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Investing.com -- LendingClub Corp (NYSE:LC) stock rose 4.1% in premarket trading Wednesday after the digital marketplace bank announced a new $100 million share repurchase program.
The buyback plan, approved by the company’s Board of Directors, will run through December 31, 2026, and represents a significant capital return initiative for shareholders. The announcement came ahead of LendingClub’s Investor Day in New York.
"This stock repurchase and acquisition program reflects the strength of our balance sheet, confidence in our long-term earnings power, and a disciplined approach to capital allocation," said Scott Sanborn, Chief Executive Officer of LendingClub.
The company noted that the timing and volume of share repurchases will be discretionary, depending on factors including stock price, business conditions, and market environment. The program allows for both open market purchases of common stock and the hold back of vesting restricted stock units.
LendingClub, which became a bank holding company in 2021, reported record pre-tax net income in the third quarter of 2023, highlighting its improved financial performance since the transformation. The parent company of LendingClub Bank positions itself as the leading digital marketplace bank in the U.S.
Sanborn added that given the company’s outlook and multiple growth opportunities, management views the repurchase program as "another prudent and value-enhancing measure for our shareholders."
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