WEX Inc. (WEX) Receives Average Recommendation of “Buy” from Analysts
WEX Inc. (NYSE:WEX) has been given a consensus rating of “Buy” by the fourteen ratings firms that are covering the company, MarketBeat.com reports. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $123.00.
Several brokerages have recently weighed in on WEX. TheStreet upgraded WEX from a “c” rating to a “b-” rating in a research report on Monday, June 5th. Deutsche Bank AG raised WEX from a “hold” rating to a “buy” rating and lifted their price target for the stock from $116.00 to $125.00 in a research note on Monday, June 5th. Mizuho initiated coverage on WEX in a research note on Tuesday, June 27th. They set a “buy” rating and a $115.00 price target for the company. BidaskClub raised WEX from a “hold” rating to a “buy” rating in a research note on Monday, July 24th. Finally, Keefe, Bruyette & Woods set a $130.00 price target on WEX and gave the stock a “buy” rating in a research note on Sunday, August 13th.
In other WEX news, SVP George W. Hogan sold 4,500 shares of the firm’s stock in a transaction dated Wednesday, July 12th. The shares were sold at an average price of $110.00, for a total value of $495,000.00. Following the completion of the sale, the senior vice president now owns 15,615 shares of the company’s stock, valued at $1,717,650. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director James Neary sold 2,390,000 shares of the firm’s stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $102.25, for a total transaction of $244,377,500.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,396,500 shares of company stock valued at $245,082,500. Company insiders own 0.86% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in WEX. FNY Partners Fund LP bought a new stake in shares of WEX during the first quarter valued at approximately $103,000. Glen Harbor Capital Management LLC grew its holdings in WEX by 6.1% in the first quarter. Glen Harbor Capital Management LLC now owns 1,120 shares of the business services provider’s stock worth $116,000 after purchasing an additional 64 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in WEX by 32.1% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,688 shares of the business services provider’s stock worth $175,000 after purchasing an additional 410 shares during the last quarter. First Bank & Trust grew its holdings in WEX by 5.1% in the second quarter. First Bank & Trust now owns 1,686 shares of the business services provider’s stock worth $176,000 after purchasing an additional 82 shares during the last quarter. Finally, Fiduciary Trust Co. purchased a new position in WEX in the second quarter worth $192,000.
WEX (NYSE:WEX) traded down 0.64% during mid-day trading on Friday, reaching $109.82. 594,009 shares of the company’s stock were exchanged. The stock has a 50-day moving average price of $106.21 and a 200-day moving average price of $105.17. WEX has a 52 week low of $97.26 and a 52 week high of $122.91. The stock has a market cap of $4.71 billion, a P/E ratio of 66.24 and a beta of 1.80.
WEX (NYSE:WEX) last issued its quarterly earnings results on Thursday, July 27th. The business services provider reported $1.26 EPS for the quarter, topping the Zacks’ consensus estimate of $1.15 by $0.11. WEX had a return on equity of 13.03% and a net margin of 6.09%. The business had revenue of $303.90 million for the quarter, compared to analyst estimates of $293.91 million. During the same period last year, the company posted $1.08 earnings per share. WEX’s quarterly revenue was up 29.9% compared to the same quarter last year. On average, analysts forecast that WEX will post $5.27 earnings per share for the current year.
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WEX Company Profile
WEX Inc is a provider of corporate payment solutions. The Company operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. The Fleet Solutions segment provides customers with payment and transaction processing services designed for the needs of commercial and government fleets.
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