|Over a month ago|
OneMain Holdings management to meet virtually with Stephens » 08:2605/2105/21/20
Virtual Meetings to be…
Virtual Meetings to be held May 20-21 hosted by Stephens.
Stephens financial services analysts hold an analyst/industry conference call » 11:0205/1105/11/20
OMF, AAN, RCII, CURO, RM, WRLD, FCFS, ENVA
Financial Services Analyst, along with a subprime consumer lending expert, provide an update on the industry for April on an Analyst/Industry conference call to be held on May 11 at 12 pm.
OneMain Holdings price target lowered to $40 from $55 at Wedbush » 08:4405/0405/04/20
Wedbush analyst Henry…
Wedbush analyst Henry Coffey lowered the firm's price target on OneMain Holdings to $40 from $55 and keeps an Outperform rating on the shares. The analyst is also lowering our EPS estimates to factor in the likely slower loan originations over the next 12 months, lower yields from a focus in secured lending, and the higher provision expense tied to CECL-related reserve requirements.
OneMain expects to remain profitable even in a severe recession 06:3604/2804/28/20
OneMain Holdings suspends share repurchases, maintaining regular dividend » 06:3504/2804/28/20
OneMain says in slides…
OneMain says in slides being presented on its Q1 earnings conference call that delinquency has decreased in April due to enhanced borrower assistance and increased cash payments. Sees FY20 operating expense flat to lower than FY19. OneMain says it has enough cash to maintain operations and satisfy upcoming maturities until the end of 2021 under numerous stress scenarios.
OneMain Holdings reports Q1 EPS 24c, may not compare to consensus 98c » 16:3104/2704/27/20
C&I generated adjusted pretax income of $60 million and adjusted net income of $45 million for the first quarter of 2020, compared to $246 million and $187 million, respectively, in the prior year quarter. Adjusted earnings per diluted share were $0.33 for the first quarter of 2020, compared to $1.37 in the prior year quarter. Management runs the business based on C&I adjusted net income excluding loan loss reserves net of tax, which was $221 million for the first quarter 2020 and represented a 22% increase versus the prior year period. Management believes this reflects the capital generation of the business. Originations totaled $2.6 billion in the first quarter of 2020, consistent with the prior year quarter. The percentage of secured originations was 53% in the first quarter of 2020, down from 56% in the prior year quarter. Ending net finance receivables reached $18.3 billion at March 31, 2020, up 13% from $16.2 billion in the prior year quarter. Secured receivables represented $1.6 billion of the increase in ending net finance receivables from the prior year and were 52% of ending net finance receivables at March 31, 2020, up from 49% in the prior year quarter. Average net finance receivables were $18.4 billion in the first quarter of 2020, up 14% from $16.2 billion in the prior year quarter. Yield was 24.07% in the first quarter of 2020, up from 23.92% in the prior year quarter, generally reflecting continued stability in origination APR. Interest income in the first quarter of 2020 was $1.1 billion, up from $954 million in the prior year quarter, reflecting higher average receivables. The provision for finance receivable losses was $530 million in the first quarter of 2020, up from $276 million in the prior year quarter, primarily as a result of the impact of COVID-19 on our macroeconomic outlook. The 30-89 day delinquency ratio was 2.26% at March 31, 2020, down from 2.47% at December 31, 2019 and up from 1.94% at March 31, 2019. The 90+ day delinquency ratio was 2.16% at March 31, 2020, up from 2.11% at December 31, 2019 and up from 2.08% at March 31, 2019. The net charge-off ratio was 6.46% in the first quarter of 2020, up from 5.71% in the fourth quarter of 2019 and down from 7.11% in the prior year quarter.
Notable companies reporting after market close » 13:1504/2704/27/20
KDP, PPG, UHS, FFIV, OMF
Notable companies reporting after the market close, with earnings consensus, include Keurig Dr Pepper (KDP), consensus 27c...PPG Industries (PPG), consensus $1.18... Universal Health Services (UHS), consensus $2.55... F5 Networks (FFIV), consensus $1.95... OneMain (OMF), consensus 98c.
OneMain Holdings price target lowered to $36 from $59 at Credit Suisse » 07:4404/2004/20/20
Credit Suisse analyst…
Credit Suisse analyst Moshe Orenbuch lowered the firm's price target on OneMain Holdings to $36 from $59 ahead of quarterly results, while keeping an Outperform rating on the shares. The analyst believes the company will post significantly below current consensus earnings in Q1 given the impact of the COVID-19 economic environment and CECL accounting, as a significant portion of the consensus does not yet include these provisions. His current forecast includes a short recession throughout Q2 and Q3 with recovery starting in Q4. Nonetheless, the company should still be profitable over the first half of 2020, Orenbuch adds.
|Over a quarter ago|
OneMain offers reduced, deferred payment options for certain customers » 16:3504/0604/06/20
OneMain Financial announced a number of measures to support its customers and communities suffering from the effects of the COVID-19 pandemic. These measures include payment relief options to borrowers, donating $1 million to organizations supporting health care providers and food banks, and providing free K-12 educational tools for families whose children are home while schools are closed. Among the measures announced by the company: Offering reduced and deferred payment options for customers negatively impacted by COVID-19; Waiving late fees for payments due March 15 through April 30; Suspending credit bureau reporting for newly delinquent accounts in March and April; Contributing $500,000 each to the CDC Foundation Emergency Response Fund, which supports needs identified by the CDC in responding to the public health threat posed by the coronavirus; and, the FeedingAmerica COVID-19 Respond Fund, which supports food banks across the country, and; Providing free interactive education starting next week on the OneMain website for K-12 students. These free courses help kids get a head start on building financial knowledge while schools are closed through a range of content from budgeting and saving to entrepreneurship and business skills.
Stephens automotive analysts to hold an analyst/industry conference call » 12:2503/2703/27/20
ABG, AN, GPI, LAD, PAG, SAH, KMX, CVNA, ALLY, SC, CRMT, CACC, OMF
Automotive Analysts, along with Jim Press, President of RML Automotive a Dallas-based automotive dealership group, discusses the current operating environment and outlook for car dealerships and the automotive sector on an Analyst/Industry conference call to be held on March 27 at 1 pm.