Wex Inc. (WEX) Downgraded to “Hold” at Zacks Investment Research
According to Zacks, “WEX Inc. provides physical, digital and virtual corporate card payment solutions. The Company operates in two segments: Fleet Payment Solutions and Other Payment Solutions. The Fleet Payment Solutions segment provides customers with fleet vehicle payment processing services. The Other Payment Solutions segment provides customers with payment processing solutions for their corporate purchasing and transaction monitoring needs through its corporate purchase card, its prepaid and gift card products and services. WEX Inc., formerly known as Wright Express Corporation, is headquartered in South Portland, Maine. “
Several other equities analysts have also issued reports on the company. Oppenheimer Holdings Inc. reaffirmed an outperform rating and issued a $120.00 price target (up previously from $101.00) on shares of Wex in a research report on Tuesday, November 1st. Credit Suisse Group AG lowered Wex from an outperform rating to a neutral rating and lifted their price target for the stock from $108.00 to $113.00 in a research report on Monday, October 31st. They noted that the move was a valuation call. Jefferies Group reaffirmed a buy rating and issued a $127.00 price target on shares of Wex in a research report on Sunday, October 23rd. Finally, raised Wex from an underperform rating to an outperform rating and lifted their price target for the stock from $97.00 to $115.00 in a research report on Thursday, September 1st. Twelve equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock presently has a consensus rating of Hold and an average price target of $99.50.
Wex (NYSE:WEX) opened at 106.08 on Tuesday. Wex has a 12 month low of $54.42 and a 12 month high of $114.59. The company has a market cap of $4.53 billion, a price-to-earnings ratio of 55.34 and a beta of 1.85. The firm’s 50-day moving average is $105.61 and its 200-day moving average is $98.29.
Wex (NYSE:WEX) last announced its quarterly earnings data on Thursday, October 27th. The company reported $1.25 EPS for the quarter, beating the consensus estimate of $1.13 by $0.12. The business earned $287.80 million during the quarter, compared to analyst estimates of $279.28 million. Wex had a return on equity of 13.70% and a net margin of 8.11%. The company’s revenue for the quarter was up 27.3% on a year-over-year basis. During the same quarter last year, the firm posted $1.29 earnings per share. On average, analysts anticipate that Wex will post $4.56 EPS for the current fiscal year.
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In related news, Director Michael E. Dubyak sold 5,500 shares of the business’s stock in a transaction that occurred on Tuesday, November 15th. The stock was sold at an average price of $99.52, for a total transaction of $547,360.00. Following the completion of the transaction, the director now directly owns 55,416 shares in the company, valued at approximately $5,515,000.32. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP George W. Hogan sold 1,950 shares of the business’s stock in a transaction that occurred on Wednesday, November 2nd. The shares were sold at an average price of $103.88, for a total value of $202,566.00. Following the transaction, the senior vice president now owns 12,824 shares of the company’s stock, valued at $1,332,157.12. The disclosure for this sale can be found here. Company insiders own 0.86% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Skandinaviska Enskilda Banken AB publ bought a new position in shares of Wex during the second quarter worth about $9,257,000. Bank of Montreal Can bought a new position in shares of Wex during the second quarter worth about $13,832,000. RS Investment Management Co. LLC bought a new position in shares of Wex during the second quarter worth about $26,645,000. BlackRock Advisors LLC increased its position in shares of Wex by 10.1% in the second quarter. BlackRock Advisors LLC now owns 21,192 shares of the company’s stock worth $1,879,000 after buying an additional 1,945 shares during the period. Finally, BNP Paribas Arbitrage SA increased its position in shares of Wex by 132.7% in the second quarter. BNP Paribas Arbitrage SA now owns 18,689 shares of the company’s stock worth $1,657,000 after buying an additional 10,659 shares during the period. Institutional investors own 95.83% of the company’s stock.
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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