Jackson Square Partners LLC Has $3.88 Million Stock Holdings in LendingClub Corporation $LC

Jackson Square Partners LLC lowered its position in shares of LendingClub Corporation (NYSE:LC) by 83.3% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 322,301 shares of the credit services provider’s stock after selling 1,612,947 shares during the quarter. LendingClub accounts for 1.4% of Jackson Square Partners LLC’s holdings, making the stock its 25th biggest position. Jackson Square Partners LLC’s holdings in LendingClub were worth $3,877,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Quarry LP raised its holdings in shares of LendingClub by 1,427.2% in the first quarter. Quarry LP now owns 2,810 shares of the credit services provider’s stock valued at $29,000 after purchasing an additional 2,626 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new position in LendingClub in the first quarter valued at $35,000. Vident Advisory LLC bought a new position in LendingClub in the first quarter valued at $118,000. MQS Management LLC acquired a new stake in LendingClub in the 2nd quarter valued at $121,000. Finally, Asset Management One Co. Ltd. increased its stake in LendingClub by 7.4% in the 2nd quarter. Asset Management One Co. Ltd. now owns 10,232 shares of the credit services provider’s stock valued at $123,000 after buying an additional 706 shares during the last quarter. 74.08% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on LC shares. Weiss Ratings restated a “hold (c)” rating on shares of LendingClub in a research note on Wednesday, October 8th. Janney Montgomery Scott upped their target price on LendingClub from $17.00 to $20.00 and gave the stock a “neutral” rating in a report on Thursday. JPMorgan Chase & Co. raised LendingClub from a “neutral” rating to an “overweight” rating and increased their price target for the company from $17.00 to $22.00 in a research report on Thursday, October 23rd. Wall Street Zen upgraded LendingClub from a “sell” rating to a “hold” rating in a research note on Saturday, August 2nd. Finally, Piper Sandler reissued an “overweight” rating and issued a $20.00 target price (up from $18.00) on shares of LendingClub in a research note on Thursday, October 23rd. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $20.83.

LendingClub Trading Up 0.5%

Shares of NYSE LC opened at $18.09 on Friday. The firm has a market cap of $2.09 billion, a P/E ratio of 20.55 and a beta of 2.51. The business’s 50 day moving average is $16.68 and its 200-day moving average is $13.88. LendingClub Corporation has a 1-year low of $7.90 and a 1-year high of $19.88.

LendingClub (NYSE:LC) last announced 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. The company had revenue of $266.23 million for 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 revenue for the quarter was up 31.8% on a year-over-year basis. During the same period last year, the firm earned $0.13 earnings per share. Analysts forecast that LendingClub Corporation will post 0.72 EPS for the current year.

LendingClub announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, November 5th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the credit services provider to buy up to 4.9% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Insider Transactions at LendingClub

In other LendingClub news, CEO Scott Sanborn sold 30,000 shares of the stock in a transaction dated Tuesday, September 2nd. The stock was 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 directly owned 1,270,070 shares in the company, 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 Securities & Exchange Commission, which can be accessed through this link. Also, CFO Andrew Labenne sold 20,903 shares of LendingClub stock in a transaction 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 transaction, 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 position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 113,293 shares of company stock valued at $1,985,787. Corporate insiders own 3.19% 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.