Citigroup Inc. Boosts WEX Inc. (WEX) Price Target to $125.00
WEX Inc. (NYSE:WEX) had its price objective increased by stock analysts at Citigroup Inc. from $120.00 to $125.00 in a report released on Friday. The firm presently has a “neutral” rating on the business services provider’s stock. Citigroup Inc.’s price target would indicate a potential upside of 3.00% from the company’s current price.
Several other research analysts have also recently issued reports on the company. TheStreet upgraded WEX from a “c+” rating to a “b” rating in a research report on Wednesday. Barclays PLC increased their price objective on WEX from $124.00 to $129.00 and gave the stock an “equal weight” rating in a research report on Thursday. Oppenheimer Holdings, Inc. increased their price objective on WEX from $120.00 to $130.00 and gave the stock an “outperform” rating in a research report on Thursday. Morgan Stanley increased their price objective on WEX from $113.00 to $123.00 and gave the stock an “equal weight” rating in a research report on Thursday. Finally, Wedbush reiterated an “outperform” rating on shares of WEX in a research report on Friday, October 20th. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $127.67.
WEX (NYSE:WEX) traded down $0.12 during trading hours on Friday, reaching $121.36. The company’s stock had a trading volume of 398,886 shares, compared to its average volume of 404,512. The stock has a market cap of $5,276.71, a PE ratio of 25.67 and a beta of 1.88.
WEX (NYSE:WEX) last released its quarterly earnings data on Wednesday, November 1st. The business services provider reported $1.43 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 13.16% and a net margin of 7.09%. WEX’s revenue was up 12.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.25 earnings per share. equities analysts anticipate that WEX will post 4.86 earnings per share for the current year.
WEX declared that its Board of Directors has authorized a share repurchase plan on Tuesday, September 26th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the business services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
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In related news, Director James Neary sold 2,390,000 shares of the stock in a transaction 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 this hyperlink. Also, CEO Melissa D. Smith sold 3,333 shares of the stock in a transaction on Tuesday, September 26th. The shares were sold at an average price of $115.00, for a total value of $383,295.00. Following the sale, the chief executive officer now directly owns 67,047 shares in the company, valued at approximately $7,710,405. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,399,171 shares of company stock valued at $245,448,880. Company insiders own 0.86% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Saturna Capital acquired a new stake in shares of WEX during the third quarter valued at $28,000. FNY Partners Fund LP acquired a new stake in shares of WEX during the first quarter valued at $103,000. US Bancorp DE boosted its stake in shares of WEX by 41.2% during the third quarter. US Bancorp DE now owns 959 shares of the business services provider’s stock valued at $104,000 after acquiring an additional 280 shares during the last quarter. Whittier Trust Co. boosted its stake in shares of WEX by 5.9% during the first quarter. Whittier Trust Co. now owns 1,027 shares of the business services provider’s stock valued at $106,000 after acquiring an additional 57 shares during the last quarter. Finally, Glen Harbor Capital Management LLC boosted its stake in shares of WEX by 6.1% during the first quarter. Glen Harbor Capital Management LLC now owns 1,120 shares of the business services provider’s stock valued at $116,000 after acquiring an additional 64 shares during the last quarter.
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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