Mackenzie Financial Corp Reduces Stock Position in OneMain Holdings, Inc. (NYSE:OMF)

Mackenzie Financial Corp cut its stake in shares of OneMain Holdings, Inc. (NYSE:OMF - Free Report) by 65.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 14,756 shares of the financial services provider's stock after selling 27,721 shares during the quarter. Mackenzie Financial Corp's holdings in OneMain were worth $721,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Alpine Bank Wealth Management purchased a new position in OneMain in the first quarter worth $27,000. GAMMA Investing LLC raised its position in OneMain by 191.9% in the first quarter. GAMMA Investing LLC now owns 1,007 shares of the financial services provider's stock worth $49,000 after acquiring an additional 662 shares in the last quarter. Fourth Dimension Wealth LLC purchased a new position in OneMain in the fourth quarter worth $57,000. Golden State Wealth Management LLC purchased a new position in OneMain in the first quarter worth $54,000. Finally, Farther Finance Advisors LLC raised its position in OneMain by 198.2% in the first quarter. Farther Finance Advisors LLC now owns 1,670 shares of the financial services provider's stock worth $82,000 after acquiring an additional 1,110 shares in the last quarter. 85.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Barclays raised their price target on OneMain from $48.00 to $56.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 8th. JMP Securities restated a "market outperform" rating and issued a $65.00 price target on shares of OneMain in a research report on Wednesday, April 30th. JPMorgan Chase & Co. raised their price target on OneMain from $50.00 to $63.00 and gave the company an "overweight" rating in a research report on Friday, July 11th. Finally, Wells Fargo & Company raised their price target on OneMain from $53.00 to $60.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 15th. Three equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $61.50.

OneMain Stock Performance

OneMain stock traded up $0.23 during midday trading on Friday, reaching $55.84. 472,357 shares of the company were exchanged, compared to its average volume of 1,124,198. The company has a market capitalization of $6.64 billion, a price-to-earnings ratio of 10.08, a P/E/G ratio of 0.43 and a beta of 1.29. The firm's 50-day simple moving average is $56.19 and its 200-day simple moving average is $52.43. OneMain Holdings, Inc. has a 1 year low of $38.00 and a 1 year high of $60.33.

OneMain (NYSE:OMF - Get Free Report) last issued its quarterly earnings results on Friday, July 25th. The financial services provider reported $1.45 earnings per share (EPS) 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 firm had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same period last year, the company earned $1.02 EPS. The firm's quarterly revenue was up 7.1% on a year-over-year basis. On average, analysts forecast that OneMain Holdings, Inc. will post 6.46 EPS for the current fiscal year.

OneMain Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 13th. Stockholders of record on Monday, August 4th will be paid a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 7.4%. The ex-dividend date of this dividend is Monday, August 4th. OneMain's payout ratio is currently 75.09%.

Insider Activity

In other news, CEO Douglas H. Shulman sold 35,000 shares of OneMain stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $59.47, for a total value of $2,081,450.00. Following the transaction, the chief executive officer directly owned 275,100 shares of the company's stock, valued at $16,360,197. The trade was a 11.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, COO Micah R. Conrad sold 5,000 shares of the firm's stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $52.21, for a total value of $261,050.00. Following the sale, the chief operating officer owned 108,007 shares in the company, valued at approximately $5,639,045.47. The trade was a 4.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 70,000 shares of company stock worth $3,976,390 over the last ninety days. Corporate insiders own 0.40% of the company's stock.

About OneMain

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.