WEX Inc. (WEX) Issues Earnings Results
WEX Inc. (NYSE:WEX) released its earnings results on Wednesday. The business services provider reported $1.43 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.29 by $0.14, Bloomberg Earnings reports. The company had revenue of $324.00 million for the quarter, compared to analyst estimates of $312.57 million. WEX had a net margin of 6.09% and a return on equity of 13.03%. The firm’s quarterly revenue was up 12.6% on a year-over-year basis. During the same period in the prior year, the business earned $1.25 EPS. WEX updated its Q4 guidance to $1.40-1.47 EPS.
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WEX announced that its Board of Directors has approved a stock buyback program on Tuesday, September 26th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the business services provider to purchase shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
In other WEX news, Director James Neary sold 2,390,000 shares of the stock in a transaction on Monday, August 14th. The shares were sold at an average price of $102.25, for a total transaction of $244,377,500.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Melissa D. Smith sold 3,333 shares of the stock in a transaction on Tuesday, September 26th. The stock was sold at an average price of $115.00, for a total transaction of $383,295.00. Following the sale, the chief executive officer now directly owns 67,047 shares in the company, valued at $7,710,405. The disclosure for this sale can be found here. Insiders sold 2,399,166 shares of company stock worth $245,448,255 over the last ninety days. 0.86% of the stock is currently owned by corporate insiders.
A number of research firms have issued reports on WEX. William Blair reiterated an “outperform” rating on shares of WEX in a report on Wednesday, July 12th. BidaskClub upgraded shares of WEX from a “sell” rating to a “hold” rating in a report on Saturday, August 26th. Raymond James Financial, Inc. initiated coverage on shares of WEX in a report on Friday, August 25th. They issued an “outperform” rating and a $115.00 price objective on the stock. Oppenheimer Holdings, Inc. restated an “outperform” rating and issued a $120.00 price objective on shares of WEX in a report on Thursday, August 10th. Finally, Wedbush restated an “outperform” rating on shares of WEX in a report on Friday, October 20th. Three equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $126.27.
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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