GSA Capital Partners LLP Buys 1,378 Shares of WEX Inc. (WEX)
GSA Capital Partners LLP increased its stake in shares of WEX Inc. (NYSE:WEX) by 46.2% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 4,359 shares of the business services provider’s stock after acquiring an additional 1,378 shares during the period. GSA Capital Partners LLP’s holdings in WEX were worth $455,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in WEX. UBS Asset Management Americas Inc. lifted its position in 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 in the last quarter. Ameriprise Financial Inc. lifted its position in 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 in the last quarter. Prudential Financial Inc. lifted its position in 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 in the last quarter. Alliancebernstein L.P. lifted its position in 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 in the last quarter. Finally, AXA lifted its position in 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 in the last quarter.
WEX (NYSE:WEX) last announced its 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. 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 the consensus estimate of $293.91 million. During the same quarter in the prior year, the company earned $1.08 EPS. The firm’s revenue for the quarter was up 29.9% compared to the same quarter last year.
WEX announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, September 26th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the business services provider to reacquire shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
Several equities analysts recently commented on WEX shares. Barclays PLC boosted their price target on WEX from $118.00 to $124.00 and gave the stock an “equal weight” rating in a research report on Wednesday. BidaskClub raised WEX from a “sell” rating to a “hold” rating in a research report on Saturday, August 26th. Raymond James Financial, Inc. started coverage on WEX in a research report on Friday, August 25th. They set an “outperform” rating and a $115.00 price target on the stock. TheStreet lowered WEX from a “b-” rating to a “c+” rating in a research report on Monday, August 14th. Finally, Zacks Investment Research raised WEX from a “sell” rating to a “hold” rating and set a $124.00 price target on the stock in a research report on Friday, July 14th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $122.45.
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In related news, CEO Melissa D. Smith sold 3,333 shares of the 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 owns 67,047 shares in the company, valued at approximately $7,710,405. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director James Neary sold 2,390,000 shares of the stock in a transaction that occurred on Monday, August 14th. The shares were 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. In the last 90 days, insiders have sold 2,395,833 shares of company stock valued at $245,048,295. 0.86% of the stock is owned by corporate insiders.
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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