LendingClub Corp (NYSE:LC), the world’s largest online marketplace connecting borrowers and investors, announced today that Patrick Dunne has joined Lending Club as Chief Capital Officer. Dunne will be responsible for managing Lending Club’s Investor Group which spans individual investors, strategic partnerships with retail distribution partners, banks and other institutional investors including asset managers, pensions, foundations and endowments.
Bringing 25 years of investment experience, Dunne has held a diverse set of senior investment leadership roles at BlackRock, iShares and Barclays Global Investors. His most recent roles include Head of BlackRock’s San Francisco office and Head of iShares Global Markets and Investments where he led the iShares Capital Markets, Investment Research and Product Management teams, and oversaw more than 700 investment products with over $1 trillion in assets under management. Prior to that he was Global Chief Operating Officer for iShares.
“Patrick’s wealth of experience and diverse background across capital markets, strategy, portfolio management, product development and client service will help us drive the next phase of Lending Club’s growth,” said Scott Sanborn, President and CEO of Lending Club. “Lending Club’s success in democratizing access to consumer credit is just the beginning, and Patrick will play a key role in reaffirming our continued commitment to our investors.”
“Over the last nine years, Lending Club has transformed access to consumer credit for all investors while delivering responsible credit to consumers. I see this as a tremendous opportunity to join an innovative company with a strong foundation and I look forward to being part of its continued success,” said Dunne.
Dunne has his BA from the University of California at Berkeley and an MS in Management from the Stanford Graduate School of Business. (Original Source)
Shares of LendingClub are up nearly 5% to $4.70 in pre-market trading. LC has a 1-year high of $15.14 and a 1-year low of $3.44. The stock’s 50-day moving average is $4.55 and its 200-day moving average is $6.88.
On the ratings front, Lendingclub has been the subject of a number of recent research reports. In a report issued on June 29, FBR analyst Bob Ramsey reiterated a Hold rating on LC, with a price target of $4, which represents a potential downside of 10.9% from where the stock is currently trading. Separately, on the same day, Goldman Sachs’ Heath Terry maintained a Hold rating on the stock and has a price target of $4.70.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Bob Ramsey and Heath Terry have a total average return of -3.4% and 18.8% respectively. Ramsey has a success rate of 55.0% and is ranked #3477 out of 4058 analysts, while Terry has a success rate of 62.5% and is ranked #51.
Overall, 2 research analysts have rated the stock with a Sell rating, 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 32.1% above where the stock closed last Friday.
LendingClub Corp. is an online marketplace that facilitates loans to consumers and businesses and offers investors an opportunity to finance the loans. Its objective is to transform the banking and consumer finance industry to make it more cost efficient, transparent and consumer friendly. Its marketplace connects borrowers and investors and provides a variety of services including screening borrowers for loan eligibility and facilitating payments to investors.