LendingClub (NYSE:LC) Price Target Raised to $20.00 at Janney Montgomery Scott

LendingClub (NYSE:LC) had its price target boosted by Janney Montgomery Scott from $17.00 to $20.00 in a research report report published on Thursday,Benzinga reports. They currently have a neutral rating on the credit services provider’s stock.

Several other brokerages have also recently issued reports on LC. Weiss Ratings reiterated a “hold (c)” rating on shares of LendingClub in a research note on Wednesday, October 8th. Zacks Research upgraded LendingClub from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 28th. Wall Street Zen raised LendingClub from a “sell” rating to a “hold” rating in a research report on Saturday, August 2nd. Piper Sandler reiterated an “overweight” rating and issued a $20.00 price objective (up previously from $18.00) on shares of LendingClub in a research note on Thursday, October 23rd. Finally, Keefe, Bruyette & Woods boosted their price objective on LendingClub from $19.00 to $20.00 and gave the stock an “outperform” rating in a research report on Thursday, October 23rd. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $20.83.

LendingClub Stock Performance

Shares of LC traded up $0.09 during mid-day trading on Thursday, hitting $18.09. 2,789,496 shares of the company’s stock were exchanged, compared to its average volume of 1,744,256. The stock’s 50-day moving average is $16.66 and its 200-day moving average is $13.82. LendingClub has a fifty-two week low of $7.90 and a fifty-two week high of $19.88. The company has a market cap of $2.09 billion, a price-to-earnings ratio of 20.55 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 firm had revenue of $266.23 million during the quarter, compared to analysts’ expectations of $256.27 million. LendingClub had a net margin of 10.94% and a return on equity of 7.68%. The business’s quarterly revenue was up 31.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.13 earnings per share. As a group, equities research analysts anticipate that LendingClub will post 0.72 EPS for the current year.

LendingClub announced that its Board of Directors has initiated a share buyback program on Wednesday, November 5th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the credit services provider to purchase up to 4.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In related news, CFO Andrew Labenne sold 20,903 shares of the company’s stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $17.04, for a total value of $356,187.12. Following the completion of the transaction, the chief financial officer directly owned 181,750 shares of the company’s stock, valued at $3,097,020. This represents a 10.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Scott Sanborn sold 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $16.65, for a total transaction of $499,500.00. Following 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 SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 113,293 shares of company stock worth $1,985,787. 3.19% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of LC. Quarry LP grew its position in shares of LendingClub by 1,427.2% in the 1st quarter. Quarry LP now owns 2,810 shares of the credit services provider’s stock valued at $29,000 after buying an additional 2,626 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new position in LendingClub in the first quarter valued at $35,000. Jones Financial Companies Lllp grew its holdings in shares of LendingClub by 46.7% during the third quarter. Jones Financial Companies Lllp now owns 4,051 shares of the credit services provider’s stock worth $67,000 after purchasing an additional 1,290 shares during the last quarter. Headlands Technologies LLC purchased a new position in shares of LendingClub during the second quarter worth about $53,000. Finally, State of Alaska Department of Revenue acquired a new stake in shares of LendingClub during the third quarter worth about $69,000. Institutional investors and hedge funds own 74.08% of the company’s stock.

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.