PNC Financial Services Group Inc. reduced its stake in shares of WEX Inc. (NYSE:WEX) by 1.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 376,742 shares of the business services provider’s stock after selling 4,016 shares during the period. PNC Financial Services Group Inc. owned 0.88% of WEX worth $39,284,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Elk Creek Partners LLC lifted its holdings in shares of WEX by 7.3% during the 2nd quarter. Elk Creek Partners LLC now owns 31,480 shares of the business services provider’s stock worth $3,282,000 after acquiring an additional 2,142 shares during the period. Amalgamated Bank lifted its holdings in shares of WEX by 27.0% during the 2nd quarter. Amalgamated Bank now owns 7,875 shares of the business services provider’s stock worth $821,000 after acquiring an additional 1,673 shares during the period. BlackRock Inc. lifted its holdings in shares of WEX by 0.7% during the 2nd quarter. BlackRock Inc. now owns 3,065,817 shares of the business services provider’s stock worth $319,673,000 after acquiring an additional 21,065 shares during the period. Nationwide Fund Advisors lifted its holdings in shares of WEX by 0.7% during the 2nd quarter. Nationwide Fund Advisors now owns 155,012 shares of the business services provider’s stock worth $16,163,000 after acquiring an additional 1,093 shares during the period. Finally, Ameriprise Financial Inc. lifted its holdings in shares of WEX by 4.4% during the 2nd quarter. Ameriprise Financial Inc. now owns 113,625 shares of the business services provider’s stock worth $11,848,000 after acquiring an additional 4,793 shares during the period.

WEX Inc. (NYSE:WEX) traded up 0.37% on Monday, reaching $110.23. 9,397 shares of the company traded hands. WEX Inc. has a 52-week low of $97.26 and a 52-week high of $122.91. The stock has a market capitalization of $4.73 billion, a price-to-earnings ratio of 66.48 and a beta of 1.80. The firm has a 50 day moving average price of $106.21 and a 200 day moving average price of $105.17.

WEX (NYSE:WEX) last posted its earnings results on Thursday, July 27th. The business services provider reported $1.26 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.15 by $0.11. WEX had a return on equity of 13.03% and a net margin of 6.09%. The firm had revenue of $303.90 million during the quarter, compared to analyst estimates of $293.91 million. During the same period in the previous year, the company earned $1.08 EPS. The company’s revenue for the quarter was up 29.9% on a year-over-year basis. Equities research analysts predict that WEX Inc. will post $5.27 EPS for the current year.

WEX has been the topic of several recent analyst reports. TheStreet upgraded shares of WEX from a “c” rating to a “b-” rating in a report on Monday, June 5th. Deutsche Bank AG upgraded shares of WEX from a “hold” rating to a “buy” rating and increased their price objective for the stock from $116.00 to $125.00 in a report on Monday, June 5th. Mizuho initiated coverage on shares of WEX in a report on Tuesday, June 27th. They set a “buy” rating and a $115.00 price objective on the stock. BidaskClub upgraded shares of WEX from a “hold” rating to a “buy” rating in a report on Monday, July 24th. Finally, Keefe, Bruyette & Woods set a $130.00 price objective on shares of WEX and gave the stock a “buy” rating in a report on Sunday, August 13th. Four analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. WEX has an average rating of “Buy” and an average target price of $121.91.

In related news, SVP George W. Hogan sold 4,500 shares of the business’s stock in a transaction that occurred on Wednesday, July 12th. The stock was sold at an average price of $110.00, for a total value of $495,000.00. Following the completion of the sale, the senior vice president now directly owns 15,615 shares in the company, valued at approximately $1,717,650. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director James Neary sold 2,390,000 shares of the business’s stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $102.25, for a total value of $244,377,500.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,396,500 shares of company stock valued at $245,082,500. Corporate insiders own 0.86% of the company’s stock.

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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.

Institutional Ownership by Quarter for WEX (NYSE:WEX)

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