Western Union Co. made its Wall Street debut Monday, with shares of the global money-transfer company rising 3.3 percent to close at $19.76.
Western Union shares had been trading on a when-issued basis since the company’s spinoff last month from parent First Data Corp., the payment processor based in Greenwood Village.
Following the tax-free spinoff, First Data shareholders as of Sept. 22 received one share of Western Union stock for each share of First Data stock.
Western Union shares received a boost Monday when Thomas Weisel and William Blair & Co. initiated coverage with an “outperform” rating. J.P. Morgan initiated coverage with a rating of “neutral.”
“The long-term outlook for both Western Union and First Data appears bright,” Thom as Weisel wrote to clients last month.
First Data announced the spinoff earlier this year so it could focus on its core business and give Western Union room to grow. Shares of First Data rose 2.2 percent to $23.38 on Monday.
Western Union, now based in Douglas County off E-470, ranks as one of Colorado’s top public companies, with more than $4 billion in annual revenues. It employs 5,000 workers, including about 2,500 statewide.
The company’s chief executive, Christina Gold, on Wednesday will ring the opening bell on the New York Stock Exchange. The company trades on the exchange under the ticker WU.
Staff writer Will Shanley can be reached at 303-954-1260 or wshanley@denverpost.com.
