Wells Fargo & Company Begins Coverage on OneMain (NYSE:OMF)

Key Points

• Wells Fargo & Company has assumed coverage of OneMain (NYSE:OMF), rating it as "equal weight" with a price target of $60.00.
• JPMorgan and Barclays have both raised their price targets for OneMain, with JPMorgan setting it at $63.00 and Barclays at $56.00. This reflects a general optimism among analysts, as the stock has a consensus rating of "Moderate Buy."
• OneMain reported a Q2 EPS of $1.45, exceeding expectations, with revenue of $1.20 billion, marking a 7.1% increase compared to the previous year.

Equities research analysts at Wells Fargo & Company assumed coverage on shares of OneMain (NYSE:OMF - Get Free Report) in a research report issued to clients and investors on Monday. The firm set an "equal weight" rating on the financial services provider's stock.

Other analysts have also recently issued research reports about the company. Barclays lifted their price objective on OneMain from $48.00 to $56.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 8th. JPMorgan Chase & Co. lifted their price target on shares of OneMain from $50.00 to $63.00 and gave the stock an "overweight" rating in a report on Friday, July 11th. Finally, JMP Securities reissued a "market outperform" rating and set a $65.00 price objective on shares of OneMain in a research note on Wednesday, April 30th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $61.50.

OneMain Stock Up 0.4%

Shares of OneMain stock traded up $0.27 during trading on Monday, hitting $61.42. 650,024 shares of the company were exchanged, compared to its average volume of 1,090,186. OneMain has a fifty-two week low of $38.00 and a fifty-two week high of $61.81. The firm has a 50 day moving average price of $57.57 and a 200 day moving average price of $52.56. The stock has a market capitalization of $7.30 billion, a price-to-earnings ratio of 11.09, a P/E/G ratio of 0.47 and a beta of 1.29.

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

Insider Buying and Selling

In other OneMain news, CEO Douglas H. Shulman sold 35,000 shares of the company's stock in a transaction dated 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 completion of the sale, the chief executive officer directly owned 275,100 shares in the company, valued at $16,360,197. This represents a 11.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Micah R. Conrad sold 4,000 shares of the business's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $58.02, for a total value of $232,080.00. Following the sale, the chief operating officer owned 101,007 shares of the company's stock, valued at $5,860,426.14. The trade was a 3.81% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 65,000 shares of company stock worth $3,715,340. 0.40% of the stock is currently owned by insiders.

Institutional Trading of OneMain

Several large investors have recently added to or reduced their stakes in the stock. Alpine Bank Wealth Management purchased a new position in OneMain in the first quarter valued at about $27,000. SVB Wealth LLC purchased a new stake in shares of OneMain during the 1st quarter valued at about $34,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in OneMain during the 1st quarter worth approximately $42,000. Headlands Technologies LLC purchased a new position in OneMain in the 1st quarter worth approximately $46,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its position in OneMain by 79.4% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 820 shares of the financial services provider's stock valued at $47,000 after acquiring an additional 363 shares in the last quarter. 85.82% of the stock is currently owned by institutional investors and hedge funds.

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.