LendingClub (NYSE:LC) Price Target Cut to $14.00 by Analysts at JPMorgan Chase & Co.

LendingClub (NYSE:LC) had its price objective dropped by equities researchers at JPMorgan Chase & Co. from $17.00 to $14.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a “neutral” rating on the credit services provider’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 32.21% from the stock’s current price.

A number of other equities research analysts have also recently weighed in on LC. Piper Sandler reissued an “overweight” rating and issued a $19.00 price target (down from $20.00) on shares of LendingClub in a research report on Wednesday, January 29th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $16.00 target price (down from $17.00) on shares of LendingClub in a report on Wednesday, January 29th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, LendingClub presently has an average rating of “Moderate Buy” and a consensus target price of $16.00.

LendingClub Price Performance

Shares of NYSE LC traded down $0.60 during midday trading on Monday, hitting $10.59. 549,974 shares of the company’s stock were exchanged, compared to its average volume of 2,055,653. The firm’s fifty day simple moving average is $14.54 and its 200-day simple moving average is $13.99. The company has a market cap of $1.20 billion, a PE ratio of 23.46 and a beta of 2.07. LendingClub has a twelve month low of $7.48 and a twelve month high of $18.75.

Insider Transactions at LendingClub

In other news, General Counsel Jordan Cheng sold 7,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $14.10, for a total value of $98,700.00. Following the completion of the sale, the general counsel now directly owns 88,263 shares of the company’s stock, valued at $1,244,508.30. This trade represents a 7.35 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Scott Sanborn sold 17,000 shares of LendingClub stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $16.12, for a total value of $274,040.00. Following the completion of the sale, the chief executive officer now owns 1,312,184 shares in the company, valued at approximately $21,152,406.08. This trade represents a 1.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 41,000 shares of company stock worth $606,660. Company insiders own 3.31% of the company’s stock.

Hedge Funds Weigh In On LendingClub

A number of institutional investors and hedge funds have recently made changes to their positions in LC. Comerica Bank purchased a new stake in LendingClub during the fourth quarter worth about $37,000. SBI Securities Co. Ltd. purchased a new stake in shares of LendingClub during the 4th quarter worth approximately $45,000. Sterling Capital Management LLC grew its holdings in shares of LendingClub by 818.6% in the 4th quarter. Sterling Capital Management LLC now owns 3,500 shares of the credit services provider’s stock worth $57,000 after acquiring an additional 3,119 shares during the period. National Bank of Canada FI increased its stake in LendingClub by 150.6% in the 4th quarter. National Bank of Canada FI now owns 4,074 shares of the credit services provider’s stock valued at $66,000 after purchasing an additional 2,448 shares in the last quarter. Finally, FMR LLC raised its holdings in LendingClub by 32.1% during the third quarter. FMR LLC now owns 5,865 shares of the credit services provider’s stock worth $67,000 after purchasing an additional 1,424 shares during the last quarter. 74.08% of the stock is owned by institutional investors and hedge funds.

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.