LendingClub Corporation will post 0.72 EPS for the current fiscal year.

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Citizens Jmp upgraded LendingClub from a “market perform” rating to an “outperform” rating and set a $23.00 price target on the stock in a research report on Monday. Wall Street Zen raised shares of LendingClub from a “sell” rating to a “hold” rating in a research note on Saturday, August 2nd. JPMorgan Chase & Co. raised shares of LendingClub from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $17.00 to $22.00 in a report on Thursday, October 23rd. Zacks Research raised shares of LendingClub from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 28th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of LendingClub in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $21.14.

Insiders Place Their Bets

In other news, CEO Scott Sanborn sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $16.65, for a total value of $499,500.00. Following the completion of the sale, the chief executive officer directly owned 1,270,070 shares in the company, valued at approximately $21,146,665.50. The trade was a 2.31% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Erin Selleck sold 2,390 shares of LendingClub stock in a transaction on 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 transaction, the director owned 73,987 shares in the company, valued at approximately $1,244,461.34. The trade was a 3.13% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 113,293 shares of company stock valued at $1,985,787. 3.19% of the stock is currently owned by corporate insiders.

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.