Western Union Company (WU) said on Tuesday that it had finalized the relocation of its global headquarters from Englewood to a new, highly-visible location in Denver, Colorado. The company also revealed plans to make a long-term investment of over $300 million to the local community over the upcoming ten years.
Western Union shares closed lower for a second consecutive trading session in New York on Tuesday. It has also been the steepest daily loss since October 10th. The stock went down 1.92% ($0.36) to $18.36, after touching an intraday low at $18.23, or a price level not seen since November 21st ($18.05).
Shares of Western Union Company have retreated 3.42% so far in 2018 compared with a 0.99% gain for the benchmark index, S&P 500 (SPX).
In 2017, Western Unions stock went down 12.48%, thus, it again underperformed the S&P 500, which registered a 19.42% return.
“As the centerpiece of our worldwide operations, our new headquarters reflects the company’s ongoing transformation, with a state-of-the-art workspace that promotes collaboration, innovation and sustainability,” Hikmet Ersek, Western Unions President and Chief Executive Officer, said in a statement.
“The move to this dynamic city marks another milestone in the significant, long-term commitment we made one year ago, to reinvest in community and people, further strengthening our roots in Denver,” Ersek added.
The combined space equals almost 350 000 square feet, allowing workspaces for over 1 300 Western Union employees located in Denver. The facilities are to offer upgraded features ranging from advanced conferencing and communication technology, ergonomically designed furniture and innovation labs, to digitally-enabled, self-checkout micro markets, Western Union Co said.
According to CNN Money, the 18 analysts, offering 12-month forecasts regarding Western Union’s stock price, have a median target of $20.00, with a high estimate of $24.00 and a low estimate of $16.50. The median estimate represents an 8.93% upside compared to the closing price of $18.36 on December 4th.
The same media also reported that 11 out of 22 surveyed investment analysts had rated Western Union’s stock as “Hold”, while 6 – as “Sell”. On the other hand, 2 analysts had recommended buying the stock.
Weekly Pivot Levels
By using the traditional method of calculation, the weekly levels of importance for Western Union Company (WU) are presented as follows:
Central Pivot Point – $18.72
R1 – $19.00
R2 – $19.28
R3 – $19.56
R4 – $19.85
S1 – $18.44
S2 – $18.16
S3 – $17.88
S4 – $17.61