Westpac Banking Corp Has $377,000 Holdings in LendingClub Corporation (LC)

Westpac Banking Corp cut its stake in shares of LendingClub Corporation (NYSE:LC) by 56.2% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 68,500 shares of the credit services provider’s stock after selling 87,900 shares during the quarter. Westpac Banking Corp’s holdings in LendingClub Corporation were worth $377,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. SG Americas Securities LLC increased its stake in shares of LendingClub Corporation by 0.4% in the first quarter. SG Americas Securities LLC now owns 43,485 shares of the credit services provider’s stock valued at $239,000 after buying an additional 171 shares in the last quarter. Prudential Financial Inc. increased its stake in shares of LendingClub Corporation by 3.6% in the first quarter. Prudential Financial Inc. now owns 21,680 shares of the credit services provider’s stock valued at $119,000 after buying an additional 760 shares in the last quarter. Nisa Investment Advisors LLC increased its stake in shares of LendingClub Corporation by 4.3% in the second quarter. Nisa Investment Advisors LLC now owns 36,240 shares of the credit services provider’s stock valued at $200,000 after buying an additional 1,500 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of LendingClub Corporation by 3.7% in the second quarter. Principal Financial Group Inc. now owns 43,834 shares of the credit services provider’s stock valued at $242,000 after buying an additional 1,574 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its stake in shares of LendingClub Corporation by 1.8% in the first quarter. PNC Financial Services Group Inc. now owns 140,647 shares of the credit services provider’s stock valued at $771,000 after buying an additional 2,425 shares in the last quarter. 86.91% of the stock is owned by institutional investors.

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LendingClub Corporation (LC) opened at 6.18 on Friday. The firm’s 50-day moving average price is $5.89 and its 200-day moving average price is $5.62. The company’s market cap is $2.54 billion. LendingClub Corporation has a one year low of $4.64 and a one year high of $6.78.

LendingClub Corporation (NYSE:LC) last posted its earnings results on Monday, August 7th. The credit services provider reported ($0.06) EPS for the quarter, meeting the consensus estimate of ($0.06). The firm had revenue of $139.60 million during the quarter, compared to the consensus estimate of $134.02 million. LendingClub Corporation had a negative return on equity of 11.97% and a negative net margin of 24.52%. The business’s quarterly revenue was up 35.0% on a year-over-year basis. During the same period last year, the company earned ($0.09) earnings per share. On average, equities research analysts forecast that LendingClub Corporation will post $0.04 earnings per share for the current fiscal year.

In other news, COO Sameer Gulati sold 8,305 shares of the stock in a transaction dated Wednesday, July 26th. The stock was sold at an average price of $5.08, for a total value of $42,189.40. Following the completion of the sale, the chief operating officer now owns 265,657 shares of the company’s stock, valued at $1,349,537.56. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, President Steven Allocca sold 35,378 shares of the stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $6.09, for a total value of $215,452.02. Following the completion of the sale, the president now directly owns 67,084 shares of the company’s stock, valued at approximately $408,541.56. The disclosure for this sale can be found here. Insiders sold 188,099 shares of company stock valued at $1,118,285 over the last quarter. Corporate insiders own 11.40% of the company’s stock.

LC has been the subject of a number of research reports. Zacks Investment Research lowered LendingClub Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, July 11th. Morgan Stanley restated an “overweight” rating and issued a $7.00 target price (down from $8.00) on shares of LendingClub Corporation in a research note on Thursday, July 6th. Vetr upgraded LendingClub Corporation from a “hold” rating to a “buy” rating and set a $6.10 target price for the company in a research note on Wednesday, May 24th. CIBC upgraded LendingClub Corporation from a “market perform” rating to an “outperform” rating in a research note on Thursday, August 3rd. Finally, UBS AG upgraded LendingClub Corporation from a “market perform” rating to an “outperform” rating in a research note on Thursday, August 3rd. One analyst has rated the stock with a sell rating, twelve have given a hold rating and eight have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $6.78.

About LendingClub Corporation

LendingClub Corporation 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 has been closed to many investors and only available on a limited basis to large institutional investors.

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Institutional Ownership by Quarter for LendingClub Corporation (NYSE:LC)

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