Shares of LendingClub Corp (NYSE:LC) ended Friday session in red amid volatile trading. The shares closed down -0.11points or -2.01% at $5.36 with 391.15 million shares getting traded. Post opening the session at $5.39 the shares hit an intraday low of $5.36 and an intraday high of $5.53 and the price vacillated in this range throughout the day. The company has a market cap of $2.12 billion and the numbers of outstanding shares have been calculated to be 391.15 million shares.
LendingClub Corp (LC) on Aug. 8, 2016 announced financial results for the second quarter ended June 30, 2016 and re-established guidance for the third quarter.
Second Quarter 2016 Financial Highlights
Originations – Loan originations in the second quarter of 2016 were $1.96 billion, compared to $1.91 billion in the same period last year, an increase of 2% year-over-year. The Lending Club platform has now facilitated loans totaling nearly $21 billion since inception.
Operating Revenue – Operating revenue in the second quarter of 2016 was $102.4 million, compared to $96.1 million in the same period last year, an increase of 7% year-over-year. Operating revenue as a percent of originations, or revenue yield, was 5.24% in the second quarter, up from 5.03% in the same period last year.
Net Loss – GAAP net loss was $81.4 million for the second quarter of 2016, compared to a net loss of $4.1 million in the same period last year. The results for the second quarter of 2016 were negatively affected by a Goodwill impairment charge of $35.4 million related to the 2014 acquisition of Springstone, an increase in professional service fees of $14.9 million primarily due to matters identified in the board review previously announced, approximately $14.0 million in incentives paid to investors, and an increase in compensation related costs of $6.5 million associated with severance costs and a retention program.
Shares of Fifth Third Bancorp (NASDAQ:FITB) ended Friday session in red amid volatile trading. The shares closed down -0.21 points or -1.04% at $19.93 with 766.37 million shares getting traded. Post opening the session at $20.10 the shares hit an intraday low of $19.92 and an intraday high of $20.25 and the price vacillated in this range throughout the day. The company has a market cap of $15.21 billion and the numbers of outstanding shares have been calculated to be 766.37 million shares.
On Sept. 7, 2016 Do you feel financially prepared for the future? If you’re not completely confident in your response, you’re not alone. In fact, a recent survey conducted by Research Now Group, Inc. and commissioned by Fifth Third Private Bank (FITB) found that nearly half of those surveyed have serious concerns that they may outlive their money in retirement.
The Bank launched the survey to understand families’ financial planning pain points and gain insight into how the process could be simplified through its new platform, Life360.
“The study confirmed the anxiety that clients have shared with our advisors is reflective of similar concerns nationally,” said Phil McHugh, executive vice president and head of Wealth and Asset Management at Fifth Third. “Much of that anxiety stems from a lack of clearly articulated financial goals and alignment around achieving them. Our Life360 platform works to help simplify, focus and holistically address these critical aspects of the financial planning process.”