Comerica Bank Trims Stake in OneMain Holdings, Inc. $OMF

Key Points

• Comerica Bank reduced its stake in OneMain Holdings by 53.0%, resulting in ownership of approximately $1.5 million worth of shares after selling 34,628 during the first quarter.
• Several institutional investors, including Essex Financial Services and Deutsche Bank, have increased their positions in OneMain, highlighting strong interest from the market.
• OneMain recently reported earnings of $1.45 per share, surpassing analysts' expectations, alongside a quarterly dividend of $1.04 per share, reflecting a 6.7% dividend yield.

Comerica Bank cut its holdings in shares of OneMain Holdings, Inc. (NYSE:OMF - Free Report) by 53.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 30,683 shares of the financial services provider's stock after selling 34,628 shares during the quarter. Comerica Bank's holdings in OneMain were worth $1,500,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Essex Financial Services Inc. increased its position in shares of OneMain by 6.7% during the 1st quarter. Essex Financial Services Inc. now owns 4,591 shares of the financial services provider's stock worth $224,000 after purchasing an additional 288 shares during the last quarter. Deutsche Bank AG increased its position in shares of OneMain by 0.8% during the 1st quarter. Deutsche Bank AG now owns 36,581 shares of the financial services provider's stock worth $1,788,000 after purchasing an additional 290 shares during the last quarter. Allworth Financial LP increased its position in shares of OneMain by 21.7% during the 1st quarter. Allworth Financial LP now owns 1,976 shares of the financial services provider's stock worth $96,000 after purchasing an additional 352 shares during the last quarter. Independent Advisor Alliance increased its position in shares of OneMain by 2.2% during the 1st quarter. Independent Advisor Alliance now owns 16,479 shares of the financial services provider's stock worth $805,000 after purchasing an additional 357 shares during the last quarter. Finally, SlateStone Wealth LLC increased its position in shares of OneMain by 5.7% during the 1st quarter. SlateStone Wealth LLC now owns 7,474 shares of the financial services provider's stock worth $365,000 after purchasing an additional 400 shares during the last quarter. 85.82% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

OMF has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. raised their price objective on OneMain from $50.00 to $63.00 and gave the stock an "overweight" rating in a research report on Friday, July 11th. Barclays raised their price target on OneMain from $48.00 to $56.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 8th. Finally, Wells Fargo & Company initiated coverage on OneMain in a research report on Monday, August 25th. They set an "equal weight" rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $61.50.

Insiders Place Their Bets

In other news, CEO Douglas H. Shulman sold 35,000 shares of the company's stock in a transaction on Tuesday, July 29th. The stock was sold at an average price of $59.47, for a total transaction of $2,081,450.00. Following the sale, the chief executive officer owned 275,100 shares of the company's stock, valued at approximately $16,360,197. This represents a 11.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Micah R. Conrad sold 3,000 shares of OneMain stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $60.00, for a total transaction of $180,000.00. Following the sale, the chief operating officer directly owned 98,007 shares of the company's stock, valued at approximately $5,880,420. This trade represents a 2.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 65,000 shares of company stock worth $3,715,340 in the last ninety days. Corporate insiders own 0.40% of the company's stock.

OneMain Trading Up 1.4%

OneMain stock opened at $61.98 on Thursday. OneMain Holdings, Inc. has a twelve month low of $38.00 and a twelve month high of $62.14. The stock's fifty day simple moving average is $58.45 and its 200-day simple moving average is $52.82. The firm has a market capitalization of $7.37 billion, a P/E ratio of 11.19, a P/E/G ratio of 0.48 and a beta of 1.30.

OneMain (NYSE:OMF - Get Free Report) last posted its quarterly earnings data on Friday, July 25th. The financial services provider reported $1.45 earnings per share for the quarter, topping analysts' consensus estimates of $1.25 by $0.20. OneMain had a return on equity of 20.65% and a net margin of 12.63%.The business had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same quarter in the prior year, the company earned $1.02 earnings per share. The company's revenue was up 7.1% on a year-over-year basis. Sell-side analysts predict that OneMain Holdings, Inc. will post 6.46 earnings per share for the current year.

OneMain Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 13th. Stockholders of record on Monday, August 4th were given a dividend of $1.04 per share. The ex-dividend date of this dividend was Monday, August 4th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 6.7%. OneMain's dividend payout ratio is currently 75.09%.

OneMain Profile

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

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