JP Morgan Downgrades Moneygram International Inc to Neutral

Brokerage firm JP Morgan Downgrades its rating on Moneygram International Inc(NASDAQ:MGI). The shares have been rated Neutral. Previously, the analysts had a Overweight rating on the shares. The rating by JP Morgan was issued on Jul 12, 2016.

Moneygram International Inc (MGI) made into the market gainers list on Fridays trading session with the shares advancing 0.28% or 0.02 points. Due to strong positive momentum, the stock ended at $7.08, which is also near the day’s high of $7.18. The stock began the session at $7.12 and the volume stood at 95,701 shares. The 52-week high of the shares is $10.92 and the 52 week low is $4.68. The company has a current market capitalization of $381 M and it has 5,37,71,809 shares in outstanding.

Moneygram International Inc(MGI) last announced its earnings results on Apr 29, 2016 for Fiscal Year 2016 and Q1.Company reported revenue of $358.40M. Analysts had an estimated revenue of $355.44M. Earnings per share were $0.17. Analysts had estimated an EPS of $0.17.

Several Insider Transactions has been reported to the SEC. On May 19, 2016, W Bruce Turner (director) purchased 5,944 shares at $5.89 per share price.Also, On May 10, 2016, Michael P Rafferty (director) purchased 1,000 shares at $5.90 per share price.On Mar 11, 2016, Peggy Vaughan (director) purchased 8,284 shares at $6.04 per share price, according to the Form-4 filing with the securities and exchange commission.

MoneyGram International Inc. (MoneyGram) is a money transfer and payment services company. The Company operates through two business segments: Global Funds Transfer and Financial Paper Products. The Company’s Global Funds Transfer segment offers money transfer services and bill payment services primarily to unbanked and underbanked consumers. It utilizes point-of-sale platforms including AgentConnect DeltaWorks Delta T3 and MoneyGram Online. The bill payment service includes ExpressPayment service. The Company offers its services under the MoneyGram brand. The Company’s Financial Paper Products segment offers money orders to consumers through its retail agents and financial institutions located across the United States and Puerto Rico and provide official check outsourcing services for financial institutions across the United States.

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