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Western Union (WU) Expands Service Availability to Cuba
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The Western Union Company (WU - Free Report) recently disclosed an expansion of the pilot program, unveiled in January 2023, meant to resume money transfer services from the United States to Cuba.
The initial test phase of the program extended the outbound money transfer capability to a specific group of U.S. retail locations situated in the Greater Miami area. The money could be received by Cuba inhabitants from three of the country’s government-operated banks – Banco Popular de Ahorro, Banco Metropolitano S.A. and Banco de Credito y Comercio.
Earlier restricted to a limited group, over 4,400 retail locations throughout the United States and Puerto Rico are now equipped to send remittances to Cuba with the latest program expansion. However, only consumer money transfers can be conducted between the United States and Cuba for the time being.
Also, the latest announcement kept the maximum remittance that a U.S. customer can transfer to Cuba by furnishing valid government-issued identification unaltered at $2,000 per transaction.
Through WesternUnion.com or the Western Union mobile app, U.S. customers are now empowered to send money digitally to Cuba. This lucrative opportunity of digital money transfer comes as a benefit of the significant program expansion. Consequent to such a promising expansion, WU holds plans to further bolster the program reach in 2023.
Western Union seems prudent in resorting to reactivation of services to Cuba since discontinuation of money transfer services might reduce the consideration that WU receives from customers for transferring money. Money transfer revenues account for a significant chunk of WU’s top line.
The recent announcement serves a dual purpose of easing Cuba’s families to receive economic support in form of remittances through one of the world’s leading money movement companies and provide some respite to WU’s revenues in the days ahead.
A solid cross-border money transfer platform built on the back of several partnerships and significant investments enables Western Union in bringing about seamless money movement to and from any corner of the world.
The platform reaches more than 200 countries and territories, further reinstating the belief that individuals from all across the globe put on Western Union while engaging in remittances. Despite being in possession of a credible money transfer platform, WU leaves no stone unturned to collaborate with retail chains or financial service providers with an aim to further fortify its worldwide network.
Shares of Western Union have lost 26.8% in a year against the industry’s 8.1% growth. WU currently carries a Zacks Rank #3 (Hold).
The bottom line of SPS Commerce outpaced the Zacks Consensus Estimate in each of the last four quarters, the average beat being 16.30%. The Zacks Consensus Estimate for SPSC’s 2023 earnings and revenues suggest improvement of 13.2% and 16.5%, respectively, from the year-ago reported figure.
The Zacks Consensus Estimate for SPSC’s 2023 earnings has moved 9.9% north in the past 30 days. Shares of the company have gained 21.8% in a year.
The Hackett Group’s earnings outpaced the Zacks Consensus Estimate in each of the trailing four quarters, the average being 10.53%. The Zacks Consensus Estimate for HCKT’s 2023 earnings suggests an improvement of 10% from the year-ago reported figure.
The Zacks Consensus Estimate for HCKT’s 2023 earnings has moved 0.6% north in the past 30 days. Shares of the company have lost 6.5% in a year.
The bottom line of Exponent outpaced the Zacks Consensus Estimate in each of the last four quarters, the average surprise being 9.62%. The Zacks Consensus Estimate for EXPO’s 2023 earnings and revenues suggest improvement of 6.1% and 10.1%, respectively, from the year-ago reported figure.
The Zacks Consensus Estimate for EXPO’s 2023 earnings has moved 1% north in the past 30 days. Shares of the company have gained 10.1% in a year.
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Western Union (WU) Expands Service Availability to Cuba
The Western Union Company (WU - Free Report) recently disclosed an expansion of the pilot program, unveiled in January 2023, meant to resume money transfer services from the United States to Cuba.
The initial test phase of the program extended the outbound money transfer capability to a specific group of U.S. retail locations situated in the Greater Miami area. The money could be received by Cuba inhabitants from three of the country’s government-operated banks – Banco Popular de Ahorro, Banco Metropolitano S.A. and Banco de Credito y Comercio.
Earlier restricted to a limited group, over 4,400 retail locations throughout the United States and Puerto Rico are now equipped to send remittances to Cuba with the latest program expansion. However, only consumer money transfers can be conducted between the United States and Cuba for the time being.
Also, the latest announcement kept the maximum remittance that a U.S. customer can transfer to Cuba by furnishing valid government-issued identification unaltered at $2,000 per transaction.
Through WesternUnion.com or the Western Union mobile app, U.S. customers are now empowered to send money digitally to Cuba. This lucrative opportunity of digital money transfer comes as a benefit of the significant program expansion. Consequent to such a promising expansion, WU holds plans to further bolster the program reach in 2023.
Western Union seems prudent in resorting to reactivation of services to Cuba since discontinuation of money transfer services might reduce the consideration that WU receives from customers for transferring money. Money transfer revenues account for a significant chunk of WU’s top line.
The recent announcement serves a dual purpose of easing Cuba’s families to receive economic support in form of remittances through one of the world’s leading money movement companies and provide some respite to WU’s revenues in the days ahead.
A solid cross-border money transfer platform built on the back of several partnerships and significant investments enables Western Union in bringing about seamless money movement to and from any corner of the world.
The platform reaches more than 200 countries and territories, further reinstating the belief that individuals from all across the globe put on Western Union while engaging in remittances. Despite being in possession of a credible money transfer platform, WU leaves no stone unturned to collaborate with retail chains or financial service providers with an aim to further fortify its worldwide network.
Shares of Western Union have lost 26.8% in a year against the industry’s 8.1% growth. WU currently carries a Zacks Rank #3 (Hold).
Image Source: Zacks Investment Research
Stocks to Consider
Some better-ranked stocks in the Business Services space are SPS Commerce, Inc. (SPSC - Free Report) , The Hackett Group, Inc. (HCKT - Free Report) and Exponent, Inc. (EXPO - Free Report) . While SPS Commerce sports a Zacks Rank #1 (Strong Buy), The Hackett Group and Exponent carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The bottom line of SPS Commerce outpaced the Zacks Consensus Estimate in each of the last four quarters, the average beat being 16.30%. The Zacks Consensus Estimate for SPSC’s 2023 earnings and revenues suggest improvement of 13.2% and 16.5%, respectively, from the year-ago reported figure.
The Zacks Consensus Estimate for SPSC’s 2023 earnings has moved 9.9% north in the past 30 days. Shares of the company have gained 21.8% in a year.
The Hackett Group’s earnings outpaced the Zacks Consensus Estimate in each of the trailing four quarters, the average being 10.53%. The Zacks Consensus Estimate for HCKT’s 2023 earnings suggests an improvement of 10% from the year-ago reported figure.
The Zacks Consensus Estimate for HCKT’s 2023 earnings has moved 0.6% north in the past 30 days. Shares of the company have lost 6.5% in a year.
The bottom line of Exponent outpaced the Zacks Consensus Estimate in each of the last four quarters, the average surprise being 9.62%. The Zacks Consensus Estimate for EXPO’s 2023 earnings and revenues suggest improvement of 6.1% and 10.1%, respectively, from the year-ago reported figure.
The Zacks Consensus Estimate for EXPO’s 2023 earnings has moved 1% north in the past 30 days. Shares of the company have gained 10.1% in a year.