LendingClub Corp (NYSE:LC), the world’s largest online marketplace connecting borrowers and investors, is continuing to expand its reach, and announced that its marketplace is now available to investors in Arkansas, Iowa, and Oklahoma.
“We are thrilled to bring the opportunity to invest in consumer credit as an asset class to investors in Arkansas, Iowa, and Oklahoma,” said Lending Club founder and CEO Renaud Laplanche. “Lending Club is now available to investors in 33 states. We’re proud of the constructive relationships we’re building with state regulators, and excited that we’re increasingly able to offer rewarding investment products to investors in more states.”
Lending Club is a two-sided marketplace that brings together borrowers looking for lower rates and a great experience, and investors looking for attractive returns. Individual retail investors use the platform to access consumer credit as an asset class not previously available to them. Investors on the Lending Club platform can invest in loans in increments as low as $25, diversifying across hundreds or thousands of borrowers, to quickly and easily build a portfolio that fits their investment objectives. Each fraction of a loan is invested in through a Note. Lending Club Notes have Historical Returns by Grade A-C of 5.06% to 8.74%.* Among investors who own 100 or more Notes of similar size representing loans to different borrowers, 99.9 percent have seen positive returns.
Arkansas, Iowa, and Oklahoma residents can now create an account at www.lendingclub.com, and choose either a traditional investment account or retirement account. Investors receive monthly payments of principal and interest as borrowers repay their loans, and can withdraw available cash at any time via a linked bank account. (Original Source)
Shares of Lendingclub Corp. closed yesterday at $14.27. LC has a 1-year high of $29.29 and a 1-year low of $14.01. The stock’s 50-day moving average is $16.68 and its 200-day moving average is $19.21.
On the ratings front, Lendingclub has been the subject of a number of recent research reports. In a report issued on June 10, Stifel Nicolaus analyst Scott Devitt upgraded LC to Buy, with a price target of $25, which represents a potential upside of 75.2% from where the stock is currently trading. Separately, on June 8, Pacific Crest’s Josh Beck upgraded the stock to Buy and has a price target of $2.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Scott Devitt and Josh Beck have a total average return of 17.9% and 4.9% respectively. Devitt has a success rate of 63.9% and is ranked #131 out of 3702 analysts, while Beck has a success rate of 70.0% and is ranked #1574.
The street is mostly Bullish on LC stock. Out of 5 analysts who cover the stock, 3 suggest a Buy rating , 1 suggest a Sell and one recommends to Hold the stock.
LendingClub Corp is an online marketplace connecting borrowers and investors to engage intransactions relating to standard or custom program loans.