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LC

LendingClub

$5.38

-0.12 (-2.18%)

18:07
10/14/16
10/14
18:07
10/14/16
18:07

LendingClub hikes certain interest rates, tightens credit policy

According to a regulatory filing, LendingClub said that it raised interest rates for certain loans and tightened credit policy that would result in some high-risk borrowers being denied loans. In the first and second quarters of 2016, the company previously commented on mixed economic data and pockets of underperformance on the platform, which caused it to be cautious in its overall credit performance outlook and prompted changes to credit and interest rates. Interest rates on the Lending Club platform increased by a weighted average of approximately 135 basis points from November 2015 to June 2016. Rate increases were concentrated in grades D through G in order to improve risk-adjusted returns in pockets experiencing higher losses. The credit policy was tightened in April 2016 to remove populations primarily characterized by borrowers with high indebtedness, an increased propensity to accumulate debt, and lower credit scores. In June, the maximum debt-to-income threshold, excluding mortgage and the requested program loan amount, across the prime loan program was further reduced to 35% from 40%. As a result of these changes, the platform no longer approves loans for approximately 9% of borrowers who previously would have been able to obtain a loan under prior underwriting criteria. "We anticipate loans originated in the second half of 2016 and going forward to benefit from these combined changes," the company said.

LC LendingClub
$5.38

-0.12 (-2.18%)

08/03/16
OPCO
08/03/16
INITIATION
OPCO
Perform
LendingClub initiated with a Perform at Oppenheimer
Oppenheimer analyst Jed Kelly initiated LendingClub with a Perform rating saying he would to wait for better visibility around loan buyer demand before getting constructive on shares.
08/04/16
08/04/16
INITIATION

On The Fly: Top analyst initiations
Catch up on today's top analyst initiations with this list compiled by The Fly: 1. LendingClub (LC) initiated with a Perform at Oppenheimer. 2. uniQure (QURE) assumed with a Buy at H.C. Wainwright. 3. Sunworks (SUNW) initiated with a Buy at Chardan. 4. CSX ( CSX), Canadian Pacific (CP), Norfolk Southern (NSC), and Union Pacific (UNP) initiated with a Hold, and Kansas City Southern (KSU) initiated with a Buy at Loop Capital. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
10/10/16
WEDB
10/10/16
INITIATION
Target $3.75
WEDB
Underperform
LendingClub initiated with an Underperform at Wedbush
Wedbush analyst Henry Coffey initiated LendingClug with an Underperform and a $3.75 price target.
10/11/16
WEDB
10/11/16
INITIATION
WEDB
Underperform
LendingClub initiated at Wedbush
As noted earlier, Wedbush analyst Henry Coffey initiated LendingClub with a $3.75 price target and an Underperform rating. The analyst says that the company is three to five years from reporting a "meaningful" profit. He thinks that the company's originations probably won't rise much above current levels, given the limitations of its marketplace model and the difficulties of obtaining funding from more conventional sources.

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