Wedbush Has Strong Forecast for LendingClub FY2024 Earnings

LendingClub Co. (NYSE:LC) – Equities researchers at Wedbush raised their FY2024 earnings per share (EPS) estimates for shares of LendingClub in a research report issued on Thursday, October 24th. Wedbush analyst D. Chiaverini now expects that the credit services provider will post earnings of $0.50 per share for the year, up from their prior forecast of $0.45. Wedbush has a “Outperform” rating and a $17.00 price target on the stock. The consensus estimate for LendingClub’s current full-year earnings is $0.38 per share. Wedbush also issued estimates for LendingClub’s Q4 2024 earnings at $0.13 EPS, Q1 2025 earnings at $0.21 EPS, Q3 2025 earnings at $0.31 EPS, Q4 2025 earnings at $0.29 EPS, FY2025 earnings at $1.05 EPS and FY2026 earnings at $1.25 EPS.

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

LC has been the topic of a number of other research reports. Jefferies Financial Group raised their price target on shares of LendingClub from $11.00 to $12.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Piper Sandler reissued an “overweight” rating and issued a $15.00 target price (up from $13.00) on shares of LendingClub in a research note on Thursday. Compass Point upped their price target on LendingClub from $13.00 to $15.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Keefe, Bruyette & Woods upgraded LendingClub from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $11.50 to $15.00 in a research report on Thursday, October 10th. Finally, StockNews.com upgraded LendingClub from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, LendingClub currently has an average rating of “Moderate Buy” and a consensus price target of $14.29.

LendingClub Stock Performance

Shares of LendingClub stock opened at $13.81 on Friday. LendingClub has a 52-week low of $4.73 and a 52-week high of $15.52. The company’s 50 day moving average price is $11.64 and its 200-day moving average price is $9.98. The stock has a market capitalization of $1.53 billion, a price-to-earnings ratio of 40.62 and a beta of 2.04.

Insiders Place Their Bets

In related news, CEO Scott Sanborn sold 17,000 shares of LendingClub stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $11.36, for a total transaction of $193,120.00. Following the completion of the transaction, the chief executive officer now directly owns 1,373,273 shares of the company’s stock, valued at $15,600,381.28. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Over the last 90 days, insiders sold 51,703 shares of company stock worth $562,705. 3.31% of the stock is owned by corporate insiders.

Institutional Trading of LendingClub

Several institutional investors have recently bought and sold shares of LC. Vanguard Group Inc. boosted its position in shares of LendingClub by 1.6% during the first quarter. Vanguard Group Inc. now owns 11,446,014 shares of the credit services provider’s stock valued at $100,610,000 after buying an additional 175,706 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of LendingClub by 5.4% during the 2nd 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 last quarter. American Century Companies Inc. grew its stake in shares of LendingClub by 24.8% in the second quarter. American Century Companies Inc. now owns 1,658,679 shares of the credit services provider’s stock worth $14,032,000 after acquiring an additional 329,279 shares during the period. Assenagon Asset Management S.A. raised its holdings in shares of LendingClub by 120.3% during the third quarter. Assenagon Asset Management S.A. now owns 1,517,986 shares of the credit services provider’s stock valued at $17,351,000 after purchasing an additional 828,958 shares during the last quarter. Finally, Wellington Management Group LLP lifted its position in LendingClub by 176.1% during the fourth quarter. Wellington Management Group LLP now owns 1,344,295 shares of the credit services provider’s stock valued at $11,749,000 after purchasing an additional 857,371 shares during the period. 74.08% of the stock is owned by hedge funds and other institutional investors.

LendingClub Company Profile

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.