Joel Isaacson & Co. LLC Trims Stake in LendingClub Corp (NYSE:LC)
Joel Isaacson & Co. LLC reduced its holdings in shares of LendingClub Corp (NYSE:LC) by 78.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 36,811 shares of the credit services provider’s stock after selling 134,667 shares during the period. Joel Isaacson & Co. LLC’s holdings in LendingClub were worth $481,000 at the end of the most recent quarter.
Other hedge funds have also made changes to their positions in the company. Jane Street Group LLC increased its holdings in LendingClub by 166.5% during the second quarter. Jane Street Group LLC now owns 209,145 shares of the credit services provider’s stock valued at $686,000 after buying an additional 130,681 shares during the last quarter. Balyasny Asset Management LLC bought a new position in shares of LendingClub in the second quarter worth approximately $150,000. Marshall Wace LLP bought a new position in shares of LendingClub in the first quarter worth approximately $509,000. Harbourvest Partners LLC boosted its position in shares of LendingClub by 3.5% in the second quarter. Harbourvest Partners LLC now owns 2,567,206 shares of the credit services provider’s stock worth $8,420,000 after purchasing an additional 87,000 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its position in shares of LendingClub by 11.7% in the second quarter. Price T Rowe Associates Inc. MD now owns 1,808,579 shares of the credit services provider’s stock worth $5,932,000 after purchasing an additional 188,963 shares during the period.
In related news, President Steven Allocca bought 14,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 14th. The stock was purchased at an average price of $13.92 per share, for a total transaction of $194,880.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Timothy Bogan sold 10,463 shares of the company’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $14.34, for a total transaction of $150,039.42. Following the transaction, the insider now owns 59,541 shares of the company’s stock, valued at approximately $853,817.94. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 28,563 shares of company stock valued at $510,603. 4.20% of the stock is owned by company insiders.
LendingClub (NYSE:LC) last issued its earnings results on Tuesday, August 6th. The credit services provider reported ($0.01) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.10) by $0.09. LendingClub had a negative net margin of 9.14% and a negative return on equity of 2.67%. The firm had revenue of $190.80 million during the quarter, compared to analyst estimates of $192.04 million. During the same quarter in the prior year, the business earned $0.03 earnings per share. LendingClub’s revenue for the quarter was up 7.8% on a year-over-year basis. On average, research analysts forecast that LendingClub Corp will post -0.13 EPS for the current fiscal year.
A number of equities analysts have weighed in on the stock. ValuEngine upgraded shares of LendingClub from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Zacks Investment Research lowered shares of LendingClub from a “buy” rating to a “hold” rating in a research report on Saturday. Morgan Stanley dropped their price target on shares of LendingClub from $23.75 to $17.00 and set an “equal weight” rating for the company in a research report on Friday, July 12th. BTIG Research dropped their price target on shares of LendingClub from $30.00 to $23.00 and set a “buy” rating for the company in a research report on Monday. Finally, Maxim Group set a $23.00 price target on shares of LendingClub and gave the stock a “buy” rating in a research report on Wednesday, August 7th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $21.00.
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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