LendingClub (NYSE:LC) Cut to Hold at Zacks Investment Research

LendingClub (NYSE:LC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday, Zacks.com reports.

According to Zacks, “LendingClub Corporation provides internet financial services. The Company offers online marketplace for loan approval, pricing, servicing and support operations as well as regulatory and legal framework which connects borrowers and investors. LendingClub Corporation is headquartered in San Francisco, California. “

Other equities analysts have also issued reports about the stock. ValuEngine upgraded shares of LendingClub from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Maxim Group restated a “buy” rating and issued a $23.00 price objective on shares of LendingClub in a report on Thursday, November 7th. Finally, BTIG Research cut their target price on shares of LendingClub from $30.00 to $23.00 and set a “buy” rating for the company in a research report on Monday, October 14th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. LendingClub currently has an average rating of “Buy” and an average target price of $20.60.

Shares of NYSE LC opened at $13.22 on Tuesday. LendingClub has a twelve month low of $10.89 and a twelve month high of $18.85. The firm has a market cap of $1.22 billion, a P/E ratio of -37.77 and a beta of 1.62. The company has a 50 day moving average of $13.28 and a 200 day moving average of $10.86. The company has a quick ratio of 4.20, a current ratio of 5.93 and a debt-to-equity ratio of 1.97.

LendingClub (NYSE:LC) last announced its quarterly earnings data on Tuesday, November 5th. The credit services provider reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.08. LendingClub had a negative net margin of 5.91% and a negative return on equity of 1.02%. The company had revenue of $204.90 million during the quarter, compared to analyst estimates of $204.63 million. During the same period in the previous year, the business earned $0.03 EPS. The firm’s revenue for the quarter was up 10.9% on a year-over-year basis. As a group, equities analysts expect that LendingClub will post -0.04 earnings per share for the current fiscal year.

In other LendingClub news, CFO Valerie Kay sold 10,000 shares of LendingClub stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $24.53, for a total value of $245,300.00. Also, insider Timothy Bogan sold 11,425 shares of LendingClub stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $13.16, for a total transaction of $150,353.00. Following the completion of the sale, the insider now directly owns 48,116 shares of the company’s stock, valued at approximately $633,206.56. The disclosure for this sale can be found here. In the last ninety days, insiders sold 35,688 shares of company stock valued at $595,700. 4.20% of the stock is currently owned by insiders.

A number of large investors have recently bought and sold shares of LC. Nikko Asset Management Americas Inc. grew its position in shares of LendingClub by 35.2% during the 2nd quarter. Nikko Asset Management Americas Inc. now owns 25,692,140 shares of the credit services provider’s stock valued at $84,270,000 after acquiring an additional 6,690,424 shares during the period. Sumitomo Mitsui Trust Holdings Inc. bought a new stake in shares of LendingClub during the 3rd quarter valued at $83,981,000. Nuveen Asset Management LLC bought a new stake in shares of LendingClub during the 2nd quarter valued at $4,253,000. Rothschild & Co Wealth Management UK Ltd bought a new stake in shares of LendingClub during the 2nd quarter valued at $1,624,000. Finally, BlackRock Inc. grew its position in shares of LendingClub by 1.8% during the 2nd quarter. BlackRock Inc. now owns 24,733,574 shares of the credit services provider’s stock valued at $81,126,000 after acquiring an additional 425,690 shares during the period. 92.06% of the stock is owned by institutional investors and hedge funds.

About LendingClub

LendingClub Corporation operates an online lending marketplace platform that connects borrowers and investors in the United States. The company's marketplace facilitates various types of loan products for consumers and small businesses, including unsecured personal loans, unsecured education and patient installment loans, auto refinance loans, and small business loans.

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