LendingClub (NYSE:LC) Announces Quarterly Earnings Results

LendingClub (NYSE:LC) issued its quarterly earnings data on Tuesday. The credit services provider reported $0.13 EPS for the quarter, topping the consensus estimate of $0.04 by $0.09, Briefing.com reports. LendingClub had a net margin of 5.61% and a return on equity of 3.41%. The business had revenue of $187.20 million during the quarter, compared to analyst estimates of $177.03 million. During the same period last year, the business posted $0.09 earnings per share. LendingClub’s quarterly revenue was down 19.5% compared to the same quarter last year.

LendingClub Trading Down 5.8 %

NYSE:LC traded down $0.66 during trading hours on Friday, reaching $10.76. The company had a trading volume of 953,087 shares, compared to its average volume of 1,444,530. LendingClub has a 52 week low of $4.73 and a 52 week high of $12.87. The firm has a market cap of $1.20 billion, a price-to-earnings ratio of 33.59 and a beta of 2.06. The firm’s 50 day moving average price is $9.16 and its 200-day moving average price is $8.71.

Insiders Place Their Bets

In other LendingClub news, Director Erin Selleck sold 4,083 shares of LendingClub stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of $8.88, for a total value of $36,257.04. Following the completion of the sale, the director now owns 54,571 shares of the company’s stock, valued at approximately $484,590.48. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 3.31% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have commented on LC shares. Jefferies Financial Group raised their price objective on shares of LendingClub from $11.00 to $12.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Piper Sandler reiterated an “overweight” rating and set a $13.00 target price (up from $10.00) on shares of LendingClub in a report on Wednesday. Wedbush lifted their target price on shares of LendingClub from $11.00 to $14.00 and gave the company an “outperform” rating in a report on Wednesday. StockNews.com upgraded shares of LendingClub from a “sell” rating to a “hold” rating in a report on Thursday. Finally, Compass Point lifted their target price on shares of LendingClub from $13.00 to $15.00 and gave the company a “buy” rating in a report on Wednesday. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $12.64.

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.