LendingClub Corporation’s (LC) “Neutral” Rating Reiterated at Citigroup Inc.
LendingClub Corporation (NYSE:LC)‘s stock had its “neutral” rating reissued by analysts at Citigroup Inc. in a research note issued to investors on Thursday. They currently have a $6.50 price objective on the credit services provider’s stock, up from their prior price objective of $6.00. Citigroup Inc.’s target price would indicate a potential upside of 6.91% from the company’s previous close.
LC has been the topic of several other research reports. Morgan Stanley restated an “overweight” rating and set a $8.00 price target on shares of LendingClub Corporation in a report on Tuesday, April 18th. Vetr lowered LendingClub Corporation from a “buy” rating to a “hold” rating and set a $6.00 price target on the stock. in a report on Thursday, April 20th. CIBC upgraded LendingClub Corporation from a “market perform” rating to an “outperform” rating in a report on Thursday, August 3rd. Zacks Investment Research lowered LendingClub Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, June 21st. Finally, BidaskClub lowered LendingClub Corporation from a “hold” rating to a “sell” rating in a report on Monday, July 24th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and eight have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $6.71.
LendingClub Corporation (NYSE LC) opened at 6.08 on Thursday. The company’s market cap is $2.46 billion. LendingClub Corporation has a one year low of $4.64 and a one year high of $6.78. The stock has a 50 day moving average of $5.41 and a 200 day moving average of $5.62.
LendingClub Corporation (NYSE:LC) last released its quarterly earnings results on Monday, August 7th. The credit services provider reported ($0.06) earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.06). LendingClub Corporation had a negative return on equity of 11.99% and a negative net margin of 24.52%. The company had revenue of $139.60 million for the quarter, compared to analyst estimates of $134.02 million. During the same quarter in the prior year, the firm posted ($0.09) EPS. LendingClub Corporation’s quarterly revenue was up 35.0% compared to the same quarter last year. On average, analysts anticipate that LendingClub Corporation will post $0.05 earnings per share for the current fiscal year.
In other news, COO Sameer Gulati sold 8,305 shares of the stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $5.08, for a total transaction of $42,189.40. Following the transaction, the chief operating officer now owns 265,657 shares of the company’s stock, valued at approximately $1,349,537.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Timothy Bogan sold 54,090 shares of the stock in a transaction on Friday, May 12th. The stock was sold at an average price of $5.84, for a total value of $315,885.60. Following the transaction, the insider now directly owns 160,739 shares in the company, valued at approximately $938,715.76. The disclosure for this sale can be found here. Insiders have sold a total of 383,239 shares of company stock worth $2,199,584 in the last three months. Corporate insiders own 11.40% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Prudential Financial Inc. increased its position in LendingClub Corporation by 3.6% in the first quarter. Prudential Financial Inc. now owns 21,680 shares of the credit services provider’s stock worth $119,000 after buying an additional 760 shares during the last quarter. Teacher Retirement System of Texas increased its position in LendingClub Corporation by 27.4% in the second quarter. Teacher Retirement System of Texas now owns 23,822 shares of the credit services provider’s stock worth $131,000 after buying an additional 5,130 shares during the last quarter. Blair William & Co. IL increased its position in LendingClub Corporation by 11.3% in the second quarter. Blair William & Co. IL now owns 26,150 shares of the credit services provider’s stock worth $144,000 after buying an additional 2,650 shares during the last quarter. Malaga Cove Capital LLC increased its position in LendingClub Corporation by 3.7% in the first quarter. Malaga Cove Capital LLC now owns 27,800 shares of the credit services provider’s stock worth $147,000 after buying an additional 1,000 shares during the last quarter. Finally, Brighton Jones LLC purchased a new position in LendingClub Corporation during the second quarter worth about $154,000. 90.92% of the stock is currently owned by institutional investors and hedge funds.
About LendingClub Corporation
LendingClub Corporation provides online marketplace to connect borrowers and investors. Consumers and small business owners borrow through Lending Club. Investors use Lending Club to earn risk-adjusted returns from an asset class that has been closed to many investors and only available on a limited basis to large institutional investors.
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