Seaport Res Ptn Forecasts Increased Earnings for LendingClub

LendingClub Co. (NYSE:LC) – Equities research analysts at Seaport Res Ptn lifted their FY2024 earnings per share (EPS) estimates for LendingClub in a note issued to investors on Thursday, October 24th. Seaport Res Ptn analyst W. Ryan now anticipates that the credit services provider will post earnings of $0.45 per share for the year, up from their previous forecast of $0.39. The consensus estimate for LendingClub’s current full-year earnings is $0.39 per share.

LendingClub (NYSE:LC) last released its quarterly earnings results on Wednesday, October 23rd. The credit services provider reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.07 by $0.06. LendingClub had a return on equity of 3.38% and a net margin of 5.61%. The business had revenue of $201.90 million during the quarter, compared to the consensus estimate of $190.40 million. During the same period in the previous year, the company posted $0.05 EPS. The business’s quarterly revenue was up .5% compared to the same quarter last year.

A number of other equities research analysts also recently issued reports on LC. Piper Sandler reissued an “overweight” rating and set a $15.00 price objective (up previously from $13.00) on shares of LendingClub in a research report on Thursday. Wedbush lifted their target price on LendingClub from $14.00 to $17.00 and gave the company an “outperform” rating in a research report on Thursday. JPMorgan Chase & Co. upped their price target on LendingClub from $12.00 to $14.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. StockNews.com cut LendingClub from a “hold” rating to a “sell” rating in a research report on Friday. Finally, Compass Point boosted their price objective on LendingClub from $15.00 to $19.00 and gave the company a “buy” rating in a research note on Friday. One equities research analyst has rated the stock with a sell rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $15.38.

LendingClub Trading Down 1.7 %

Shares of NYSE LC opened at $13.59 on Friday. LendingClub has a 12-month low of $4.73 and a 12-month high of $15.52. The firm has a market capitalization of $1.52 billion, a price-to-earnings ratio of 35.76 and a beta of 2.04. The firm has a 50 day moving average of $11.69 and a 200 day moving average of $10.02.

Institutional Investors Weigh In On LendingClub

Several large investors have recently made changes to their positions in the company. AlphaMark Advisors LLC purchased a new position in shares of LendingClub in the third quarter valued at $32,000. EntryPoint Capital LLC grew its stake in shares of LendingClub by 44.9% in the 1st quarter. EntryPoint Capital LLC now owns 7,514 shares of the credit services provider’s stock worth $66,000 after buying an additional 2,328 shares in the last quarter. nVerses Capital LLC bought a new stake in shares of LendingClub in the 2nd quarter worth about $71,000. Innealta Capital LLC purchased a new stake in shares of LendingClub during the 2nd quarter valued at about $72,000. Finally, Blue Trust Inc. lifted its holdings in shares of LendingClub by 259.8% in the 3rd quarter. Blue Trust Inc. now owns 7,267 shares of the credit services provider’s stock valued at $83,000 after acquiring an additional 5,247 shares during the last quarter. 74.08% of the stock is owned by institutional investors.

Insider Activity at LendingClub

In other news, CEO Scott Sanborn sold 17,000 shares of the business’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $10.25, for a total value of $174,250.00. Following the transaction, the chief executive officer now owns 1,383,362 shares of the company’s stock, valued at approximately $14,179,460.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last 90 days, insiders have sold 51,703 shares of company stock valued at $562,705. 3.31% of the stock is owned by company insiders.

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.