The Swiss National Bank has reduced its stake in The Western Union Company (NYSE: WU) by 2.3% during the second quarter of 2023. According to the latest filing with the Securities and Exchange Commission (SEC), the bank now holds 639,700 shares after selling 14,800 shares during this period. The current value of its investment in Western Union stands at approximately $5,386,000, representing 0.20% of the company.
Other hedge funds have also adjusted their holdings in Western Union. Notably, Hantz Financial Services Inc. increased its position by an impressive 667.0% during the same quarter, owning 4,602 shares valued at around $39,000 after acquiring an additional 4,002 shares. Similarly, Farmers & Merchants Investments Inc. raised its stake by 2,225.8%, now holding 5,675 shares worth approximately $48,000 after purchasing 5,431 shares.
Moreover, CHICAGO TRUST Co NA and Annis Gardner Whiting Capital Advisors LLC have both entered new positions in Western Union valued at roughly $84,000 and $96,000, respectively. Additionally, Bayforest Capital Ltd acquired a new stake during the second quarter worth about $100,000. Collectively, hedge funds and institutional investors own 91.81% of the company’s stock.
Current Market Performance and Insider Activity
As of now, Western Union shares opened at $8.65. The company’s fifty-day moving average is $8.52, while the two-hundred-day moving average stands at $8.60. Over the past year, the stock has reached a low of $7.85 and a high of $11.94. The company’s market capitalization is $2.75 billion, with a price-to-earnings (P/E) ratio of 3.78 and a debt-to-equity ratio of 2.80.
In insider trading news, Giovanni Angelini, a company insider, purchased 10,000 shares on November 10, 2023, at an average price of $8.95 per share, totaling $89,500. Following this transaction, Angelini now owns 186,932 shares valued at approximately $1,673,041.40, marking a 5.65% increase in his ownership. This acquisition was disclosed in a document filed with the SEC.
Analyst Ratings and Future Outlook
Recent analyst reports indicate a mixed outlook for Western Union. On November 10, 2023, UBS Group raised its target price for the stock from $8.50 to $9.00 while maintaining a “neutral” rating. In contrast, Zacks Research upgraded Western Union from a “strong sell” to a “hold” rating on October 7, 2023.
Keefe, Bruyette & Woods revised their price objective downward from $10.00 to $9.00, assigning a “market perform” rating. Susquehanna, on the other hand, increased their price target from $9.00 to $10.00 while retaining a “neutral” rating. Citigroup also updated their rating to “hold” on October 23, 2023.
Overall, ten analysts currently rate Western Union as a hold, while four analysts have assigned a sell rating. According to MarketBeat.com, the consensus rating for the company is “reduce” with a price target of $8.70.
The Western Union Company specializes in money movement and payment services worldwide, operating through its Consumer Money Transfer and Consumer Services segments. The Consumer Money Transfer division facilitates both international and domestic money transfers, utilizing a network of retail agents as well as online platforms.
