LendingClub (NYSE:LC) Price Target Raised to $26.00 at BTIG Research

LendingClub (NYSE:LC) had its target price raised by BTIG Research from $18.00 to $26.00 in a research report sent to investors on Thursday,Benzinga reports. BTIG Research currently has a buy rating on the credit services provider’s stock.

A number of other research firms have also recently weighed in on LC. Keefe, Bruyette & Woods lifted their price objective on shares of LendingClub from $19.00 to $20.00 and gave the company an “outperform” rating in a report on Thursday, October 23rd. Piper Sandler reiterated an “overweight” rating and set a $20.00 price target (up from $18.00) on shares of LendingClub in a research report on Thursday, October 23rd. Zacks Research upgraded LendingClub from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 28th. JPMorgan Chase & Co. upgraded LendingClub from a “neutral” rating to an “overweight” rating and upped their price target for the company from $17.00 to $22.00 in a research report on Thursday, October 23rd. Finally, Wall Street Zen upgraded LendingClub from a “sell” rating to a “hold” rating in a research report on Saturday, August 2nd. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $20.83.

LendingClub Price Performance

NYSE:LC traded up $0.09 during mid-day trading on Thursday, hitting $18.09. The company’s stock had a trading volume of 2,789,496 shares, compared to its average volume of 1,744,256. The business’s fifty day moving average is $16.68 and its two-hundred day moving average is $13.88. The stock has a market cap of $2.09 billion, a price-to-earnings ratio of 20.55 and a beta of 2.51. LendingClub has a 1 year low of $7.90 and a 1 year high of $19.88.

LendingClub (NYSE:LC) last posted its earnings results on Wednesday, October 22nd. The credit services provider reported $0.37 EPS for the quarter, topping the consensus estimate of $0.30 by $0.07. LendingClub had a return on equity of 7.68% and a net margin of 10.94%.The firm had revenue of $266.23 million for the quarter, compared to analyst estimates of $256.27 million. During the same period last year, the company earned $0.13 earnings per share. LendingClub’s revenue for the quarter was up 31.8% compared to the same quarter last year. Analysts anticipate that LendingClub will post 0.72 EPS for the current fiscal year.

LendingClub announced that its board has approved a share buyback plan on Wednesday, November 5th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the credit services provider to buy up to 4.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Insider Transactions at LendingClub

In other news, CEO Scott Sanborn sold 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $16.65, for a total value of $499,500.00. Following the completion of the transaction, the chief executive officer owned 1,270,070 shares of the company’s stock, valued at approximately $21,146,665.50. This trade represents a 2.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Andrew Labenne sold 20,903 shares of the stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $17.04, for a total transaction of $356,187.12. Following the sale, the chief financial officer owned 181,750 shares in the company, valued at approximately $3,097,020. This trade represents a 10.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 113,293 shares of company stock worth $1,985,787. 3.19% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of LC. Dynamic Technology Lab Private Ltd acquired a new position in shares of LendingClub during the first quarter worth $869,000. Charles Schwab Investment Management Inc. lifted its stake in LendingClub by 8.7% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,004,943 shares of the credit services provider’s stock worth $10,371,000 after purchasing an additional 80,100 shares during the last quarter. Capital Fund Management S.A. acquired a new position in LendingClub in the first quarter valued at approximately $774,000. Invst LLC purchased a new position in LendingClub in the first quarter valued at approximately $298,000. Finally, AlphaQuest LLC raised its holdings in LendingClub by 72.9% during the first quarter. AlphaQuest LLC now owns 40,864 shares of the credit services provider’s stock worth $422,000 after purchasing an additional 17,224 shares in the last quarter. 74.08% of the stock is currently owned by hedge funds and other institutional investors.

LendingClub Company Profile

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.