PVG Asset Management Corp Invests $603,000 in LendingClub Corporation $LC

PVG Asset Management Corp acquired a new stake in LendingClub Corporation (NYSE:LC) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 42,137 shares of the credit services provider’s stock, valued at approximately $603,000.

A number of other institutional investors have also made changes to their positions in the business. AQR Capital Management LLC grew its position in LendingClub by 165.1% in the first quarter. AQR Capital Management LLC now owns 33,788 shares of the credit services provider’s stock valued at $349,000 after purchasing an additional 21,045 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in LendingClub by 1.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 852,005 shares of the credit services provider’s stock valued at $8,793,000 after buying an additional 12,019 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in LendingClub by 3.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 300,658 shares of the credit services provider’s stock worth $3,103,000 after buying an additional 11,407 shares in the last quarter. Cetera Investment Advisers lifted its position in LendingClub by 105.9% during the 2nd quarter. Cetera Investment Advisers now owns 28,870 shares of the credit services provider’s stock worth $347,000 after buying an additional 14,851 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its position in LendingClub by 10.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 585,163 shares of the credit services provider’s stock worth $7,040,000 after buying an additional 57,309 shares in the last quarter. Institutional investors own 74.08% of the company’s stock.

LendingClub Price Performance

LC opened at $19.21 on Monday. The stock has a market capitalization of $2.22 billion, a price-to-earnings ratio of 12.89 and a beta of 1.98. LendingClub Corporation has a twelve month low of $10.74 and a twelve month high of $21.67. The company has a 50-day simple moving average of $18.59 and a 200 day simple moving average of $17.09.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Stephens restated an “overweight” rating and issued a $22.50 price objective (up from $21.00) on shares of LendingClub in a report on Tuesday, April 28th. Weiss Ratings reiterated a “hold (c+)” rating on shares of LendingClub in a report on Wednesday, May 6th. Finally, Zacks Research raised LendingClub from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 28th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $23.07.

Insider Activity

In other LendingClub news, SVP Fergal Stack sold 60,000 shares of the company’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $19.00, for a total transaction of $1,140,000.00. Following the completion of the sale, the senior vice president directly owned 204,977 shares in the company, valued at $3,894,563. This represents a 22.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Scott Sanborn sold 4,899 shares of the firm’s stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $18.00, for a total value of $88,182.00. Following the completion of the sale, the chief executive officer directly owned 1,589,813 shares in the company, valued at approximately $28,616,634. This represents a 0.31% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 119,750 shares of company stock worth $2,183,691. Insiders own 3.19% of the company’s stock.

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.