PNC Financial Services Group Inc. Decreases Stake in LendingClub Corp. (LC)
PNC Financial Services Group Inc. reduced its stake in LendingClub Corp. (NYSE:LC) by 13.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 153,165 shares of the company’s stock after selling 24,475 shares during the period. PNC Financial Services Group Inc.’s holdings in LendingClub Corp. were worth $660,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Bayesian Capital Management LP raised its position in shares of LendingClub Corp. by 41.3% in the first quarter. Bayesian Capital Management LP now owns 22,907 shares of the company’s stock worth $190,000 after buying an additional 6,700 shares in the last quarter. Pacad Investment Ltd. acquired a new stake in shares of LendingClub Corp. during the first quarter valued at $227,000. Tairen Capital Ltd acquired a new stake in shares of LendingClub Corp. during the second quarter valued at $129,000. Seven Bridges Advisors LLC increased its stake in shares of LendingClub Corp. by 53.9% in the second quarter. Seven Bridges Advisors LLC now owns 32,776 shares of the company’s stock valued at $141,000 after buying an additional 11,478 shares during the last quarter. Finally, Aperio Group LLC increased its stake in shares of LendingClub Corp. by 42.2% in the first quarter. Aperio Group LLC now owns 52,066 shares of the company’s stock valued at $432,000 after buying an additional 15,461 shares during the last quarter. 83.89% of the stock is currently owned by institutional investors.
LendingClub Corp. (NYSE:LC) traded up 0.16% during midday trading on Wednesday, reaching $6.11. The company had a trading volume of 3,716,217 shares. LendingClub Corp. has a 12 month low of $3.44 and a 12 month high of $15.00. The firm has a 50-day moving average of $5.42 and a 200-day moving average of $5.84. The stock’s market cap is $2.39 billion.
LendingClub Corp. (NYSE:LC) last posted its quarterly earnings results on Monday, August 8th. The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of ($0.02) by $0.07. The business earned $102.40 million during the quarter, compared to the consensus estimate of $110.65 million. LendingClub Corp. had a negative return on equity of 2.93% and a negative net margin of 14.22%. The business’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.03 earnings per share. On average, equities analysts expect that LendingClub Corp. will post ($0.15) EPS for the current fiscal year.
LC has been the subject of several recent analyst reports. Keefe, Bruyette & Woods restated a “market perform” rating and set a $5.00 target price on shares of LendingClub Corp. in a research note on Monday, August 15th. Macquarie initiated coverage on LendingClub Corp. in a research note on Thursday, May 26th. They set a “neutral” rating and a $5.15 target price for the company. FBR & Co restated a “market perform” rating and set a $4.00 target price on shares of LendingClub Corp. in a research note on Tuesday, August 9th. Canaccord Genuity restated a “hold” rating and set a $7.00 target price (down previously from $8.00) on shares of LendingClub Corp. in a research note on Tuesday, July 26th. Finally, Credit Suisse Group AG decreased their target price on LendingClub Corp. from $9.00 to $7.00 and set a “neutral” rating for the company in a research note on Tuesday, August 9th. Five analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $13.03.
In other LendingClub Corp. news, insider Sandeep Bhandari sold 9,771 shares of the business’s stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $5.55, for a total value of $54,229.05. Following the transaction, the insider now owns 219,600 shares in the company, valued at $1,218,780. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Sameer Gulati sold 5,489 shares of the business’s stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $4.60, for a total transaction of $25,249.40. Following the completion of the transaction, the chief operating officer now owns 970,623 shares in the company, valued at approximately $4,464,865.80. The disclosure for this sale can be found here. 11.40% of the stock is currently owned by company insiders.
About LendingClub Corp.
LendingClub Corporation (Lending Club) provides online marketplace to connect borrowers and investors. Consumers and small business owners borrow through Lending Club. Investors use Lending Club to earn risk-adjusted returns from an asset class that is only available on a limited basis to large institutional investors.
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