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Wedge Capital Management L L P NC Raises Position in OneMain Holdings, Inc. (NYSE:OMF)

Financial News Live · Sep 18, 2022 10:31

Wedge Capital Management L L P NC lifted its position in OneMain Holdings, Inc. (NYSE:OMF – Get Rating) by 0.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,797,468 shares of the financial services provider's stock after purchasing an additional 4,816 shares during the quarter. OneMain comprises about 1.1% of Wedge Capital Management L L P NC's investment portfolio, making the stock its 2nd biggest position. Wedge Capital Management L L P NC owned about 1.44% of OneMain worth $67,189,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. IMA Wealth Inc. purchased a new position in shares of OneMain during the first quarter valued at approximately $3,728,000. Teachers Retirement System of The State of Kentucky boosted its position in shares of OneMain by 2.7% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 38,771 shares of the financial services provider's stock valued at $1,838,000 after buying an additional 1,032 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of OneMain by 73.4% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 39,930 shares of the financial services provider's stock valued at $1,893,000 after buying an additional 16,899 shares during the period. Midwest Wealth Management Inc. boosted its position in shares of OneMain by 3.8% during the first quarter. Midwest Wealth Management Inc. now owns 45,975 shares of the financial services provider's stock valued at $2,180,000 after buying an additional 1,691 shares during the period. Finally, PB Investment Partners L.P. boosted its position in shares of OneMain by 24.5% during the first quarter. PB Investment Partners L.P. now owns 470,980 shares of the financial services provider's stock valued at $22,329,000 after buying an additional 92,645 shares during the period. Hedge funds and other institutional investors own 81.90% of the company's stock.

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Wall Street Analyst Weigh In

OMF has been the subject of a number of research reports. Compass Point lowered their price target on OneMain to $63.00 in a report on Monday, July 4th. Deutsche Bank Aktiengesellschaft lowered their price target on OneMain from $75.00 to $53.00 in a report on Friday, July 29th. Royal Bank of Canada lowered their price target on OneMain from $62.00 to $51.00 and set an "outperform" rating for the company in a report on Tuesday, August 2nd. BMO Capital Markets lowered their price target on OneMain from $58.00 to $50.00 in a report on Monday, August 1st. Finally, JMP Securities lowered their price target on OneMain from $68.00 to $58.00 and set a "market outperform" rating for the company in a report on Friday, July 15th. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $57.91.

OneMain Price Performance

NYSE OMF opened at $35.04 on Friday. OneMain Holdings, Inc. has a 1 year low of $33.71 and a 1 year high of $60.38. The company has a market cap of $4.33 billion, a price-to-earnings ratio of 4.26 and a beta of 1.60. The stock's fifty day moving average price is $37.72 and its 200 day moving average price is $41.42.

OneMain (NYSE:OMF – Get Rating) last posted its quarterly earnings results on Wednesday, July 27th. The financial services provider reported $1.87 EPS for the quarter, missing the consensus estimate of $1.90 by ($0.03). OneMain had a net margin of 22.43% and a return on equity of 37.61%. The business had revenue of $887.00 million during the quarter, compared to analysts' expectations of $1.05 billion. During the same period in the previous year, the company posted $2.66 earnings per share. Research analysts expect that OneMain Holdings, Inc. will post 7.52 earnings per share for the current year.

OneMain Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 12th. Stockholders of record on Monday, August 8th were paid a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a dividend yield of 10.84%. The ex-dividend date of this dividend was Friday, August 5th. OneMain's payout ratio is currently 46.17%.

Insider Transactions at OneMain

In other news, CEO Douglas H. Shulman bought 1,150 shares of the stock in a transaction dated Monday, August 1st. The shares were acquired at an average cost of $37.08 per share, with a total value of $42,642.00. Following the purchase, the chief executive officer now directly owns 337,936 shares in the company, valued at approximately $12,530,666.88. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.28% of the company's stock.

OneMain Company Profile

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OneMain Holdings, Inc, a financial service holding company, engages in the consumer finance and insurance businesses. The company originates, underwrites, and services personal loans secured by automobiles, other titled collateral, or unsecured. The company also offers credit cards and insurance products comprising life, disability, and involuntary unemployment insurance; optional non-credit insurance; guaranteed asset protection coverage as a waiver product or insurance; and membership plans.