Grassi Investment Management Reduces Stake in LendingClub Corporation $LC

Grassi Investment Management reduced its position in LendingClub Corporation (NYSE:LC) by 11.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 23,400 shares of the credit services provider’s stock after selling 3,000 shares during the period. Grassi Investment Management’s holdings in LendingClub were worth $282,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the company. Janney Montgomery Scott LLC purchased a new position in LendingClub in the second quarter worth about $458,000. SummerHaven Investment Management LLC boosted its holdings in shares of LendingClub by 1.7% in the second quarter. SummerHaven Investment Management LLC now owns 92,061 shares of the credit services provider’s stock worth $1,107,000 after buying an additional 1,496 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in shares of LendingClub by 24.1% during the 2nd quarter. Assenagon Asset Management S.A. now owns 746,800 shares of the credit services provider’s stock worth $8,984,000 after acquiring an additional 144,873 shares during the last quarter. Voya Investment Management LLC boosted its stake in shares of LendingClub by 21.5% during the 1st quarter. Voya Investment Management LLC now owns 67,837 shares of the credit services provider’s stock worth $700,000 after acquiring an additional 11,985 shares during the last quarter. Finally, Invst LLC purchased a new position in shares of LendingClub during the 1st quarter worth $298,000. 74.08% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CFO Andrew Labenne sold 20,903 shares of the stock in a transaction on Monday, September 15th. The stock was sold at an average price of $17.04, for a total transaction of $356,187.12. Following the sale, the chief financial officer owned 181,750 shares in the company, valued at approximately $3,097,020. This represents a 10.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Erin Selleck sold 2,390 shares of the stock in a transaction on Friday, September 5th. The shares were sold at an average price of $16.82, for a total value of $40,199.80. Following the sale, the director owned 73,987 shares in the company, valued at $1,244,461.34. The trade was a 3.13% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 106,498 shares of company stock worth $1,774,183. 3.19% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have recently weighed in on LC. Zacks Research cut shares of LendingClub from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 29th. Citizens Jmp began coverage on LendingClub in a research report on Monday, July 7th. They set a “market perform” rating on the stock. Wall Street Zen raised LendingClub from a “sell” rating to a “hold” rating in a research report on Saturday, August 2nd. Keefe, Bruyette & Woods lifted their price objective on LendingClub from $14.00 to $16.50 and gave the company an “outperform” rating in a research report on Wednesday, July 30th. Finally, Piper Sandler set a $15.50 price target on shares of LendingClub and gave the company an “overweight” rating in a report on Wednesday, July 30th. Six investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, LendingClub has an average rating of “Moderate Buy” and a consensus target price of $16.57.

LendingClub Price Performance

Shares of LC opened at $14.76 on Friday. The stock has a market capitalization of $1.69 billion, a price-to-earnings ratio of 23.06 and a beta of 2.48. LendingClub Corporation has a 1 year low of $7.90 and a 1 year high of $18.75. The business’s 50 day simple moving average is $16.08 and its 200-day simple moving average is $12.67.

LendingClub (NYSE:LC) last released its quarterly earnings results on Tuesday, July 29th. The credit services provider reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.15 by $0.18. The company had revenue of $248.44 million for the quarter, compared to the consensus estimate of $227.04 million. LendingClub had a net margin of 8.36% and a return on equity of 5.66%. LendingClub’s revenue was up 14.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.13 earnings per share. On average, sell-side analysts expect that LendingClub Corporation will post 0.72 earnings per share for the current year.

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.