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Yahoo BusinessOct 27, 2020
OneMain Raises Dividend By 36% After EPS Beat Street Estimates
OneMain Holdings raised its quarterly dividend by 36% to $0.45 per share after the financial services company's 3Q profit exceeded analysts' estimates. The dividend will be paid on Nov. 17 to shareholders on record as of Nov. 9. OneMain shares are up 1.5% in the pre-market session on Tuesday.OneMain's (OMF) 3Q EPS increased 2.2% year-on-year to $1.86 and came ahead of the Street consensus of $1.22. However, 3Q revenues fell 4.3% year-on-year to $935 million, missing analysts' expectations by $3.42 million.OneMain said that its Consumer and Insurance (C&I) segment's adjusted earnings rose to $2.19 per share in 3Q, up from the $1.77 per share in the prior-year quarter. Moreover, the C&I's provision for finance receivable losses of $232 million in 3Q declined from the year-ago quarter of $277 million, primarily due to the impact of lower delinquencies in the portfolio.OneMain's CEO Doug Shulman said that "Our third quarter financial results reflected continued strength across the core drivers of our business, as well as our focused efforts to support customers during this period of uncertainty." He added that "Advanced data and analytics are driving our sophisticated underwriting and continued innovation, enabling OneMain to continue to enhance and strategically evolve our business while driving strong returns for all stakeholders." (See OMF stock analysis on TipRanks).Following the results, Northland Securities analyst Michael Grondahl maintained a Buy rating and a price target of $40 (6.6% upside
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