Wex Inc. (WEX) Downgraded by Zacks Investment Research to Hold
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. “
Other equities research analysts also recently issued reports about the stock. TheStreet downgraded shares of Wex from a buy rating to a hold rating in a research note on Wednesday, July 27th. Credit Suisse Group AG downgraded shares of Wex from an outperform rating to a neutral rating and boosted their price objective for the stock from $108.00 to $113.00 in a research note on Monday, October 31st. They noted that the move was a valuation call. Morgan Stanley boosted their price objective on shares of Wex from $94.00 to $95.00 and gave the stock an equal weight rating in a research note on Thursday, July 28th. Deutsche Bank AG boosted their price objective on shares of Wex from $83.00 to $90.00 and gave the stock a hold rating in a research note on Thursday, July 28th. Finally, Oppenheimer Holdings Inc. reiterated an outperform rating and set a $120.00 price objective (up from $101.00) on shares of Wex in a research note on Tuesday, November 1st. Twelve analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company has an average rating of Hold and a consensus price target of $99.50.
Wex (NYSE:WEX) opened at 106.45 on Friday. The company has a 50 day moving average of $105.58 and a 200-day moving average of $97.12. The stock has a market capitalization of $4.55 billion, a P/E ratio of 55.53 and a beta of 1.85. Wex has a 52-week low of $54.42 and a 52-week high of $114.59.
Wex (NYSE:WEX) last released its earnings results on Thursday, October 27th. The company reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.12. Wex had a net margin of 8.11% and a return on equity of 13.70%. The firm earned $287.80 million during the quarter, compared to the consensus estimate of $279.28 million. During the same period in the previous year, the firm earned $1.29 earnings per share. Wex’s revenue was up 27.3% compared to the same quarter last year. Equities research analysts anticipate that Wex will post $4.56 EPS for the current year.
In related news, SVP George W. Hogan sold 1,950 shares of the stock in a transaction dated Wednesday, November 2nd. The shares were sold at an average price of $103.88, for a total value of $202,566.00. Following the completion of the transaction, the senior vice president now owns 12,824 shares in the company, valued at approximately $1,332,157.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael E. Dubyak sold 5,500 shares of the firm’s stock in a transaction dated Tuesday, November 15th. The shares were sold at an average price of $99.52, for a total transaction of $547,360.00. Following the transaction, the director now owns 55,416 shares of the company’s stock, valued at approximately $5,515,000.32. The disclosure for this sale can be found here. 0.86% of the stock is currently owned by corporate insiders.
Institutional investors have recently bought and sold shares of the stock. US Bancorp DE raised its position in Wex by 41.2% in the third quarter. US Bancorp DE now owns 959 shares of the company’s stock valued at $104,000 after buying an additional 280 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Wex by 13.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,278 shares of the company’s stock valued at $138,000 after buying an additional 152 shares during the period. LS Investment Advisors LLC raised its position in Wex by 73.7% in the second quarter. LS Investment Advisors LLC now owns 2,340 shares of the company’s stock valued at $207,000 after buying an additional 993 shares during the period. Penserra Capital Management LLC raised its position in Wex by 6.0% in the second quarter. Penserra Capital Management LLC now owns 2,344 shares of the company’s stock valued at $208,000 after buying an additional 133 shares during the period. Finally, Raymond James Trust N.A. acquired a new position in Wex during the third quarter valued at $211,000. Institutional investors own 92.49% of the company’s stock.
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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