Verition Fund Management LLC Sells 2,597 Shares of The Western Union Company (NYSE:WU)
Verition Fund Management LLC reduced its stake in shares of The Western Union Company (NYSE:WU) by 21.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,379 shares of the credit services provider’s stock after selling 2,597 shares during the quarter. Verition Fund Management LLC’s holdings in The Western Union were worth $203,000 at the end of the most recent quarter.
Other institutional investors also recently modified their holdings of the company. Sandy Spring Bank acquired a new stake in The Western Union in the second quarter worth about $40,000. Financial Management Professionals Inc. acquired a new position in The Western Union in the second quarter valued at approximately $57,000. CSat Investment Advisory L.P. boosted its stake in The Western Union by 20.4% in the second quarter. CSat Investment Advisory L.P. now owns 2,940 shares of the credit services provider’s stock valued at $64,000 after acquiring an additional 499 shares during the last quarter. Belpointe Asset Management LLC acquired a new stake in The Western Union during the 2nd quarter worth $119,000. Finally, Rampart Investment Management Company LLC raised its position in shares of The Western Union by 92.8% during the 2nd quarter. Rampart Investment Management Company LLC now owns 6,634 shares of the credit services provider’s stock valued at $143,000 after acquiring an additional 3,193 shares during the last quarter.
Several equities analysts have weighed in on the company. lowered The Western Union from a “buy” rating to a “neutral” rating in a research note on Wednesday, June 10th. Northland Securities raised shares of The Western Union from a “market perform” rating to an “outperform” rating and upped their target price for the company from $15.00 to $26.00 in a research note on Wednesday, July 1st. Citigroup lifted their price target on shares of The Western Union from $18.00 to $21.00 and gave the stock a “sell” rating in a research report on Thursday, August 6th. Bank of America upgraded shares of The Western Union from a “neutral” rating to a “buy” rating and set a $26.00 price objective for the company in a research report on Tuesday. Finally, BTIG Research reiterated a “buy” rating and set a $28.00 target price on shares of The Western Union in a report on Tuesday, August 4th. Seven investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $23.16.
The Western Union (NYSE:WU) last posted its earnings results on Tuesday, August 4th. The credit services provider reported $0.41 EPS for the quarter, beating the consensus estimate of $0.35 by $0.06. The firm had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.08 billion. The Western Union had a negative return on equity of 1,029.12% and a net margin of 12.38%. The business’s quarterly revenue was down 16.8% on a year-over-year basis. During the same period last year, the company earned $0.45 earnings per share. On average, sell-side analysts anticipate that The Western Union Company will post 1.79 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be given a $0.225 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.90 annualized dividend and a yield of 4.01%. The Western Union’s dividend payout ratio is presently 52.02%.
The Western Union Profile
The Western Union Company provides money movement and payment services worldwide. The company operates in two segments, Consumer-to-Consumer and Business Solutions. The Consumer-to-Consumer segment facilitates money transfers between two consumers, primarily through a network of third-party agents. This segment offers international cross-border transfers and intra-country transfers, as well as money transfer transactions through Websites and mobile devices.
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