Grassi Investment Management Sells 27,350 Shares of LendingClub Co. (NYSE:LC)

Grassi Investment Management reduced its position in LendingClub Co. (NYSE:LCFree Report) by 36.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 48,600 shares of the credit services provider’s stock after selling 27,350 shares during the quarter. Grassi Investment Management’s holdings in LendingClub were worth $787,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bank of New York Mellon Corp raised its stake in LendingClub by 9.5% during the second quarter. Bank of New York Mellon Corp now owns 447,522 shares of the credit services provider’s stock worth $3,786,000 after acquiring an additional 38,912 shares in the last quarter. Rhumbline Advisers lifted its holdings in shares of LendingClub by 3.2% during the second quarter. Rhumbline Advisers now owns 175,174 shares of the credit services provider’s stock valued at $1,482,000 after acquiring an additional 5,418 shares during the period. American Century Companies Inc. lifted its holdings in shares of LendingClub by 24.8% during the second quarter. American Century Companies Inc. now owns 1,658,679 shares of the credit services provider’s stock valued at $14,032,000 after acquiring an additional 329,279 shares during the period. Federated Hermes Inc. lifted its holdings in shares of LendingClub by 210.7% during the second quarter. Federated Hermes Inc. now owns 360,241 shares of the credit services provider’s stock valued at $3,048,000 after acquiring an additional 244,293 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of LendingClub by 5.4% during the second quarter. Dimensional Fund Advisors LP now owns 5,898,545 shares of the credit services provider’s stock valued at $49,901,000 after acquiring an additional 300,536 shares during the period. 74.08% of the stock is owned by institutional investors.

LendingClub Stock Performance

NYSE:LC traded down $0.09 on Monday, hitting $14.85. 1,260,020 shares of the stock were exchanged, compared to its average volume of 1,634,407. The stock has a market capitalization of $1.67 billion, a price-to-earnings ratio of 32.28 and a beta of 2.03. LendingClub Co. has a 52 week low of $7.48 and a 52 week high of $18.75. The company’s 50-day moving average price is $16.02 and its 200 day moving average price is $12.87.

LendingClub (NYSE:LCGet Free Report) last announced its quarterly earnings data on Wednesday, October 23rd. The credit services provider reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.06. The firm had revenue of $201.90 million during the quarter, compared to analysts’ expectations of $190.40 million. LendingClub had a return on equity of 4.02% and a net margin of 6.85%. The company’s quarterly revenue was up .5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.05 EPS. As a group, equities research analysts predict that LendingClub Co. will post 0.47 earnings per share for the current year.

Insider Transactions at LendingClub

In related news, Director John C. Morris sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $14.36, for a total value of $35,900.00. Following the completion of the transaction, the director now directly owns 203,348 shares in the company, valued at approximately $2,920,077.28. The trade was a 1.21 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Scott Sanborn sold 17,000 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $16.12, for a total value of $274,040.00. Following the completion of the transaction, the chief executive officer now owns 1,312,184 shares of the company’s stock, valued at $21,152,406.08. This represents a 1.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 75,500 shares of company stock worth $1,158,610. 3.31% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have issued reports on LC. Keefe, Bruyette & Woods lifted their price objective on LendingClub from $15.00 to $17.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Piper Sandler lifted their price objective on LendingClub from $15.00 to $20.00 and gave the company an “overweight” rating in a report on Friday, January 3rd. JPMorgan Chase & Co. reissued a “neutral” rating and set a $17.00 price objective (up from $14.00) on shares of LendingClub in a report on Monday, December 2nd. Maxim Group lifted their price target on LendingClub from $16.00 to $19.00 and gave the company a “buy” rating in a report on Friday, October 25th. Finally, StockNews.com cut LendingClub from a “hold” rating to a “sell” rating in a report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, LendingClub currently has an average rating of “Moderate Buy” and a consensus target price of $16.63.

Read Our Latest Report on LendingClub

LendingClub Company 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.

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Institutional Ownership by Quarter for LendingClub (NYSE:LC)

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