Barclays Increases Moneygram International (NASDAQ:MGI) Price Target to $3.50

Moneygram International (NASDAQ:MGI) had its price objective increased by Barclays from $2.00 to $3.50 in a research note published on Monday, BenzingaRatingsTable reports. Barclays currently has an underweight rating on the financial services provider’s stock.

MGI has been the subject of several other research reports. Zacks Investment Research downgraded shares of Moneygram International from a strong-buy rating to a hold rating and set a $3.50 price target for the company. in a research note on Thursday, August 8th. ValuEngine downgraded shares of Moneygram International from a buy rating to a hold rating in a research note on Wednesday, September 4th. Finally, Northland Securities reaffirmed a buy rating and set a $7.00 price target on shares of Moneygram International in a research note on Thursday, September 5th. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company’s stock. Moneygram International has a consensus rating of Hold and a consensus target price of $4.67.

Moneygram International stock opened at $5.88 on Monday. The company has a 50 day moving average price of $3.57 and a 200-day moving average price of $2.58. Moneygram International has a fifty-two week low of $1.33 and a fifty-two week high of $6.70. The company has a market capitalization of $379.13 million, a PE ratio of 13.67 and a beta of 2.74.

Moneygram International (NASDAQ:MGI) last posted its quarterly earnings results on Thursday, August 1st. The financial services provider reported $0.12 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.04 by $0.08. Moneygram International had a negative net margin of 5.56% and a negative return on equity of 3.29%. The firm had revenue of $323.80 million during the quarter, compared to the consensus estimate of $342.31 million. As a group, research analysts expect that Moneygram International will post 0.09 earnings per share for the current year.

Institutional investors have recently bought and sold shares of the company. Marshall Wace North America L.P. bought a new stake in shares of Moneygram International during the second quarter valued at approximately $51,000. Skandinaviska Enskilda Banken AB publ bought a new position in Moneygram International in the second quarter worth approximately $54,000. Centaurus Financial Inc. bought a new position in Moneygram International in the second quarter worth approximately $123,000. Paloma Partners Management Co bought a new position in Moneygram International in the second quarter worth approximately $188,000. Finally, Hennessy Advisors Inc. bought a new position in Moneygram International in the second quarter worth approximately $222,000. 62.26% of the stock is owned by hedge funds and other institutional investors.

About Moneygram International

MoneyGram International, Inc, together with its subsidiaries, provides money transfer services in the United States and internationally. The company operates through two segments, Global Funds Transfer and Financial Paper Products. The Global Funds Transfer segment offers money transfer services and bill payment services primarily to unbanked and underbanked consumers.

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