Oppenheimer Comments on LendingClub Corp’s FY2019 Earnings (NYSE:LC)
LendingClub Corp (NYSE:LC) – Equities researchers at Oppenheimer upped their FY2019 earnings estimates for shares of LendingClub in a report issued on Wednesday, November 6th. Oppenheimer analyst J. Kelly now anticipates that the credit services provider will post earnings per share of $0.00 for the year, up from their previous estimate of ($0.08). Oppenheimer also issued estimates for LendingClub’s Q4 2019 earnings at $0.05 EPS and FY2020 earnings at $0.31 EPS.
Several other brokerages also recently issued reports on LC. BTIG Research lowered their price target on LendingClub from $30.00 to $23.00 and set a “buy” rating for the company in a report on Monday, October 14th. Maxim Group reiterated a “buy” rating and issued a $23.00 price target on shares of LendingClub in a report on Thursday. Zacks Investment Research upgraded LendingClub from a “hold” rating to a “buy” rating and set a $16.00 price target for the company in a report on Saturday. Finally, ValuEngine upgraded LendingClub from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. LendingClub presently has a consensus rating of “Buy” and a consensus target price of $20.80.
LendingClub (NYSE:LC) last announced its quarterly earnings results on Tuesday, November 5th. The credit services provider reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.08. LendingClub had a negative return on equity of 1.02% and a negative net margin of 5.91%. The firm had revenue of $204.90 million during the quarter, compared to the consensus estimate of $204.63 million. During the same period in the prior year, the firm earned $0.03 EPS. The firm’s quarterly revenue was up 10.9% compared to the same quarter last year.
Several institutional investors have recently made changes to their positions in LC. Nikko Asset Management Americas Inc. grew its stake in LendingClub by 35.2% in the second quarter. Nikko Asset Management Americas Inc. now owns 25,692,140 shares of the credit services provider’s stock worth $84,270,000 after purchasing an additional 6,690,424 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. acquired a new position in LendingClub in the third quarter worth about $83,981,000. Nuveen Asset Management LLC acquired a new position in LendingClub in the second quarter worth about $4,253,000. Rothschild & Co Wealth Management UK Ltd acquired a new position in LendingClub in the second quarter worth about $1,624,000. Finally, BlackRock Inc. grew its stake in LendingClub by 1.8% in the second quarter. BlackRock Inc. now owns 24,733,574 shares of the credit services provider’s stock worth $81,126,000 after purchasing an additional 425,690 shares in the last quarter.
In other news, CFO Valerie Kay sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $24.53, for a total transaction of $245,300.00. Also, Director Susan C. Athey sold 6,000 shares of the firm’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $15.04, for a total value of $90,240.00. The disclosure for this sale can be found here. Insiders have sold 28,563 shares of company stock valued at $510,603 over the last 90 days. Insiders own 4.20% of the company’s stock.
LendingClub Corporation operates an online lending marketplace platform that connects borrowers and investors in the United States. The company's marketplace facilitates various types of loan products for consumers and small businesses, including unsecured personal loans, unsecured education and patient installment loans, auto refinance loans, and small business loans.
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