Engineers Gate Manager LP Cuts Position in OneMain Holdings, Inc. $OMF

Key Points

• Engineers Gate Manager LP cut its OneMain Holdings position by 57.5% in the second quarter, selling 18,724 shares and retaining 13,860 shares valued at approximately $845,000. Institutional investors collectively own 85.82% of the company.
• Analysts maintain a generally positive outlook, with eight Buy ratings, three Holds and one Sell. OneMain has a consensus rating of “Moderate Buy” and an average price target of $68.40.
• OneMain reported quarterly EPS of $1.31, exceeding estimates by $0.05, while revenue rose 6.7% year over year to $1.62 billion. The company also paid a quarterly dividend of $1.05 per share, representing an annualized yield of about 6.9%.

Engineers Gate Manager LP trimmed its holdings in shares of OneMain Holdings, Inc. (NYSE:OMF - Free Report) by 57.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,860 shares of the financial services provider's stock after selling 18,724 shares during the period. Engineers Gate Manager LP's holdings in OneMain were worth $845,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Cidel Asset Management Inc. acquired a new stake in shares of OneMain in the second quarter valued at about $213,000. Integrated Wealth Concepts LLC lifted its position in OneMain by 49.4% during the 2nd 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. NewEdge Advisors LLC boosted its holdings in OneMain by 55.4% in the 2nd quarter. NewEdge Advisors LLC now owns 13,959 shares of the financial services provider's stock worth $851,000 after acquiring an additional 4,974 shares during the period. IFP Advisors Inc boosted its holdings in OneMain by 102.0% in the 2nd quarter. IFP Advisors Inc now owns 3,935 shares of the financial services provider's stock worth $240,000 after acquiring an additional 1,987 shares during the period. Finally, Squarepoint Ops LLC grew its position in OneMain by 4.7% in the second quarter. Squarepoint Ops LLC now owns 204,499 shares of the financial services provider's stock valued at $12,468,000 after acquiring an additional 9,179 shares in the last quarter. 85.82% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on OMF shares. Citigroup reaffirmed a "market outperform" rating on shares of OneMain in a report on Thursday, July 30th. Truist Financial boosted their price objective on shares of OneMain from $70.00 to $71.00 and gave the stock a "buy" rating in a report on Thursday, July 30th. TD Cowen upped their price objective on shares of OneMain from $66.00 to $68.00 and gave the company a "buy" rating in a research report on Tuesday, July 7th. Weiss Ratings reissued a "buy (b-)" rating on shares of OneMain in a research report on Tuesday, July 7th. Finally, Barclays lowered their target price 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. Eight research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $68.40.

Insider Activity at OneMain

In other OneMain news, SVP Michael Hedlund sold 2,500 shares of the business's stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $64.00, for a total transaction of $160,000.00. Following the completion of the sale, the senior vice president owned 10,627 shares in the company, valued at $680,128. The trade was 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 this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Micah Conrad sold 5,000 shares of the stock in a transaction on Monday, June 29th. The stock was sold at an average price of $62.00, for a total transaction of $310,000.00. Following the sale, the chief operating officer directly owned 96,250 shares in the company, valued at $5,967,500. This trade represents a 4.94% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 14,348 shares of company stock valued at $911,576. Insiders own 0.29% of the company's stock.

OneMain Price Performance

NYSE OMF opened at $60.78 on Monday. OneMain Holdings, Inc. has a 12 month low of $45.78 and a 12 month high of $71.93. The company has a market capitalization of $6.99 billion, a price-to-earnings ratio of 9.15, a price-to-earnings-growth ratio of 0.47 and a beta of 1.22. The company's fifty day moving average price is $62.69 and its two-hundred day moving average price is $58.17.

OneMain (NYSE:OMF - Get Free Report) last issued its earnings results on Wednesday, July 29th. The financial services provider reported $1.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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%. The company's revenue for the quarter was up 6.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.45 EPS. As a group, analysts anticipate that OneMain Holdings, Inc. will post 7.11 EPS for the current year.

OneMain Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Monday, August 10th were issued a dividend of $1.05 per share. This represents a $4.20 dividend on an annualized basis and a yield of 6.9%. The ex-dividend date of this dividend was Monday, August 10th. OneMain's dividend payout ratio (DPR) is currently 63.25%.

About OneMain

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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