Sierra Summit Advisors LLC Makes New Investment in LendingClub Co. (NYSE:LC)

Sierra Summit Advisors LLC purchased a new position in shares of LendingClub Co. (NYSE:LCFree Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 38,583 shares of the credit services provider’s stock, valued at approximately $337,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Nordea Investment Management AB grew its position in shares of LendingClub by 190.8% during the 3rd quarter. Nordea Investment Management AB now owns 609,966 shares of the credit services provider’s stock valued at $3,733,000 after acquiring an additional 400,189 shares during the period. Wellington Management Group LLP acquired a new stake in shares of LendingClub during the 3rd quarter valued at about $2,970,000. Principal Financial Group Inc. grew its position in shares of LendingClub by 39.4% during the 3rd quarter. Principal Financial Group Inc. now owns 15,761 shares of the credit services provider’s stock valued at $96,000 after acquiring an additional 4,455 shares during the period. State Board of Administration of Florida Retirement System grew its position in shares of LendingClub by 253.7% during the 3rd quarter. State Board of Administration of Florida Retirement System now owns 121,756 shares of the credit services provider’s stock valued at $743,000 after acquiring an additional 87,332 shares during the period. Finally, G2 Investment Partners Management LLC acquired a new stake in shares of LendingClub during the 4th quarter valued at about $1,758,000. 74.08% of the stock is owned by institutional investors and hedge funds.

LendingClub Stock Performance

NYSE LC traded down $0.12 during trading hours on Friday, hitting $8.35. The company had a trading volume of 1,334,300 shares, compared to its average volume of 856,056. LendingClub Co. has a 1-year low of $4.73 and a 1-year high of $10.92. The company has a market cap of $927.85 million, a PE ratio of 24.53 and a beta of 2.07. The business has a 50 day moving average of $8.62 and a 200-day moving average of $8.36.

LendingClub (NYSE:LCGet Free Report) last announced its earnings results on Tuesday, April 30th. The credit services provider reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.08. LendingClub had a net margin of 4.69% and a return on equity of 3.04%. The business had revenue of $180.69 million during the quarter, compared to the consensus estimate of $174.52 million. During the same quarter in the prior year, the firm earned $0.13 earnings per share. Sell-side analysts expect that LendingClub Co. will post 0.27 earnings per share for the current fiscal year.

Insider Activity at LendingClub

In related news, Director Erin Selleck sold 4,083 shares of the firm’s stock in a transaction dated Friday, May 31st. The shares were sold at an average price of $8.88, for a total value of $36,257.04. Following the completion of the sale, the director now owns 54,571 shares in the company, valued at $484,590.48. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 3.31% of the stock is owned by insiders.

Wall Street Analyst Weigh In

LC has been the topic of a number of research reports. StockNews.com lowered shares of LendingClub from a “hold” rating to a “sell” rating in a research note on Friday, March 22nd. Keefe, Bruyette & Woods raised their price target on shares of LendingClub from $9.50 to $10.00 and gave the company a “market perform” rating in a research note on Wednesday, May 1st. Wedbush reissued an “outperform” rating and issued a $11.00 target price on shares of LendingClub in a research note on Wednesday, May 1st. BTIG Research assumed coverage on shares of LendingClub in a research note on Friday, June 7th. They issued a “buy” rating and a $12.00 target price on the stock. Finally, Piper Sandler reissued an “overweight” rating and issued a $10.00 target price (up from $9.50) on shares of LendingClub in a research note on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, LendingClub presently has an average rating of “Moderate Buy” and a consensus price target of $11.50.

Check Out Our Latest Analysis on LendingClub

LendingClub Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for LendingClub (NYSE:LC)

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