OneMain Loan Delinquencies Fall in September, RBC Says

MT Newswires Live10-16

OneMain's (OMF) early-stage loan delinquencies performed better than historical trends in September, RBC said in a note Wednesday following an analysis of its asset-backed securities trust data.

The share of loans 30 to 89 days behind on payments in the company's active, seasoned ABS trusts fell 13 basis points from August on average, versus a pre-pandemic seasonal average increase of 7 basis points, according to the note.

The average delinquency rate stood at 2.42% for the month, compared with 2.44% in August and 2.67% a year earlier, the note added.

The report said the data trends point to the direction, though not the magnitude, of 30-89 day delinquencies for OMF as a whole.

RBC kept its outperform rating and a $73 price target.

Price: 55.34, Change: +0.70, Percent Change: +1.28

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