Wex Inc. (WEX) Hits New 1-Year High at $103.81
Wex Inc. (NYSE:WEX)’s share price hit a new 52-week high during trading on Thursday . The company traded as high as $103.81 and last traded at $103.11, with a volume of 243,221 shares changing hands. The stock had previously closed at $99.31.
A number of equities analysts have recently commented on WEX shares. Barclays PLC raised shares of Wex from an “underweight” rating to an “equal weight” rating and lifted their target price for the company from $80.00 to $98.00 in a report on Thursday, July 7th. Deutsche Bank AG boosted their price objective on shares of Wex from $83.00 to $90.00 and gave the company a “hold” rating in a research note on Thursday, July 28th. Morgan Stanley boosted their price objective on shares of Wex from $94.00 to $95.00 and gave the company an “equal weight” rating in a research note on Thursday, July 28th. Zacks Investment Research cut shares of Wex from a “buy” rating to a “hold” rating in a research note on Thursday, June 30th. Finally, SunTrust Banks Inc. started coverage on shares of Wex in a research note on Friday, June 24th. They issued a “neutral” rating and a $100.00 price objective on the stock. Eleven analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Wex has a consensus rating of “Hold” and an average target price of $91.44.
The stock has a market cap of $4.40 billion and a P/E ratio of 45.19. The stock’s 50-day moving average price is $95.25 and its 200-day moving average price is $87.29.
Wex (NYSE:WEX) last issued its earnings results on Wednesday, July 27th. The company reported $1.08 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.02 by $0.06. The company earned $233.90 million during the quarter, compared to analyst estimates of $221.64 million. Wex’s quarterly revenue was up 9.5% on a year-over-year basis. During the same period in the prior year, the business earned $1.25 earnings per share. Equities research analysts predict that Wex Inc. will post $4.29 earnings per share for the current year.
In other Wex news, Director Eric Duprat sold 1,100 shares of the stock in a transaction on Friday, July 29th. The stock was sold at an average price of $93.73, for a total value of $103,103.00. Following the sale, the director now directly owns 1,593 shares of the company’s stock, valued at $149,311.89. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Melissa D. Smith sold 5,910 shares of the stock in a transaction on Friday, August 5th. The stock was sold at an average price of $93.03, for a total value of $549,807.30. Following the completion of the sale, the chief executive officer now directly owns 55,820 shares in the company, valued at $5,192,934.60. The disclosure for this sale can be found here.
An institutional investor recently raised its position in Wex stock. Bank of Montreal Can raised its position in shares of Wex Inc. (NYSE:WEX) by 4.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 134,941 shares of the company’s stock after buying an additional 6,312 shares during the period. Bank of Montreal Can owned 0.35% of Wex worth $11,929,000 at the end of the most recent reporting period.
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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