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

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

LC has been the subject of several other reports. Wedbush reissued an outperform rating and set a $11.00 price objective on shares of LendingClub in a report on Wednesday. StockNews.com lowered shares of LendingClub from a hold rating to a sell rating in a research note on Friday, March 22nd. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and an average target price of $11.42.

LendingClub Stock Down 0.5 %

LC opened at $9.28 on Wednesday. The stock has a market cap of $1.03 billion, a PE ratio of 27.29 and a beta of 2.00. The business has a 50 day moving average of $8.23 and a 200-day moving average of $7.64. LendingClub has a 52 week low of $4.73 and a 52 week high of $10.92.

LendingClub (NYSE:LC) last posted its quarterly earnings data on Tuesday, April 30th. The credit services provider reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.08. The company had revenue of $180.69 million during the quarter, compared to analyst estimates of $174.52 million. LendingClub had a return on equity of 3.04% and a net margin of 4.69%. During the same quarter last year, the company earned $0.13 EPS. Equities analysts anticipate that LendingClub will post 0.26 EPS for the current year.

Hedge Funds Weigh In On LendingClub

A number of institutional investors have recently bought and sold shares of the stock. Jacobs Levy Equity Management Inc. increased its position in LendingClub by 526.4% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,884,751 shares of the credit services provider’s stock worth $11,497,000 after buying an additional 1,583,882 shares in the last quarter. Wellington Management Group LLP increased its holdings in LendingClub by 176.1% in the 4th quarter. Wellington Management Group LLP now owns 1,344,295 shares of the credit services provider’s stock worth $11,749,000 after acquiring an additional 857,371 shares in the last quarter. rhino investment partners Inc bought a new stake in LendingClub during the 4th quarter worth approximately $6,838,000. Verition Fund Management LLC bought a new stake in LendingClub during the 4th quarter worth approximately $6,115,000. Finally, Jackson Square Partners LLC boosted its position in shares of LendingClub by 5.9% in the fourth quarter. Jackson Square Partners LLC now owns 9,723,943 shares of the credit services provider’s stock worth $84,987,000 after purchasing an additional 541,538 shares during the period. 74.08% of the stock is owned by institutional investors.

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.