Brokers Set Expectations for LendingClub Co.’s Q3 2024 Earnings (NYSE:LC)

LendingClub Co. (NYSE:LCFree Report) – Investment analysts at Wedbush dropped their Q3 2024 earnings estimates for shares of LendingClub in a report released on Wednesday, January 31st. Wedbush analyst D. Chiaverini now expects that the credit services provider will earn $0.10 per share for the quarter, down from their prior forecast of $0.14. Wedbush has a “Outperform” rating and a $11.00 price objective on the stock. The consensus estimate for LendingClub’s current full-year earnings is $0.35 per share. Wedbush also issued estimates for LendingClub’s Q4 2024 earnings at $0.13 EPS, Q1 2025 earnings at $0.19 EPS, Q2 2025 earnings at $0.19 EPS, Q3 2025 earnings at $0.22 EPS and Q4 2025 earnings at $0.20 EPS.

Several other brokerages have also commented on LC. Piper Sandler initiated coverage on shares of LendingClub in a research note on Tuesday, November 28th. They set an “overweight” rating and a $8.00 price target on the stock. Compass Point lowered their target price on shares of LendingClub from $15.00 to $13.00 in a research report on Wednesday, October 11th. Finally, StockNews.com raised LendingClub from a “sell” rating to a “hold” rating in a research report on Wednesday. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $11.08.

View Our Latest Stock Analysis on LendingClub

LendingClub Stock Up 3.1 %

Shares of LendingClub stock opened at $9.01 on Thursday. The firm has a market cap of $987.95 million, a price-to-earnings ratio of 25.03 and a beta of 2.04. The stock has a 50-day simple moving average of $7.87 and a 200-day simple moving average of $7.09. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.99 and a quick ratio of 0.94. LendingClub has a 52-week low of $4.73 and a 52-week high of $10.92.

LendingClub (NYSE:LCGet Free Report) last released its quarterly earnings data on Tuesday, January 30th. The credit services provider reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.07. LendingClub had a return on equity of 3.24% and a net margin of 4.50%. The firm had revenue of $185.60 million during the quarter, compared to analysts’ expectations of $182.13 million. During the same quarter last year, the firm earned $0.19 earnings per share. The business’s revenue for the quarter was down 29.3% on a year-over-year basis.

Institutional Investors Weigh In On LendingClub

Several hedge funds and other institutional investors have recently made changes to their positions in LC. Envestnet Asset Management Inc. acquired a new stake in LendingClub in the 1st quarter valued at approximately $241,000. Advisor Group Holdings Inc. grew its stake in shares of LendingClub by 27.2% in the first quarter. Advisor Group Holdings Inc. now owns 20,242 shares of the credit services provider’s stock worth $320,000 after acquiring an additional 4,334 shares during the last quarter. JPMorgan Chase & Co. increased its position in LendingClub by 84.1% during the first quarter. JPMorgan Chase & Co. now owns 549,930 shares of the credit services provider’s stock worth $8,677,000 after acquiring an additional 251,160 shares during the period. Raymond James & Associates acquired a new position in LendingClub during the 1st quarter valued at $438,000. Finally, PNC Financial Services Group Inc. boosted its holdings in LendingClub by 367.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,607 shares of the credit services provider’s stock valued at $41,000 after purchasing an additional 2,049 shares during the period. 75.57% of the stock is owned by institutional investors and hedge funds.

About LendingClub

(Get Free Report)

LendingClub Corporation, operates as a bank holding company for LendingClub Bank, National Association 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.

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Earnings History and Estimates for LendingClub (NYSE:LC)

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