Lending Club (NYSE:LC), the world’s largest online marketplace connecting borrowers and investors, announced that financial services veteran Thomas W. Casey will join as Chief Financial Officer, effective September 19, 2016.
Casey joins Lending Club with extensive experience and strategic perspective across the entire range of financial functions, including financial accounting, reporting, and planning and analysis. He joins Lending Club most recently from Acelity, where he was Executive Vice President and CFO, and has more than two decades of senior financial services leadership experience at GE Capital, Washington Mutual, JP Morgan Chase, and Citicorp.
Casey will report to Scott Sanborn, President & Chief Executive Officer. “I’m thrilled to welcome Tom to Lending Club’s leadership team,” said Sanborn. “Tom’s outstanding reputation of strategic leadership, metrics-driven management, talent development, and integrity, combined with his experience working with investors, analysts, and regulators, will be enormously valuable as we further strengthen our foundation in preparation for our next chapter of growth.”
“Lending Club’s success to date is just the beginning,” said Casey. “I look forward to adding my talents to this outstanding team in order to deliver long-term value for shareholders and support Lending Club’s mission to transform the banking system.”
The hiring of Tom Casey follows several other recent high-profile hires, including Patrick Dunne from Blackrock as Chief Capital Officer, Valerie Kay from Morgan Stanley as Head of Institutional Investors, Raman Suri from Blackrock as Head of Retail Investors, and Sameer Gulati from McKinsey as Chief Operations Officer.
Brad Coleman will remain in his role as Principal Accounting Officer and Corporate Controller reporting into Tom Casey. (Original Source)
Shares of Lendingclub are down nearly one percent to $5.53 in after hours trading. LC has a 1-year high of $15 and a 1-year low of $3.44. The stock’s 50-day moving average is $5.15 and its 200-day moving average is $5.99.
On the ratings front, Lendingclub has been the subject of a number of recent research reports. In a report issued on September 8, Morgan Stanley analyst James Faucette reiterated a Hold rating on LC. Separately, on August 12, Susquehanna’s James Friedman maintained a Hold rating on the stock and has a price target of $6.00.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, James Faucette and James Friedman have a total average return of 9.2% and 11.4% respectively. Faucette has a success rate of 75.6% and is ranked #312 out of 4124 analysts, while Friedman has a success rate of 63.0% and is ranked #642.
Overall, 10 research analysts have assigned a Hold rating and one research analyst has given a a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $5.93 which is 11.7% above where the stock opened today.
LendingClub Corp. operates as an online credit marketplace. It engages in the provision of facilitating personal loans, business loans, and financing for elective medical procedures.