Piper Sandler Reiterates “Overweight” Rating for LendingClub (NYSE:LC)

Piper Sandler reaffirmed their overweight rating on shares of LendingClub (NYSE:LC) in a research note released on Wednesday, Benzinga reports. They currently have a $10.00 price target on the credit services provider’s stock, up from their previous price target of $9.50.

Several other equities research analysts also recently weighed in on the company. Wedbush reiterated an outperform rating and issued a $11.00 price target on shares of LendingClub in a report on Wednesday. StockNews.com lowered LendingClub from a hold rating to a sell rating in a research note on Friday, March 22nd. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $11.42.

LendingClub Trading Down 0.5 %

Shares of NYSE:LC opened at $9.28 on Wednesday. The company has a 50-day moving average price of $8.23 and a 200 day moving average price of $7.66. LendingClub has a 12 month low of $4.73 and a 12 month high of $10.92. The company has a market cap of $1.03 billion, a price-to-earnings ratio of 27.29 and a beta of 2.00.

LendingClub (NYSE:LC) last announced its earnings results on Tuesday, April 30th. The credit services provider reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.08. LendingClub had a return on equity of 3.04% and a net margin of 4.69%. The firm had revenue of $180.69 million during the quarter, compared to analysts’ expectations of $174.52 million. During the same quarter in the previous year, the business earned $0.13 EPS. As a group, equities analysts forecast that LendingClub will post 0.26 EPS for the current year.

Hedge Funds Weigh In On LendingClub

A number of hedge funds and other institutional investors have recently made changes to their positions in LC. Miracle Mile Advisors LLC increased its holdings in LendingClub by 9.0% during the fourth quarter. Miracle Mile Advisors LLC now owns 24,134 shares of the credit services provider’s stock valued at $211,000 after buying an additional 2,000 shares during the period. Asset Management One Co. Ltd. increased its holdings 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 valued at $50,000 after acquiring an additional 2,377 shares during the period. Swiss National Bank raised its position in shares of LendingClub by 1.8% in the 3rd quarter. Swiss National Bank now owns 236,260 shares of the credit services provider’s stock worth $1,441,000 after acquiring an additional 4,200 shares in the last quarter. Principal Financial Group Inc. lifted its stake in shares of LendingClub by 39.4% during the 3rd quarter. Principal Financial Group Inc. now owns 15,761 shares of the credit services provider’s stock worth $96,000 after purchasing an additional 4,455 shares during the last quarter. Finally, Nisa Investment Advisors LLC boosted its position in LendingClub by 363.5% during the fourth quarter. Nisa Investment Advisors LLC now owns 6,999 shares of the credit services provider’s stock valued at $61,000 after purchasing an additional 5,489 shares in the last quarter. Institutional investors own 74.08% of the company’s stock.

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.