Shares of LendingClub Co. (NYSE:LC – Get Free Report) hit a new 52-week low during mid-day trading on Friday . The company traded as low as $6.20 and last traded at $6.20, with a volume of 128025 shares changing hands. The stock had previously closed at $6.26.
Analysts Set New Price Targets
A number of research analysts have recently commented on LC shares. Wedbush restated an “outperform” rating and set a $12.00 price target on shares of LendingClub in a research report on Thursday, July 27th. JPMorgan Chase & Co. boosted their price target on shares of LendingClub from $10.00 to $11.00 and gave the company an “overweight” rating in a research report on Tuesday, August 22nd. Jefferies Financial Group started coverage on shares of LendingClub in a research report on Friday, June 16th. They set a “buy” rating and a $13.50 price target for the company. Finally, StockNews.com lowered shares of LendingClub from a “hold” rating to a “sell” rating in a research report on Friday, August 25th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, LendingClub presently has an average rating of “Hold” and an average target price of $11.92.
Get Our Latest Research Report on LendingClub
LendingClub Price Performance
LendingClub (NYSE:LC – Get Free Report) last announced its earnings results on Wednesday, July 26th. The credit services provider reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.05. LendingClub had a net margin of 8.66% and a return on equity of 7.04%. The company had revenue of $232.50 million during the quarter, compared to analyst estimates of $227.41 million. During the same period in the previous year, the business earned $0.45 earnings per share. The firm’s quarterly revenue was down 29.6% compared to the same quarter last year. Equities analysts predict that LendingClub Co. will post 0.28 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in LendingClub by 11.8% in the third quarter. Vanguard Group Inc. now owns 13,111,119 shares of the credit services provider’s stock worth $144,878,000 after acquiring an additional 1,381,527 shares in the last quarter. Jackson Square Partners LLC boosted its position in LendingClub by 4.9% during the second quarter. Jackson Square Partners LLC now owns 9,177,558 shares of the credit services provider’s stock valued at $89,481,000 after buying an additional 432,341 shares during the period. BlackRock Inc. boosted its position in LendingClub by 4.4% during the second quarter. BlackRock Inc. now owns 8,271,272 shares of the credit services provider’s stock valued at $80,645,000 after buying an additional 349,314 shares during the period. Dimensional Fund Advisors LP boosted its position in LendingClub by 19.3% during the second quarter. Dimensional Fund Advisors LP now owns 3,118,939 shares of the credit services provider’s stock valued at $30,411,000 after buying an additional 505,118 shares during the period. Finally, State Street Corp boosted its position in LendingClub by 11.4% during the second quarter. State Street Corp now owns 2,709,576 shares of the credit services provider’s stock valued at $26,418,000 after buying an additional 278,215 shares during the period. 75.57% of the stock is currently owned by hedge funds and other institutional investors.
About LendingClub
LendingClub Corporation, operates as a bank holding company for LendingClub Bank, National Association 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.
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