MoneyGram International Inc.
) announced the acquisition of Atlanta-based money transfer
agency, Latino Services, for undisclosed value and terms.
The acquisition will add 10 new stores to MoneyGram's money
transfer network, which will enhance remittances from the US to
Mexico and Latin America, further expanding the company's reach
in the high potential emerging markets.
Moreover, MoneyGram aims to penetrate deeper into the money
transfer market in Atlanta through this acquisition. With its
global consumer experience, the company is focused on offering
value-added services that are user-friendly, economical and
Further, the acquisition blends well with MoneyGram's move to
explore new markets and methods in order to add momentum to its
money transfer business, which is the most significant lifeline
of this company.
Overall, the company continues to bolster its position as one
of the leading money transfer companies in the world by
constantly expanding its payment network via acquisitions and
alliances. Simultaneously, MoneyGram is also enhancing its brand
awareness by developing user-friendly payment solutions that suit
the new market trends.
Aggressively working on these growth strategies, MoneyGram
also renewed its alliance with Nix Financial to retain its market
position in Los Angeles, where the company offers a variety of
financial services. These money transfer services include giving
out small loans, prepaid and credit cards as well as other
services such as bill payments and liquidation of cheques.
The effects of its consistent growth strategies were also
visible in MoneyGram's first-quarter 2013 results. MoneyGram
earned 27 cents per share in the first quarter of 2013, which
came in higher than the Zacks Consensus Estimate of 24 cents and
the year-ago quarter number of 23 cents.
While MoneyGram is scheduled to release its second-quarter
earnings before the bell on Jul 25, the Zacks Consensus Estimate
for the quarterly earnings is pegged at 30 cents per share, up
about 28.3% from the year-ago quarter.
MoneyGram carries a Zacks Rank #3 (Hold). However, other
outperformers in the financial sector to watch out include
Heartland Payment Services Inc.
Official Payments Holdings Inc.
). All these stocks carry a Zacks Rank #1 (Strong Buy).
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