OneMain Holdings, Inc. $OMF Shares Purchased by Illinois Municipal Retirement Fund

Key Points

• Illinois Municipal Retirement Fund increased its OneMain Holdings stake by 37.6% in the first quarter, buying an additional 28,536 shares and bringing its total to 104,527 shares worth about $5.6 million.
• OneMain reported better-than-expected Q1 earnings of $1.95 per share on revenue of $1.58 billion, topping analyst estimates and posting 6.7% year-over-year revenue growth.
• The company also pays a high dividend yield: its quarterly payout of $1.05 per share annualizes to $4.20, or a 7.0% yield, while Wall Street currently has a consensus Moderate Buy rating with an average target price of $67.80.

Illinois Municipal Retirement Fund boosted its position in OneMain Holdings, Inc. (NYSE:OMF - Free Report) by 37.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 104,527 shares of the financial services provider's stock after buying an additional 28,536 shares during the period. Illinois Municipal Retirement Fund owned approximately 0.09% of OneMain worth $5,591,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Sanctuary Advisors LLC lifted its stake in OneMain by 10.4% during the 1st quarter. Sanctuary Advisors LLC now owns 10,778 shares of the financial services provider's stock valued at $576,000 after acquiring an additional 1,019 shares during the period. Hillsdale Investment Management Inc. increased its stake in shares of OneMain by 37.2% in the first quarter. Hillsdale Investment Management Inc. now owns 1,180 shares of the financial services provider's stock worth $63,000 after acquiring an additional 320 shares during the period. Chicago Partners Investment Group LLC raised its holdings in shares of OneMain by 141.6% during the first quarter. Chicago Partners Investment Group LLC now owns 11,353 shares of the financial services provider's stock worth $607,000 after purchasing an additional 6,653 shares during the last quarter. Arbejdsmarkedets Tillaegspension raised its holdings in shares of OneMain by 31.9% during the first quarter. Arbejdsmarkedets Tillaegspension now owns 475,715 shares of the financial services provider's stock worth $25,446,000 after purchasing an additional 114,943 shares during the last quarter. Finally, Diversify Wealth Management LLC acquired a new position in OneMain during the first quarter valued at $428,000. Institutional investors and hedge funds own 85.82% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on OMF. Wells Fargo & Company lowered their price target on shares of OneMain from $70.00 to $65.00 and set an "equal weight" rating on the stock in a report on Thursday, April 9th. Truist Financial reduced their price objective on OneMain from $73.00 to $70.00 and set a "buy" rating for the company in a research note on Thursday, July 2nd. Weiss Ratings reissued a "buy (b-)" rating on shares of OneMain in a report on Tuesday, July 7th. Royal Bank Of Canada lowered their target price on OneMain from $73.00 to $70.00 and set an "outperform" rating on the stock in a research note on Monday, May 4th. Finally, JPMorgan Chase & Co. dropped their target price on OneMain from $63.00 to $55.00 and set an "underweight" rating on the stock in a report on Thursday, April 9th. Eight 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's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $67.80.

OneMain Price Performance

Shares of NYSE:OMF opened at $60.30 on Friday. OneMain Holdings, Inc. has a 1 year low of $45.78 and a 1 year high of $71.93. The firm has a market capitalization of $6.97 billion, a PE ratio of 8.97, a P/E/G ratio of 0.46 and a beta of 1.22. The business's 50 day moving average price is $56.79 and its 200-day moving average price is $58.28.

OneMain (NYSE:OMF - Get Free Report) last released its earnings results on Friday, May 1st. The financial services provider reported $1.95 earnings per share for the quarter, topping analysts' consensus estimates of $1.86 by $0.09. OneMain had a net margin of 14.38% and a return on equity of 24.24%. The business had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same period last year, the company posted $1.72 EPS. The business's revenue was up 6.7% on a year-over-year basis. As a group, analysts expect that OneMain Holdings, Inc. will post 7.19 earnings per share for the current year.

OneMain Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Monday, May 11th were issued a dividend of $1.05 per share. The ex-dividend date was Monday, May 11th. This represents a $4.20 dividend on an annualized basis and a dividend yield of 7.0%. OneMain's dividend payout ratio is currently 62.50%.

Insiders Place Their Bets

In other OneMain news, SVP Michael A. Hedlund sold 1,848 shares of OneMain stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $62.00, for a total transaction of $114,576.00. Following the completion of the sale, the senior vice president directly owned 13,127 shares in the company, valued at $813,874. This trade represents a 12.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing 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 on Monday, June 29th. The shares were sold at an average price of $62.00, for a total value of $310,000.00. Following the completion of the sale, the chief operating officer directly owned 96,250 shares of the company's stock, valued at $5,967,500. The trade was 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. Corporate insiders own 0.29% of the company's stock.

OneMain Profile

OneMain Financial NYSE: OMF is a leading consumer finance company specializing in unsecured personal loans for middle-income customers. The company offers tailored loan products designed to address a variety of needs, including debt consolidation, home improvement financing, large purchases and emergency expenses. Through a combination of branch-based service and digital channels, OneMain aims to deliver a personalized borrowing experience with flexible repayment options and transparent terms.

Tracing its roots back to the Commercial Credit Company founded in 1912, OneMain has evolved through a series of mergers and corporate transformations.

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