Allspring Global Investments Holdings LLC Acquires 46,035 Shares of OneMain Holdings, Inc. $OMF

Allspring Global Investments Holdings LLC raised its holdings in OneMain Holdings, Inc. (NYSE:OMF) by 37.9% in the 2nd quarter, HoldingsChannel reports. The fund owned 167,612 shares of the financial services provider’s stock after acquiring an additional 46,035 shares during the period. Allspring Global Investments Holdings LLC’s holdings in OneMain were worth $9,758,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Alpine Bank Wealth Management acquired a new stake in OneMain in the first quarter valued at $27,000. SVB Wealth LLC acquired a new stake in shares of OneMain in the first quarter valued at about $34,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of OneMain during the first quarter worth about $42,000. Headlands Technologies LLC bought a new position in shares of OneMain during the first quarter worth about $46,000. Finally, GAMMA Investing LLC lifted its stake in shares of 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 during the period. Institutional investors own 85.82% of the company’s stock.

OneMain Trading Up 1.7%

NYSE:OMF opened at $54.19 on Friday. OneMain Holdings, Inc. has a 12 month low of $38.00 and a 12 month high of $63.24. The stock has a market capitalization of $6.44 billion, a price-to-earnings ratio of 9.78, a PEG ratio of 0.43 and a beta of 1.32. The firm has a fifty day simple moving average of $58.57 and a two-hundred day simple moving average of $54.42.

OneMain (NYSE:OMF) last released its quarterly earnings data 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 net margin of 12.63% and a return on equity of 20.65%. The company had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.19 billion. During the same quarter in the prior year, the firm earned $1.02 EPS. The business’s revenue was up 7.1% on a year-over-year basis. Equities analysts predict that OneMain Holdings, Inc. will post 6.46 earnings per share for the current fiscal year.

OneMain Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 13th. Stockholders of record on Monday, August 4th were issued a dividend of $1.04 per share. The ex-dividend date was Monday, August 4th. This represents a $4.16 annualized dividend and a dividend yield of 7.7%. OneMain’s payout ratio is currently 75.09%.

Insider Activity at OneMain

In other news, CEO Douglas H. Shulman sold 35,000 shares of the company’s stock in a transaction that occurred 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 transaction, the chief executive officer directly owned 275,100 shares of the company’s stock, valued at $16,360,197. This represents a 11.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.40% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on OMF. Barclays raised their price target on shares of OneMain from $48.00 to $56.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 8th. Wells Fargo & Company initiated coverage on shares of OneMain in a research note on Monday, August 25th. They set an “equal weight” rating for the company. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $57.00 price target (down previously from $63.00) on shares of OneMain in a research report on Tuesday, October 7th. Citigroup reiterated an “outperform” rating on shares of OneMain in a report on Monday, October 13th. Finally, JMP Securities dropped their price objective on OneMain from $65.00 to $63.00 and set a “market outperform” rating on the stock in a research note on Monday, October 13th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, OneMain has an average rating of “Moderate Buy” and an average target price of $60.50.

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.