Brokers Issue Forecasts for LendingClub Co.’s Q2 2024 Earnings (NYSE:LC)

LendingClub Co. (NYSE:LC) – Analysts at Seaport Res Ptn lowered their Q2 2024 earnings per share estimates for LendingClub in a research report issued to clients and investors on Wednesday, May 1st. Seaport Res Ptn analyst W. Ryan now expects that the credit services provider will post earnings per share of $0.04 for the quarter, down from their previous estimate of $0.07. The consensus estimate for LendingClub’s current full-year earnings is $0.23 per share. Seaport Res Ptn also issued estimates for LendingClub’s Q3 2024 earnings at $0.05 EPS and Q4 2024 earnings at $0.06 EPS.

LendingClub (NYSE:LC) last released its quarterly earnings results on Tuesday, April 30th. The credit services provider reported $0.11 EPS for the quarter, beating the consensus estimate of $0.03 by $0.08. LendingClub had a net margin of 4.69% and a return on equity of 3.07%. The firm had revenue of $180.69 million during the quarter, compared to the consensus estimate of $174.52 million. During the same quarter in the prior year, the firm earned $0.13 EPS.

Other equities analysts also recently issued reports about the company. Piper Sandler reissued an “overweight” rating and set a $10.00 target price (up from $9.50) on shares of LendingClub in a research note on Wednesday. Wedbush reaffirmed an “outperform” rating and set a $11.00 price target on shares of LendingClub in a research note on Wednesday. Keefe, Bruyette & Woods boosted their price objective on shares of LendingClub from $9.50 to $10.00 and gave the stock a “market perform” rating in a report on Wednesday. Finally, StockNews.com cut shares of LendingClub from a “hold” rating to a “sell” rating in a report on Friday, March 22nd. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $11.42.

LendingClub Trading Up 19.4 %

NYSE:LC opened at $8.98 on Thursday. LendingClub has a 12-month low of $4.73 and a 12-month high of $10.92. The company has a current ratio of 0.89, a quick ratio of 0.83 and a debt-to-equity ratio of 0.01. The stock’s 50 day simple moving average is $8.18 and its 200-day simple moving average is $7.61. The firm has a market cap of $997.86 million, a P/E ratio of 26.41 and a beta of 2.00.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of LC. Asset Management One Co. Ltd. raised its position in shares of LendingClub by 40.7% in the 3rd quarter. Asset Management One Co. Ltd. now owns 8,217 shares of the credit services provider’s stock worth $50,000 after buying an additional 2,377 shares during the period. Nisa Investment Advisors LLC raised its holdings in LendingClub by 363.5% in the fourth quarter. Nisa Investment Advisors LLC now owns 6,999 shares of the credit services provider’s stock valued at $61,000 after buying an additional 5,489 shares during the period. Pathstone Family Office LLC acquired a new position in LendingClub during the third quarter valued at approximately $65,000. Maltin Wealth Management Inc. acquired a new position in LendingClub during the fourth quarter valued at approximately $87,000. Finally, Acadian Asset Management LLC acquired a new stake in shares of LendingClub in the third quarter worth $91,000. 74.08% of the stock is currently owned by institutional investors and hedge funds.

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.