Range Financial Group LLC Invests $1.24 Million in LendingClub Corporation $LC

Range Financial Group LLC purchased a new position in LendingClub Corporation (NYSE:LC) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 81,918 shares of the credit services provider’s stock, valued at approximately $1,244,000.

A number of other large investors have also added to or reduced their stakes in the stock. Assenagon Asset Management S.A. raised its position in LendingClub by 184.1% in the third quarter. Assenagon Asset Management S.A. now owns 2,121,802 shares of the credit services provider’s stock worth $32,230,000 after acquiring an additional 1,375,002 shares during the period. Senvest Management LLC increased its stake in shares of LendingClub by 23.5% during the 2nd quarter. Senvest Management LLC now owns 5,881,290 shares of the credit services provider’s stock worth $70,752,000 after purchasing an additional 1,117,241 shares during the last quarter. Azora Capital LP purchased a new stake in shares of LendingClub during the 2nd quarter worth approximately $8,030,000. Boothbay Fund Management LLC raised its holdings in shares of LendingClub by 454.0% in the 1st quarter. Boothbay Fund Management LLC now owns 709,580 shares of the credit services provider’s stock worth $7,323,000 after purchasing an additional 581,491 shares during the period. Finally, Bank of America Corp DE lifted its stake in LendingClub by 32.1% in the second quarter. Bank of America Corp DE now owns 961,530 shares of the credit services provider’s stock valued at $11,567,000 after purchasing an additional 233,665 shares during the last quarter. Hedge funds and other institutional investors own 74.08% of the company’s stock.

LendingClub Stock Down 0.6%

Shares of LC opened at $19.53 on Tuesday. The business’s 50-day moving average price is $18.25 and its 200-day moving average price is $15.96. LendingClub Corporation has a twelve month low of $7.90 and a twelve month high of $20.94. The stock has a market cap of $2.25 billion, a PE ratio of 22.19 and a beta of 2.14.

LendingClub (NYSE:LC) last released its quarterly earnings data on Wednesday, October 22nd. The credit services provider reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.30 by $0.07. The company had revenue of $107.79 million during the quarter, compared to analyst estimates of $256.27 million. LendingClub had a net margin of 10.94% and a return on equity of 7.68%. LendingClub’s revenue was up 31.8% compared to the same quarter last year. During the same period last year, the business earned $0.13 earnings per share. Analysts expect that LendingClub Corporation will post 0.72 earnings per share for the current fiscal year.

LendingClub declared that its Board of Directors has approved a stock buyback program on Wednesday, November 5th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the credit services provider to reacquire up to 4.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. BTIG Research increased their price objective on LendingClub from $18.00 to $26.00 and gave the company a “buy” rating in a report on Thursday, November 6th. Piper Sandler reaffirmed an “overweight” rating and set a $20.00 price target (up previously from $18.00) on shares of LendingClub in a research report on Thursday, October 23rd. Citizens Jmp raised LendingClub from a “market perform” rating to an “outperform” rating and set a $23.00 price objective for the company in a report on Monday, November 10th. Zacks Research raised shares of LendingClub from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 28th. Finally, Keefe, Bruyette & Woods increased their target price on shares of LendingClub from $20.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday, November 7th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $21.57.

Insiders Place Their Bets

In other news, Director Erin Selleck sold 2,390 shares of the business’s stock in a transaction on Friday, December 5th. The shares were sold at an average price of $19.47, for a total transaction of $46,533.30. Following the completion of the transaction, the director directly owned 76,377 shares in the company, valued at $1,487,060.19. The trade was a 3.03% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Scott Sanborn sold 30,000 shares of the stock in a transaction on Thursday, October 23rd. The stock was sold at an average price of $19.29, for a total value of $578,700.00. Following the completion of the sale, the chief executive officer owned 1,210,070 shares in the company, valued at $23,342,250.30. This trade represents a 2.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 3.31% of the stock is owned by insiders.

About LendingClub

LendingClub Corporation operates an online lending marketplace that connects borrowers seeking personal and small business credit with individual and institutional investors. The platform leverages technology to streamline the loan application and underwriting process, offering unsecured personal loans, auto refinancing, and small business loans. In addition to lending products, LendingClub provides high-yield savings accounts and certificates of deposit through its banking charter, following its acquisition of Radius Bank in 2021.

Founded in 2006 by Renaud Laplanche, LendingClub pioneered peer-to-peer lending in the United States, helping to democratize access to credit and investment opportunities.