Q2 2024 EPS Estimates for LendingClub Co. (NYSE:LC) Boosted by Wedbush

LendingClub Co. (NYSE:LC) – Analysts at Wedbush boosted their Q2 2024 earnings per share (EPS) estimates for LendingClub in a research note issued on Wednesday, May 1st. Wedbush analyst D. Chiaverini now forecasts that the credit services provider will post earnings of $0.07 per share for the quarter, up from their prior forecast of $0.04. Wedbush currently has a “Outperform” rating and a $11.00 price target on the stock. The consensus estimate for LendingClub’s current full-year earnings is $0.26 per share. Wedbush also issued estimates for LendingClub’s Q3 2024 earnings at $0.11 EPS, Q4 2024 earnings at $0.10 EPS, FY2024 earnings at $0.40 EPS, Q1 2025 earnings at $0.23 EPS, Q2 2025 earnings at $0.22 EPS, Q3 2025 earnings at $0.25 EPS, Q4 2025 earnings at $0.21 EPS, FY2025 earnings at $0.90 EPS and FY2026 earnings at $1.10 EPS.

LendingClub (NYSE:LC) last announced its quarterly earnings results on Tuesday, April 30th. The credit services provider reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.08. LendingClub had a return on equity of 3.04% and a net margin of 4.69%. The company had revenue of $180.69 million during the quarter, compared to the consensus estimate of $174.52 million. During the same period in the prior year, the company earned $0.13 earnings per share.

Several other equities research analysts also recently issued reports on the stock. Piper Sandler reissued an “overweight” rating and set a $10.00 price objective (up previously from $9.50) on shares of LendingClub in a research report on Wednesday. StockNews.com downgraded LendingClub from a “hold” rating to a “sell” rating in a research note on Friday, March 22nd. Finally, Keefe, Bruyette & Woods upped their price objective on LendingClub from $9.50 to $10.00 and gave the stock a “market perform” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, LendingClub currently has an average rating of “Moderate Buy” and an average target price of $11.42.

LendingClub Stock Performance

NYSE LC opened at $9.28 on Friday. The stock has a market cap of $1.03 billion, a price-to-earnings ratio of 27.29 and a beta of 2.00. The business has a 50 day simple moving average of $8.23 and a 200 day simple moving average of $7.66. LendingClub has a 52-week low of $4.73 and a 52-week high of $10.92.

Institutional Investors Weigh In On LendingClub

Several institutional investors and hedge funds have recently added to or reduced their stakes in LC. Asset Management One Co. Ltd. increased its position in shares of LendingClub by 40.7% during the 3rd quarter. Asset Management One Co. Ltd. now owns 8,217 shares of the credit services provider’s stock worth $50,000 after purchasing an additional 2,377 shares during the last quarter. Nisa Investment Advisors LLC lifted its holdings in LendingClub by 363.5% during the 4th quarter. Nisa Investment Advisors LLC now owns 6,999 shares of the credit services provider’s stock valued at $61,000 after purchasing an additional 5,489 shares during the last quarter. Pathstone Family Office LLC bought a new position in LendingClub during the third quarter worth $65,000. Maltin Wealth Management Inc. bought a new stake in shares of LendingClub during the 4th quarter worth about $87,000. Finally, Acadian Asset Management LLC acquired a new position in LendingClub in the 3rd quarter valued at about $91,000. 74.08% of the stock is owned by 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.