Logan Capital Management Inc., an institutional investor, has revealed that it has increased its stake in OneMain Holdings, Inc. (NYSE:OMF) by 7.9% during the first quarter of this year. This information was recently disclosed in the company’s latest Form 13F filing with the Securities and Exchange Commission (SEC). As a result of this transaction, Logan Capital Management now owns 148,406 shares of OneMain stock, having acquired an additional 10,854 shares during this period. The total value of these shares is estimated to be approximately $5,503,000 at the end of the most recent quarter.
OneMain Holdings is a financial services provider that offers numerous services such as personal loans and insurance to consumers across the United States. As an institutional investor, Logan Capital Management’s decision to increase its stake in OneMain reflects a growing confidence in the company’s potential for growth and stability within the financial sector.
Additionally, shareholders of record on Monday, August 7th received a quarterly dividend payment from OneMain Holdings on Friday, August 11th. The dividend amounted to $1.00 per share. It is important to note that only those who were classified as shareholders before Friday, August 4th were entitled to receive this dividend. The annualized dividend rate stands at $4.00 with a dividend yield of 10.06%.
Despite concerns regarding OneMain’s high dividend payout ratio (DPR), which currently sits at 75.05%, market experts suggest that its solid track record and consistent performance make it an attractive investment opportunity for individual and institutional investors alike.
In conclusion, Logan Capital Management’s decision to increase its stake in OneMain Holdings indicates a positive outlook on the prospects of the financial services provider. Shareholders’ recent dividends affirm their confidence in the company’s ability to generate returns for investors over time. As always with investments, it is advisable for potential shareholders to conduct a detailed analysis of the company’s financial statements and outlook before making any investment decisions.
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Institutional Investors and Research Firms Show Interest in OneMain Holdings as Stock Sees Potential for Long-Term Growth
[stock_market_widget type=”chart” template=”basic” color=”#3946CE” assets=”TRP” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” api=”yf”]OneMain Holdings, Inc. (NYSE: OMF) has caught the attention of several institutional investors and hedge funds as they buy and sell shares of the stock. Denali Advisors LLC, for example, recently raised its holdings in OneMain by a staggering 103.2% during the fourth quarter. This move saw Denali Advisors LLC acquire an additional 383 shares, now owning a total of 754 shares valued at $25,000.
Similarly, Atlas Capital Advisors LLC purchased a new stake in OneMain during the second quarter worth approximately $29,000. Geneos Wealth Management Inc. also saw an increase in their holdings by 129.0% during the first quarter, acquiring an additional 400 shares and bringing their total ownership to 710 shares valued at $33,000.
Worth Asset Management LLC took an even bolder step by raising its holdings in OneMain by a significant 402.5% during the first quarter. They acquired an extra 805 shares, resulting in a total of 1,005 shares valued at $37,000. Ronald Blue Trust Inc., not one to be left behind, raised its holdings by an astonishingly high percentage of 213.0% during the first quarter as well. They added 1,282 shares to their portfolio and now own a grand total of 1,884 shares valued at $62,000.
What is intriguing about these moves is that they are representative of a growing trend among investors resorting to hedge funds and institutional investment strategies for building or diversifying their portfolios with long-term growth prospects.
In fact, it is estimated that currently around 79.70% of OneMain’s stock is owned by these types of investors indicating strong potential for continued support from this group.
Apart from institutional players making strategic moves on OneMain’s stocks, research firms have also voiced their opinions on the company’s performance and future prospects.
Royal Bank of Canada, for example, recently raised the price target of OneMain from $50.00 to $55.00 and gave the company an “outperform” rating. Similarly, Bank of America initiated coverage on OneMain and assigned it a “buy” rating alongside a target price of $49.00.
Stephens, another reputable firm, reaffirmed an “overweight” rating on OneMain and set a higher target price of $60.00 on shares. StockNews.com also initiated coverage with a “buy” rating attached to the stock.
However, not all research firms have been as optimistic about OneMain’s prospects. JMP Securities actually lowered their target price from $55.00 to $53.00 in a recent report.
Nevertheless, despite differing opinions among analysts, the general consensus rating for OneMain is currently labeled as “Moderate Buy” according to data from Bloomberg.com. Additionally, the average target price stands at $50.31.
On September 10, 2023, shares of OneMain opened at $39.78 on the New York Stock Exchange (NYSE). The company’s performance indicators reveal that its 50-day moving average is $43.49 while its two-hundred day moving average is slightly lower at $40.50.
The stock has experienced fluctuating trends over the past year with a low of $28.77 and a high of $48.64.
Taking into account its market capitalization standing at approximately $4.79 billion and its attractive Price-to-Earnings (P/E) ratio of 7.46 along with a PEG ratio standing at 1.24, it appears that investors have chosen OMF as an attractive investment option in the financial services sector.
OneMain last released its quarterly earnings data on July 26th revealing that they had reported earnings per share of $1.01 for the quarter, missing out on the consensus estimate of $1.24 by $0.23. Despite this slight miss, OneMain had impressive return on equity at 22.23% and a commendable net margin of 14.60%.
The company also reported revenue of $1.12 billion for the quarter, exceeding the consensus estimate of $883.84 million.
Looking ahead, equities research analysts anticipate that OneMain will continue to flourish with a projected earnings per share of 5.61 for the current fiscal year.
In conclusion, while OneMain continues to attract institutional investors and hedge funds with its potential for long-term growth, it has also garnered positive ratings from various research firms alongside an optimistic average target price. As investors speculate on its future performance amidst market volatility, it remains important to pay close attention to its quarterly reports and subsequent financial statements to accurately gauge its trajectory in the industry moving forward.
