Oppenheimer Holdings, Inc. Raises WEX Inc. (WEX) Price Target to $130.00
WEX Inc. (NYSE:WEX) had its price objective boosted by analysts at Oppenheimer Holdings, Inc. from $120.00 to $130.00 in a report released on Thursday. The brokerage currently has an “outperform” rating on the business services provider’s stock. Oppenheimer Holdings, Inc.’s target price indicates a potential upside of 5.19% from the stock’s previous close.
Several other research firms have also recently weighed in on WEX. Zacks Investment Research upgraded WEX from a “sell” rating to a “hold” rating and set a $124.00 target price for the company in a research note on Friday, July 14th. Barclays PLC restated a “hold” rating and set a $118.00 target price on shares of WEX in a research note on Wednesday, August 2nd. BidaskClub upgraded WEX from a “hold” rating to a “buy” rating in a research note on Monday, July 24th. SunTrust Banks, Inc. upgraded WEX from a “hold” rating to a “buy” rating and set a $145.00 target price for the company in a research note on Tuesday, October 17th. Finally, TheStreet cut WEX from a “b-” rating to a “c+” rating in a research note on Monday, August 14th. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $127.25.
WEX (NYSE:WEX) last posted its earnings results on Wednesday, November 1st. The business services provider reported $1.43 earnings per share for the quarter, topping the consensus estimate of $1.29 by $0.14. The firm had revenue of $324.00 million during the quarter, compared to analysts’ expectations of $312.57 million. WEX had a return on equity of 13.03% and a net margin of 6.09%. The firm’s revenue was up 12.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.25 earnings per share.
WEX declared that its board has approved a stock repurchase program on Tuesday, September 26th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the business services provider to buy shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
In other WEX news, Director James Neary sold 2,390,000 shares of WEX stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $102.25, for a total transaction of $244,377,500.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Melissa D. Smith sold 3,333 shares of WEX stock in a transaction that occurred on Thursday, October 12th. The stock was sold at an average price of $120.00, for a total value of $399,960.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,399,166 shares of company stock worth $245,448,255. 0.86% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in WEX. First Bank & Trust increased its position in WEX by 5.1% during the second quarter. First Bank & Trust now owns 1,686 shares of the business services provider’s stock worth $176,000 after buying an additional 82 shares during the period. Fiduciary Trust Co. acquired a new position in WEX during the second quarter worth approximately $192,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in WEX by 9.6% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,850 shares of the business services provider’s stock worth $193,000 after buying an additional 162 shares during the period. Huntington National Bank increased its position in WEX by 13.3% during the second quarter. Huntington National Bank now owns 1,908 shares of the business services provider’s stock worth $199,000 after buying an additional 224 shares during the period. Finally, Raymond James Trust N.A. acquired a new position in WEX during the second quarter worth approximately $202,000.
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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