LendingClub (NYSE:LC) Earns Overweight Rating from Piper Sandler

Piper Sandler reiterated their overweight rating on shares of LendingClub (NYSE:LC) in a report issued on Wednesday morning,Benzinga reports. Piper Sandler currently has a $19.00 target price on the credit services provider’s stock, down from their previous target price of $20.00.

A number of other research firms also recently issued reports on LC. Compass Point raised their price target on LendingClub from $15.00 to $19.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Keefe, Bruyette & Woods boosted their price target on LendingClub from $15.00 to $17.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. StockNews.com cut shares of LendingClub from a “hold” rating to a “sell” rating in a research note on Friday, October 25th. JPMorgan Chase & Co. restated a “neutral” rating and set a $17.00 target price (up from $14.00) on shares of LendingClub in a research report on Monday, December 2nd. Finally, Wedbush increased their price target on shares of LendingClub from $14.00 to $17.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $16.38.

LendingClub Stock Down 5.7 %

Shares of LendingClub stock opened at $13.47 on Wednesday. LendingClub has a twelve month low of $7.48 and a twelve month high of $18.75. The company’s 50 day moving average is $16.33 and its 200 day moving average is $13.54. The company has a market cap of $1.51 billion, a price-to-earnings ratio of 29.93 and a beta of 2.03.

Insider Transactions at LendingClub

In related news, CEO Scott Sanborn sold 17,000 shares of the stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $14.89, for a total transaction of $253,130.00. Following the completion of the sale, the chief executive officer now owns 1,339,273 shares in the company, valued at approximately $19,941,774.97. This trade represents a 1.25 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, General Counsel Jordan Cheng sold 22,000 shares of LendingClub stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $14.83, for a total value of $326,260.00. Following the sale, the general counsel now directly owns 89,385 shares in the company, valued at $1,325,579.55. This trade represents a 19.75 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 73,000 shares of company stock valued at $1,122,710 over the last three months. Corporate insiders own 3.31% of the company’s stock.

Hedge Funds Weigh In On LendingClub

Institutional investors have recently bought and sold shares of the stock. AlphaMark Advisors LLC bought a new position in shares of LendingClub during the 3rd quarter valued at about $32,000. FMR LLC lifted its position in shares of LendingClub by 32.1% in the third quarter. FMR LLC now owns 5,865 shares of the credit services provider’s stock worth $67,000 after buying an additional 1,424 shares in the last quarter. Blue Trust Inc. lifted its position in shares of LendingClub by 259.8% in the third quarter. Blue Trust Inc. now owns 7,267 shares of the credit services provider’s stock worth $83,000 after buying an additional 5,247 shares in the last quarter. Hsbc Holdings PLC boosted its stake in LendingClub by 38.3% during the second quarter. Hsbc Holdings PLC now owns 16,748 shares of the credit services provider’s stock valued at $141,000 after buying an additional 4,640 shares during the last quarter. Finally, Sanctuary Advisors LLC purchased a new position in LendingClub during the 4th quarter valued at approximately $164,000. 74.08% of the stock is owned by hedge funds and other institutional investors.

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.