Mirae Asset Global Investments Co. Ltd. Lowers Stake in LendingClub Co. (NYSE:LC)

Mirae Asset Global Investments Co. Ltd. reduced its position in shares of LendingClub Co. (NYSE:LCGet Rating) by 16.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 273,006 shares of the credit services provider’s stock after selling 52,864 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned 0.27% of LendingClub worth $4,308,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of LC. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in shares of LendingClub by 725.0% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,130,300 shares of the credit services provider’s stock worth $17,836,000 after acquiring an additional 993,300 shares in the last quarter. Point72 Asset Management L.P. raised its position in shares of LendingClub by 130.2% during the 4th quarter. Point72 Asset Management L.P. now owns 1,647,395 shares of the credit services provider’s stock worth $39,834,000 after purchasing an additional 931,673 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of LendingClub by 348.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,166,354 shares of the credit services provider’s stock worth $18,405,000 after purchasing an additional 905,980 shares during the last quarter. Philosophy Capital Management LLC acquired a new position in shares of LendingClub during the 1st quarter worth about $10,629,000. Finally, Vanguard Group Inc. raised its position in shares of LendingClub by 6.8% during the 1st quarter. Vanguard Group Inc. now owns 9,801,535 shares of the credit services provider’s stock worth $154,668,000 after purchasing an additional 626,217 shares during the last quarter. 81.80% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Ronnie Momen sold 33,726 shares of the stock in a transaction that occurred on Friday, August 26th. The shares were sold at an average price of $13.86, for a total value of $467,442.36. Following the completion of the sale, the insider now owns 166,594 shares of the company’s stock, valued at approximately $2,308,992.84. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, insider Annie Armstrong sold 2,027 shares of LendingClub stock in a transaction that occurred on Friday, July 22nd. The shares were sold at an average price of $15.00, for a total value of $30,405.00. Following the completion of the sale, the insider now owns 101,601 shares in the company, valued at approximately $1,524,015. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Ronnie Momen sold 33,726 shares of the company’s stock in a transaction on Friday, August 26th. The stock was sold at an average price of $13.86, for a total value of $467,442.36. Following the transaction, the insider now owns 166,594 shares in the company, valued at $2,308,992.84. The disclosure for this sale can be found here. Insiders sold a total of 43,083 shares of company stock valued at $598,332 in the last 90 days. Company insiders own 3.22% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on LC. Credit Suisse Group reduced their price target on shares of LendingClub from $25.00 to $20.00 and set a “neutral” rating for the company in a research report on Thursday, July 28th. StockNews.com upgraded shares of LendingClub from a “hold” rating to a “buy” rating in a research report on Wednesday. Finally, Wedbush upped their price target on shares of LendingClub to $20.00 in a research report on Tuesday, July 26th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, LendingClub has an average rating of “Moderate Buy” and a consensus target price of $37.40.

LendingClub Stock Down 1.5 %

LC stock opened at $11.39 on Friday. The company has a market cap of $1.18 billion, a price-to-earnings ratio of 4.30 and a beta of 2.01. The company has a current ratio of 1.12, a quick ratio of 1.08 and a debt-to-equity ratio of 0.11. LendingClub Co. has a 12 month low of $11.12 and a 12 month high of $49.21. The firm has a 50-day moving average of $13.90 and a two-hundred day moving average of $14.10.

LendingClub (NYSE:LCGet Rating) last released its quarterly earnings data on Wednesday, July 27th. The credit services provider reported $0.45 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.04. LendingClub had a net margin of 24.75% and a return on equity of 27.96%. The company had revenue of $330.10 million during the quarter, compared to the consensus estimate of $298.97 million. During the same quarter in the prior year, the firm earned $0.09 EPS. LendingClub’s quarterly revenue was up 61.5% on a year-over-year basis. As a group, analysts forecast that LendingClub Co. will post 1.5 earnings per share for the current fiscal year.

LendingClub Company Profile

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LendingClub Corporation, operates as a bank holding company for LendingClub Bank, National Association that provides range of financial products and services through a technology-driven platform in the United States. The company provides commercial and industrial, commercial real estate, small business, and equipment loans, as well as leases equipment; and unsecured personal and auto, patient finance, and education finance loans.

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