JPMorgan Chase & Co. Cuts LendingClub (NYSE:LC) Price Target to $14.00

LendingClub (NYSE:LC) had its price target cut by JPMorgan Chase & Co. from $17.00 to $14.00 in a research report report published on Monday,Benzinga reports. They currently have a neutral rating on the credit services provider’s stock.

Several other research firms have also weighed in on LC. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $16.00 target price (down from $17.00) on shares of LendingClub in a report on Wednesday, January 29th. Piper Sandler reiterated an “overweight” rating and issued a $19.00 target price (down from $20.00) on shares of LendingClub in a report on Wednesday, January 29th. One research analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, LendingClub presently has an average rating of “Moderate Buy” and an average target price of $16.00.

LendingClub Price Performance

NYSE:LC opened at $10.75 on Monday. The firm has a market capitalization of $1.22 billion, a price-to-earnings ratio of 23.88 and a beta of 2.07. The company’s 50-day moving average is $14.19 and its two-hundred day moving average is $13.95. LendingClub has a 1-year low of $7.48 and a 1-year high of $18.75.

Insider Transactions at LendingClub

In other LendingClub news, Director Michael P. Zeisser bought 20,000 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The shares were purchased at an average cost of $12.88 per share, with a total value of $257,600.00. Following the purchase, the director now directly owns 148,018 shares in the company, valued at approximately $1,906,471.84. This represents a 15.62 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Scott Sanborn sold 17,000 shares of the stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $16.12, for a total transaction of $274,040.00. Following the completion of the sale, the chief executive officer now directly owns 1,312,184 shares in the company, valued at approximately $21,152,406.08. This represents a 1.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 41,000 shares of company stock worth $606,660. 3.31% of the stock is currently owned by insiders.

Institutional Investors Weigh In On LendingClub

Large investors have recently modified their holdings of the company. Comerica Bank purchased a new stake in shares of LendingClub in the 4th quarter valued at approximately $37,000. SBI Securities Co. Ltd. acquired a new position in shares of LendingClub in the 4th quarter valued at $45,000. Sterling Capital Management LLC boosted its holdings in shares of LendingClub by 818.6% in the 4th quarter. Sterling Capital Management LLC now owns 3,500 shares of the credit services provider’s stock valued at $57,000 after buying an additional 3,119 shares in the last quarter. National Bank of Canada FI boosted its holdings in shares of LendingClub by 150.6% in the 4th quarter. National Bank of Canada FI now owns 4,074 shares of the credit services provider’s stock valued at $66,000 after buying an additional 2,448 shares in the last quarter. Finally, FMR LLC boosted its holdings in shares of LendingClub by 32.1% in the 3rd quarter. FMR LLC now owns 5,865 shares of the credit services provider’s stock valued at $67,000 after buying an additional 1,424 shares in the last quarter. 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.