LendingClub (NYSE:LC) Announces Earnings Results

LendingClub (NYSE:LC) released its earnings results on Wednesday. The credit services provider reported $0.13 EPS for the quarter, beating the consensus estimate of $0.07 by $0.06, Briefing.com reports. LendingClub had a net margin of 5.61% and a return on equity of 3.38%. The firm had revenue of $201.90 million for the quarter, compared to analyst estimates of $190.40 million. During the same period last year, the firm earned $0.05 EPS. The business’s quarterly revenue was up .5% compared to the same quarter last year.

LendingClub Stock Up 10.8 %

Shares of LC stock traded up $1.35 during trading hours on Thursday, hitting $13.81. 8,588,719 shares of the company’s stock traded hands, compared to its average volume of 1,442,114. LendingClub has a 12 month low of $4.73 and a 12 month high of $15.52. The stock has a market cap of $1.53 billion, a PE ratio of 40.62 and a beta of 2.04. The stock’s 50 day simple moving average is $11.64 and its 200 day simple moving average is $9.98.

Insider Activity at LendingClub

In other news, CEO Scott Sanborn sold 17,000 shares of the stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $11.36, for a total value of $193,120.00. Following the completion of the sale, the chief executive officer now owns 1,373,273 shares of the company’s stock, valued at approximately $15,600,381.28. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders sold 51,703 shares of company stock worth $562,705 over the last three months. Company insiders own 3.31% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on LC. StockNews.com upgraded shares of LendingClub from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. Jefferies Financial Group upped their price objective on LendingClub from $11.00 to $12.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. JPMorgan Chase & Co. lifted their target price on LendingClub from $12.00 to $14.00 and gave the company an “overweight” rating in a research report on Tuesday, August 20th. Keefe, Bruyette & Woods raised shares of LendingClub from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $11.50 to $15.00 in a report on Thursday, October 10th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $15.00 price target (up from $13.00) on shares of LendingClub in a report on Thursday. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $14.29.

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.