Wex Inc. (WEX) Downgraded to “Hold” at Zacks Investment Research
Wex Inc. (NYSE:WEX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday.
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 research analysts have also recently commented on the company. Oppenheimer Holdings Inc. reissued an “outperform” rating and set a $120.00 price target (up from $101.00) on shares of Wex in a research report on Tuesday, November 1st. Credit Suisse Group AG cut Wex from an “outperform” rating to a “neutral” rating and increased their price target for the company 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 reissued a “buy” rating and set 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 increased their price target for the company from $97.00 to $115.00 in a research report on Thursday, September 1st. Twelve analysts have rated the stock with a hold rating and five have given a buy rating to the company. Wex presently has a consensus rating of “Hold” and a consensus price target of $99.50.
Wex (NYSE:WEX) traded down 1.56% during mid-day trading on Tuesday, hitting $105.96. The stock had a trading volume of 148,163 shares. The stock’s 50 day moving average price is $105.61 and its 200 day moving average price is $98.29. The firm has a market capitalization of $4.53 billion, a price-to-earnings ratio of 55.27 and a beta of 1.85. Wex has a one year low of $54.42 and a one year high of $114.59.
Wex (NYSE:WEX) last issued its quarterly earnings results on Thursday, October 27th. The company reported $1.25 EPS for the quarter, beating the consensus estimate of $1.13 by $0.12. Wex had a return on equity of 13.70% and a net margin of 8.11%. The firm earned $287.80 million during the quarter, compared to analysts’ expectations of $279.28 million. During the same period in the prior year, the firm posted $1.29 earnings per share. The business’s quarterly revenue was up 27.3% compared to the same quarter last year. Analysts forecast that Wex will post $4.56 EPS for the current year.
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In other news, Director Michael E. Dubyak sold 5,500 shares of the 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 transaction, the director now owns 55,416 shares in the company, valued at $5,515,000.32. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP George W. Hogan sold 1,950 shares of the firm’s stock in a transaction on Wednesday, November 2nd. The stock was 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 in the company, valued at approximately $1,332,157.12. The disclosure for this sale can be found here. Insiders own 0.86% of the company’s stock.
A number of institutional investors have recently bought and sold shares of WEX. Geode Capital Management LLC raised its position in Wex by 1.5% in the first quarter. Geode Capital Management LLC now owns 229,576 shares of the company’s stock worth $19,137,000 after buying an additional 3,407 shares during the period. Envestnet Asset Management Inc. raised its position in Wex by 4.3% in the first quarter. Envestnet Asset Management Inc. now owns 14,101 shares of the company’s stock worth $1,175,000 after buying an additional 581 shares during the period. Metropolitan Life Insurance Co. NY raised its position in Wex by 2.8% in the first quarter. Metropolitan Life Insurance Co. NY now owns 36,794 shares of the company’s stock worth $3,067,000 after buying an additional 992 shares during the period. BNP Paribas Arbitrage SA raised its position in 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. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA raised its position in Wex by 6.1% in the second quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 727,681 shares of the company’s stock worth $64,523,000 after buying an additional 41,666 shares during the period. Hedge funds and other institutional investors own 95.83% 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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