LC Stock: Insider Activity, Filings & Research
LendingClub Corporation (LC) — Drillr’s hub for LC insider activity, SEC filings, earnings signals and AI research. Over the trailing 3 months, LC insiders filed 0 open-market buys and 3 sales (SEC Form 4).
LC insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 29, 2026 | LaBenne Andrewofficer: Chief Financial Officer | Sell | 20,000 | $17.00 |
| May 29, 2026 | Cheng Jordanofficer: General Counsel & Secretary | Sell | 5,500 | $17.00 |
| May 27, 2026 | Stack Fergalofficer: SVP, Corporate Controller | Option | 3,117 | — |
| May 27, 2026 | Stack Fergalofficer: SVP, Corporate Controller | Option | 1,569 | — |
| May 27, 2026 | Cheng Jordanofficer: General Counsel & Secretary | Tax | 5,480 | $15.63 |
| May 27, 2026 | Mattics Steven Cofficer: Bank - Chief Lending Officer | Tax | 38,574 | $15.63 |
| May 27, 2026 | Sanborn Scottdirector, officer: CEO | Option | 13,150 | — |
| May 27, 2026 | Sanborn Scottdirector, officer: CEO | Option | 6,620 | — |
| May 27, 2026 | Stack Fergalofficer: SVP, Corporate Controller | Option | 1,907 | — |
| May 27, 2026 | Stack Fergalofficer: SVP, Corporate Controller | Tax | 2,680 | $15.63 |
| May 27, 2026 | Cheng Jordanofficer: General Counsel & Secretary | Option | 3,504 | — |
| May 27, 2026 | Cheng Jordanofficer: General Counsel & Secretary | Option | 5,728 | — |
| May 27, 2026 | LaBenne Andrewofficer: Chief Financial Officer | Option | 12,274 | — |
| May 27, 2026 | Mattics Steven Cofficer: Bank - Chief Lending Officer | Option | 6,179 | — |
| May 27, 2026 | LaBenne Andrewofficer: Chief Financial Officer | Option | 6,179 | — |
Source: LC SEC Form 4 filings, latest May 29, 2026. For informational purposes only — not investment advice.
LendingClub Corporation company profile
Overview
LendingClub Corporation (NYSE:LC) is a financial technology company that operates as a bank holding company for LendingClub Bank, National Association. Founded in 2006 and headquartered in San Francisco, California, the company went public in December 2014. LendingClub has evolved from a pure peer-to-peer lending marketplace into a diversified digital banking platform that combines traditional banking services with technology-driven lending solutions. The company serves over 5 million members and has facilitated billions of dollars in loans since its inception.
Business
LendingClub operates in the financial services sector, specifically within the credit services industry, providing a range of lending and banking products through its technology-driven platform. The company's core business revolves around personal loans, which are unsecured installment loans typically used by consumers for debt consolidation, home improvement, or other personal expenses. These loans are originated through LendingClub's digital platform, which uses proprietary algorithms and data analytics to assess creditworthiness and price loans. The company operates through multiple business segments and revenue streams. The marketplace lending segment connects borrowers with institutional investors who purchase loans through various structures including whole loan sales, structured certificates, and extended seasoning programs. This segment historically generated the majority of revenues but has become more balanced with other segments. The held-for-investment portfolio represents loans that LendingClub retains on its balance sheet, generating recurring net interest income. This segment has grown significantly and now represents approximately 25-30% of total originations. LendingClub also operates a digital banking platform that includes deposit products, with over $7 billion in deposits that are 87% FDIC-insured. The company has expanded beyond personal loans to offer commercial and industrial loans, commercial real estate financing, small business loans, and equipment financing, though some of these segments have been scaled back. Recent product innovations include the TopUp loan refinancing feature, CleanSweep revolving credit line, and LevelUp Savings program, all designed to create a comprehensive financial membership experience.
Revenue model
LendingClub generates revenue through multiple business models that have evolved significantly over time. The company's primary revenue streams include loan sales revenue from its marketplace business, net interest income from loans held on its balance sheet, and fee income from various banking and lending services. In the marketplace model, LendingClub originates loans and sells them to institutional investors including banks, insurance companies, and asset managers. The company typically sells these loans at prices ranging from 96-99% of par value, generating immediate fee income. Recent quarterly results show marketplace sales of approximately $800-900 million per quarter through structured certificate programs and whole loan sales. The balance sheet lending model generates recurring net interest income by retaining loans as held-for-investment assets. With a net interest margin of approximately 6%, this segment produced $150 million in net interest income in the most recent quarter. The company funds these loans primarily through customer deposits, which provide a stable and cost-effective funding source. Several factors influence LendingClub's margins and profitability. Interest rate environments significantly impact both loan pricing and funding costs, with rising rates generally benefiting net interest margins but potentially reducing loan demand. Credit performance directly affects profitability, as the company has maintained charge-off rates around 4.8%, significantly better than historical levels. Competition from traditional banks and fintech lenders can pressure loan pricing and origination volumes. Regulatory changes affecting banking operations or marketplace lending can impact business model flexibility. Economic conditions influence both credit losses and consumer demand for loans, with the company maintaining higher reserves to prepare for potential economic uncertainty.
Competitive moat
LendingClub's competitive moat is moderate but evolving, built primarily around its established brand, regulatory positioning, and operational scale rather than strong structural advantages. The company's bank charter provides regulatory credibility and access to FDIC-insured deposits, which offers a funding advantage over non-bank fintech lenders. This banking status also enables LendingClub to participate in various loan sale structures that may not be available to non-bank competitors. The company has developed proprietary underwriting algorithms and credit models refined over nearly two decades of operation, which have demonstrated superior credit performance with charge-off rates significantly below industry averages. LendingClub's established relationships with institutional investors in the loan marketplace provide somewhat stable distribution channels, though these relationships are not exclusive and can be replicated by competitors. However, the moat faces significant challenges. The personal lending market is highly competitive with numerous well-funded fintech companies, traditional banks, and credit card issuers offering similar products. Technology and data analytics advantages can be replicated relatively quickly in the financial services industry. The company's marketplace model faces ongoing pressure from banks returning to direct lending as interest rate environments change. The most significant competitive threats come from traditional banks with lower funding costs and established customer relationships, large fintech companies with superior technology resources and marketing capabilities, and credit card companies that can offer more flexible credit products. LendingClub's position is further challenged by the commoditized nature of personal loans and the relative ease with which competitors can enter the market with sufficient capital and regulatory approval.
Risks & safety
LendingClub presents a moderate margin of safety with solid liquidity but elevated operational risks due to negative operating cash flows and competitive pressures. **Liquidity and Solvency:** - Strong cash position of $895 million and total current assets of $5.6 billion - Minimal debt with debt-to-equity ratio near zero - However, negative operating cash flow of -$339 million in Q1 2025 raises concerns about cash burn - Free cash flow has been consistently negative, indicating ongoing capital requirements **Valuation Metrics:** - Trading at 25.1x P/E ratio, which appears reasonable for a growing financial services company - Price-to-book ratio of 0.86 suggests potential undervaluation relative to book value - EV/EBITDA of 0.62 indicates very low valuation relative to earnings - Graham number of 5.27 compared to current price of $9.89 suggests potential overvaluation by traditional value metrics **Other Considerations:** - Credit provisions and reserves appear adequate with management preparing for potential economic uncertainty - Regulatory compliance costs and capital requirements typical for banking operations - Revenue growth of 20% year-over-year provides some growth premium justification
Recent development
Over the past few years, LendingClub has undergone a significant strategic transformation from a pure marketplace lending platform to a diversified digital banking company. The most notable milestone was successfully exiting its three-year bank operating agreement in February 2024, which had restricted certain business activities following regulatory issues. The company has made substantial investments in product innovation and customer experience. Key developments include the launch of a mobile app that has achieved 4.7-4.8 App Store ratings and 20% monthly user base growth, the introduction of the DebtIQ debt management solution to help customers track and optimize credit card payments, and the rollout of new lending products including TopUp loan refinancing and CleanSweep revolving credit line. LendingClub has pursued strategic technology acquisitions to enhance its capabilities, including the acquisition of Tally Technologies for credit card management solutions and Cushion's intellectual property for AI-powered spending intelligence. The company has also made significant infrastructure investments, purchasing new headquarters in San Francisco at discounted prices. On the funding and distribution side, LendingClub has developed a rated structured certificate program to attract institutional investors including insurance companies, achieved investment-grade ratings for its first structured certificate deal, and successfully brought bank buyers back to its loan marketplace. The company has also grown its deposit base by 24% to over $7 billion, providing stable funding for balance sheet growth. Recent strategic initiatives include plans to expand marketing channels after a period of conservative customer acquisition, potential rebranding efforts to reflect the company's evolution beyond its original LendingClub marketplace identity, and the development of embedded finance partnerships to reach customers through third-party platforms.
LC company profile · for informational purposes only — not investment advice.
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