State of Michigan Retirement System Trims Holdings in OneMain Holdings, Inc. (NYSE:OMF)

State of Michigan Retirement System cut its holdings in OneMain Holdings, Inc. (NYSE:OMF) by 6.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,135,000 shares of the financial services provider’s stock after selling 75,000 shares during the quarter. State of Michigan Retirement System’s holdings in OneMain were worth $57,987,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Blue Trust Inc. grew its position in OneMain by 49.9% during the 4th quarter. Blue Trust Inc. now owns 730 shares of the financial services provider’s stock valued at $36,000 after purchasing an additional 243 shares during the last quarter. Benjamin F. Edwards & Company Inc. purchased a new stake in OneMain during the 4th quarter valued at about $36,000. ZRC Wealth Management LLC purchased a new stake in OneMain during the 4th quarter valued at about $45,000. Edmond DE Rothschild Holding S.A. purchased a new stake in OneMain during the 4th quarter valued at about $47,000. Finally, Allworth Financial LP grew its position in OneMain by 25.4% during the 4th quarter. Allworth Financial LP now owns 1,339 shares of the financial services provider’s stock valued at $66,000 after purchasing an additional 271 shares during the last quarter. 85.82% of the stock is owned by hedge funds and other institutional investors.

OneMain Price Performance

Shares of NYSE:OMF traded up $0.65 during trading on Tuesday, hitting $48.92. The company’s stock had a trading volume of 560,424 shares, compared to its average volume of 970,952. OneMain Holdings, Inc. has a 12 month low of $35.00 and a 12 month high of $53.65. The firm has a market cap of $5.86 billion, a price-to-earnings ratio of 9.41, a P/E/G ratio of 0.72 and a beta of 1.58. The company has a 50-day moving average of $49.31 and a 200-day moving average of $48.53.

OneMain (NYSE:OMF) last released its earnings results on Tuesday, April 30th. The financial services provider reported $1.45 EPS for the quarter, topping analysts’ consensus estimates of $1.38 by $0.07. OneMain had a net margin of 13.29% and a return on equity of 20.78%. The company had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $907.93 million. During the same quarter last year, the business earned $1.46 EPS. As a group, research analysts anticipate that OneMain Holdings, Inc. will post 5.57 earnings per share for the current year.

OneMain Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 17th. Shareholders of record on Friday, May 10th were paid a dividend of $1.04 per share. This is a boost from OneMain’s previous quarterly dividend of $1.00. The ex-dividend date was Thursday, May 9th. This represents a $4.16 dividend on an annualized basis and a yield of 8.50%. OneMain’s dividend payout ratio (DPR) is presently 81.09%.

Insiders Place Their Bets

In other OneMain news, SVP Michael A. Hedlund sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $48.10, for a total transaction of $144,300.00. Following the sale, the senior vice president now owns 28,147 shares in the company, valued at approximately $1,353,870.70. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other OneMain news, CEO Douglas H. Shulman sold 19,000 shares of the stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $51.37, for a total transaction of $976,030.00. Following the completion of the sale, the chief executive officer now directly owns 451,300 shares of the company’s stock, valued at approximately $23,183,281. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Michael A. Hedlund sold 3,000 shares of the stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $48.10, for a total transaction of $144,300.00. Following the sale, the senior vice president now directly owns 28,147 shares of the company’s stock, valued at $1,353,870.70. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 29,500 shares of company stock worth $1,500,055. Company insiders own 0.45% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on OMF shares. JMP Securities cut their price objective on shares of OneMain from $62.00 to $59.00 and set a “market outperform” rating on the stock in a research report on Tuesday, June 4th. TD Cowen raised their price target on shares of OneMain from $58.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. JPMorgan Chase & Co. raised their price target on shares of OneMain from $51.00 to $52.00 and gave the company an “overweight” rating in a report on Wednesday, May 1st. BTIG Research began coverage on shares of OneMain in a report on Friday, June 7th. They set a “neutral” rating on the stock. Finally, Royal Bank of Canada raised their price target on shares of OneMain from $50.00 to $55.00 and gave the company an “outperform” rating in a report on Monday, April 1st. Five analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, OneMain currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.83.

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.