WEX Inc. (WEX) Receives Consensus Rating of “Buy” from Brokerages
WEX Inc. (NYSE:WEX) has earned an average rating of “Buy” from the fourteen research firms that are presently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and nine have assigned a buy recommendation to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $123.75.
Several research firms have weighed in on WEX. William Blair restated an “outperform” rating on shares of WEX in a report on Wednesday, July 12th. BidaskClub upgraded WEX from a “sell” rating to a “hold” rating in a report on Saturday, August 26th. Raymond James Financial, Inc. began coverage on WEX in a report on Friday, August 25th. They set an “outperform” rating and a $115.00 price target for the company. Oppenheimer Holdings, Inc. restated an “outperform” rating and set a $120.00 price target on shares of WEX in a report on Thursday, August 10th. Finally, Credit Suisse Group restated an “outperform” rating on shares of WEX in a report on Tuesday, September 5th.
WEX (NYSE WEX) traded up 0.68% during mid-day trading on Wednesday, reaching $119.53. The company had a trading volume of 286,270 shares. The company has a market capitalization of $5.13 billion, a PE ratio of 72.09 and a beta of 1.79. The firm has a 50-day moving average of $110.97 and a 200 day moving average of $106.10. WEX has a 1-year low of $97.26 and a 1-year high of $122.91.
WEX (NYSE:WEX) last released its quarterly earnings results on Thursday, July 27th. The business services provider reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.11. The business had revenue of $303.90 million during the quarter, compared to analysts’ expectations of $293.91 million. WEX had a return on equity of 13.03% and a net margin of 6.09%. The firm’s revenue for the quarter was up 29.9% compared to the same quarter last year. During the same quarter last year, the business posted $1.08 EPS. On average, analysts predict that WEX will post $5.28 earnings per share for the current fiscal year.
WEX announced that its Board of Directors has initiated a share buyback program on Tuesday, September 26th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the business services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.
In related news, CEO Melissa D. Smith sold 3,333 shares of the firm’s stock in a transaction that occurred on Tuesday, September 26th. The stock was sold at an average price of $115.00, for a total transaction of $383,295.00. Following the completion of the sale, the chief executive officer now directly owns 67,047 shares of the company’s stock, valued at approximately $7,710,405. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Hilary A. Rapkin sold 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 26th. The stock was sold at an average price of $115.00, for a total value of $287,500.00. Following the sale, the senior vice president now directly owns 15,224 shares of the company’s stock, valued at $1,750,760. The disclosure for this sale can be found here. Insiders have sold a total of 2,395,833 shares of company stock valued at $245,048,295 over the last three months. 0.86% of the stock is owned by corporate insiders.
Several hedge funds have recently modified their holdings of WEX. UBS Asset Management Americas Inc. lifted its stake in shares of WEX by 23.4% during the 1st quarter. UBS Asset Management Americas Inc. now owns 23,782 shares of the business services provider’s stock worth $2,461,000 after acquiring an additional 4,510 shares during the last quarter. Ameriprise Financial Inc. lifted its stake in shares of WEX by 3.4% during the 1st quarter. Ameriprise Financial Inc. now owns 108,832 shares of the business services provider’s stock worth $11,265,000 after acquiring an additional 3,624 shares during the last quarter. Prudential Financial Inc. lifted its stake in shares of WEX by 5.9% during the 1st quarter. Prudential Financial Inc. now owns 23,963 shares of the business services provider’s stock worth $2,480,000 after acquiring an additional 1,325 shares during the last quarter. Alliancebernstein L.P. lifted its stake in shares of WEX by 2.7% during the 1st quarter. Alliancebernstein L.P. now owns 25,395 shares of the business services provider’s stock worth $2,628,000 after acquiring an additional 670 shares during the last quarter. Finally, AXA lifted its stake in shares of WEX by 3.3% during the 1st quarter. AXA now owns 12,400 shares of the business services provider’s stock worth $1,283,000 after acquiring an additional 400 shares during the last quarter.
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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.
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