Bank of America Cuts OneMain (NYSE:OMF) Price Target to $67.00

Key Points

• Bank of America lowered OneMain’s price target from $71 to $67 while maintaining a “buy” rating, implying approximately 16.7% upside from the $57.43 share price.
• Analyst sentiment remains favorable: OneMain has a “Moderate Buy” consensus rating and an average price target of $68.27, based on nine Buy, three Hold, and one Sell rating.
• OneMain exceeded quarterly expectations, reporting $1.31 in EPS versus the $1.26 consensus and $1.62 billion in revenue; institutional investors own 85.82% of the company’s shares.

OneMain (NYSE:OMF - Get Free Report) had its price objective decreased by research analysts at Bank of America from $71.00 to $67.00 in a research report issued to clients and investors on Monday. The firm currently has a "buy" rating on the financial services provider's stock. Bank of America's price target would suggest a potential upside of 16.67% from the company's current price.

A number of other analysts have also recently commented on OMF. Citigroup restated a "market outperform" rating on shares of OneMain in a research report on Thursday, July 30th. TD Cowen boosted their target price on OneMain from $66.00 to $68.00 and gave the company a "buy" rating in a research note on Tuesday, July 7th. Deutsche Bank Aktiengesellschaft restated a "buy" rating on shares of OneMain in a report on Friday, July 10th. Royal Bank Of Canada raised their price target on OneMain from $70.00 to $73.00 and gave the stock an "outperform" rating in a research report on Thursday, July 30th. Finally, Weiss Ratings reiterated a "buy (b-)" rating on shares of OneMain in a report on Tuesday, July 7th. Nine analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $68.27.

OneMain Price Performance

Shares of OMF stock opened at $57.43 on Monday. The stock has a market cap of $6.61 billion, a PE ratio of 8.65, a price-to-earnings-growth ratio of 0.44 and a beta of 1.22. The stock has a 50-day moving average of $62.47 and a 200-day moving average of $58.30. OneMain has a one year low of $45.78 and a one year high of $71.93.

OneMain (NYSE:OMF - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The financial services provider reported $1.31 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.05. The business had revenue of $1.62 billion for the quarter, compared to analyst estimates of $1.28 billion. OneMain had a net margin of 13.92% and a return on equity of 23.49%. OneMain's quarterly revenue was up 6.7% compared to the same quarter last year. During the same quarter last year, the firm earned $1.45 EPS. As a group, research analysts anticipate that OneMain will post 7.03 earnings per share for the current year.

Insider Buying and Selling

In other news, SVP Michael A. Hedlund sold 2,500 shares of OneMain stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $64.00, for a total value of $160,000.00. Following the sale, the senior vice president directly owned 10,627 shares in the company, valued at $680,128. This trade represents a 19.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Micah R. Conrad sold 5,000 shares of OneMain stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $65.40, for a total transaction of $327,000.00. Following the completion of the sale, the chief operating officer owned 91,250 shares in the company, valued at $5,967,750. This trade represents a 5.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.29% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in OMF. QRG Capital Management Inc. boosted its stake in shares of OneMain by 10.4% during the 2nd quarter. QRG Capital Management Inc. now owns 53,192 shares of the financial services provider's stock worth $3,243,000 after buying an additional 5,025 shares during the last quarter. Envestnet Asset Management Inc. increased its position in shares of OneMain by 0.5% in the second quarter. Envestnet Asset Management Inc. now owns 59,206 shares of the financial services provider's stock valued at $3,609,000 after acquiring an additional 280 shares during the last quarter. State Street Corp increased its position in shares of OneMain by 1.8% in the second quarter. State Street Corp now owns 2,451,937 shares of the financial services provider's stock valued at $149,495,000 after acquiring an additional 42,917 shares during the last quarter. Cidel Asset Management Inc. bought a new stake in OneMain during the second quarter worth about $213,000. Finally, Integrated Wealth Concepts LLC raised its holdings in OneMain by 49.4% during the second quarter. Integrated Wealth Concepts LLC now owns 22,710 shares of the financial services provider's stock worth $1,385,000 after acquiring an additional 7,512 shares in the last quarter. Institutional investors and hedge funds 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.

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