JPMorgan Chase & Co. Issues Pessimistic Forecast for LendingClub (NYSE:LC) Stock Price

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

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

LendingClub Price Performance

Shares of NYSE LC traded down $0.60 on Monday, hitting $10.59. The company’s stock had a trading volume of 549,974 shares, compared to its average volume of 2,055,653. The stock has a 50 day moving average of $14.54 and a 200-day moving average of $13.99. LendingClub has a 12-month low of $7.48 and a 12-month high of $18.75. The company has a market capitalization of $1.20 billion, a price-to-earnings ratio of 23.46 and a beta of 2.07.

Insider Activity at LendingClub

In other news, Director Michael P. Zeisser purchased 20,000 shares of the company’s stock in a transaction on Monday, February 3rd. The stock was bought at an average cost of $12.88 per share, for a total transaction of $257,600.00. Following the completion of the purchase, the director now directly owns 148,018 shares of the company’s stock, valued at $1,906,471.84. The trade was a 15.62 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Scott Sanborn sold 17,000 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $16.12, for a total value of $274,040.00. Following the completion of the transaction, 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. Over the last ninety days, insiders sold 41,000 shares of company stock worth $606,660. 3.31% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Comerica Bank acquired a new stake in shares of LendingClub in the fourth quarter worth $37,000. SBI Securities Co. Ltd. purchased a new stake in LendingClub during the 4th quarter worth $45,000. Sterling Capital Management LLC increased its holdings in LendingClub by 818.6% in the 4th quarter. Sterling Capital Management LLC now owns 3,500 shares of the credit services provider’s stock valued at $57,000 after purchasing an additional 3,119 shares in the last quarter. National Bank of Canada FI increased its holdings 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 position in LendingClub by 32.1% in the third quarter. FMR LLC now owns 5,865 shares of the credit services provider’s stock valued at $67,000 after purchasing an additional 1,424 shares during the period. 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.