OneMain branch traffic hit record low in June, say Wells Fargo

Wells Fargo says the firm’s proprietary foot traffic tracker analyzing a sample of OneMain branches reveals a “substantial” 13.5% month-over-month drop in June. The slide has resulted in the lowest absolute level foot traffic in June since at least 2017, which it as far back as Wells’ data goes, the analyst tells investors in a research note. The firm says it hasn’t yet seen an inflection in branch foot traffic at OneMain. It thinks the company is maintaining a cautious underwriting stance and that its marketing mailings are low. Wells keeps an Equal Weight rating on OneMain with a $53 price target.