OneMain (NYSE:OMF) Given New $67.00 Price Target at Bank of America

OneMain (NYSE:OMF) had its target price reduced by Bank of America from $71.00 to $67.00 in a research report sent to investors on Monday morning. They currently have a buy rating on the financial services provider’s stock.

OMF has been the subject of a number of other research reports. Royal Bank Of Canada raised their target price on shares of OneMain from $70.00 to $73.00 and gave the company an “outperform” rating in a research note on Thursday, July 30th. Weiss Ratings reissued a “buy (b-)” rating on shares of OneMain in a research report on Tuesday, July 7th. TD Cowen upped their price target on OneMain from $66.00 to $68.00 and gave the stock a “buy” rating in a research note on Tuesday, July 7th. Barclays lowered their price objective on OneMain from $61.00 to $60.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 7th. Finally, Citigroup reissued a “market outperform” rating on shares of OneMain in a report on Thursday, July 30th. Nine research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $68.27.

OneMain Price Performance

OMF stock opened at $56.16 on Monday. OneMain has a 1 year low of $45.78 and a 1 year high of $71.93. The firm has a 50-day moving average of $62.39 and a 200 day moving average of $58.32. The company has a market cap of $6.46 billion, a P/E ratio of 8.46, a PEG ratio of 0.44 and a beta of 1.22.

OneMain (NYSE:OMF) last posted its quarterly earnings data on Wednesday, July 29th. The financial services provider reported $1.31 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.05. OneMain had a return on equity of 23.49% and a net margin of 13.92%.The business had revenue of $1.62 billion for the quarter, compared to analysts’ expectations of $1.28 billion. During the same period in the previous year, the firm posted $1.45 EPS. The business’s revenue was up 6.7% on a year-over-year basis. On average, equities research analysts expect that OneMain will post 7.03 earnings per share for the current fiscal year.

OneMain Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Monday, August 10th were issued a dividend of $1.05 per share. The ex-dividend date was Monday, August 10th. This represents a $4.20 dividend on an annualized basis and a dividend yield of 7.5%. OneMain’s dividend payout ratio is presently 63.25%.

Insider Buying and Selling

In related news, SVP Michael A. Hedlund sold 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $64.00, for a total value of $160,000.00. Following the transaction, the senior vice president directly owned 10,627 shares of the company’s stock, valued at approximately $680,128. This represents a 19.04% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Micah R. Conrad sold 5,000 shares of the stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $65.40, for a total value of $327,000.00. Following the sale, the chief operating officer owned 91,250 shares in the company, valued at approximately $5,967,750. This represents a 5.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.29% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. BlackRock Inc. bought a new position in OneMain during the 2nd quarter valued at about $633,893,000. Jupiter Topco LLC purchased a new position in shares of OneMain during the second quarter valued at approximately $166,060,000. Norges Bank bought a new position in OneMain during the fourth quarter valued at approximately $100,312,000. Bank of New York Mellon Corp bought a new position in OneMain during the second quarter valued at approximately $63,980,000. Finally, Azora Capital LP boosted its holdings in OneMain by 210.7% in the fourth quarter. Azora Capital LP now owns 1,362,934 shares of the financial services provider’s stock worth $92,066,000 after purchasing an additional 924,302 shares during the last quarter. Hedge funds and other institutional investors own 85.82% of the company’s stock.

OneMain Company Profile

OneMain Holdings, Inc (NYSE: OMF) is a consumer finance company that provides personal lending and related financial products to consumers in the United States. Its primary business operates under the OneMain Financial brand and focuses on serving individuals who may not be fully served by traditional banks.

OneMain offers unsecured and secured personal loans, including loans used for debt consolidation, home improvements, major purchases and other personal expenses. The company also provides optional insurance and debt-cancellation products, as well as credit-related services designed to complement its lending business.