PNC Financial Services Group Inc. lessened its stake in shares of WEX Inc (NYSE:WEX) by 9.5% in the second quarter, HoldingsChannel reports. The institutional investor owned 252,791 shares of the business services provider’s stock after selling 26,436 shares during the period. PNC Financial Services Group Inc.’s holdings in WEX were worth $48,151,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. BlackRock Inc. increased its position in WEX by 3.8% during the 2nd quarter. BlackRock Inc. now owns 3,484,141 shares of the business services provider’s stock valued at $663,658,000 after buying an additional 128,910 shares in the last quarter. Frontier Capital Management Co. LLC increased its position in WEX by 18.8% during the 2nd quarter. Frontier Capital Management Co. LLC now owns 868,459 shares of the business services provider’s stock valued at $165,424,000 after buying an additional 137,732 shares in the last quarter. Victory Capital Management Inc. increased its position in WEX by 87.4% during the 1st quarter. Victory Capital Management Inc. now owns 560,189 shares of the business services provider’s stock valued at $87,736,000 after buying an additional 261,189 shares in the last quarter. Westfield Capital Management Co. LP increased its holdings in shares of WEX by 14.4% in the 1st quarter. Westfield Capital Management Co. LP now owns 486,708 shares of the business services provider’s stock worth $76,228,000 after purchasing an additional 61,225 shares in the last quarter. Finally, Hermes Investment Management Ltd. increased its holdings in shares of WEX by 2.7% in the 2nd quarter. Hermes Investment Management Ltd. now owns 416,242 shares of the business services provider’s stock worth $79,286,000 after purchasing an additional 11,117 shares in the last quarter. 99.35% of the stock is owned by institutional investors.

WEX stock opened at $187.96 on Friday. The firm has a market capitalization of $8.06 billion, a price-to-earnings ratio of 39.99, a price-to-earnings-growth ratio of 1.65 and a beta of 1.79. WEX Inc has a 12 month low of $105.82 and a 12 month high of $198.82. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.44 and a quick ratio of 1.44.

WEX (NYSE:WEX) last issued its quarterly earnings data on Thursday, August 2nd. The business services provider reported $2.09 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.05 by $0.04. WEX had a return on equity of 15.61% and a net margin of 14.61%. The company had revenue of $370.88 million during the quarter, compared to analyst estimates of $366.21 million. During the same quarter in the previous year, the company posted $1.26 earnings per share. WEX’s revenue was up 22.0% compared to the same quarter last year. equities research analysts forecast that WEX Inc will post 7.54 earnings per share for the current year.

In related news, insider Hilary A. Rapkin sold 3,723 shares of WEX stock in a transaction on Monday, August 6th. The stock was sold at an average price of $188.57, for a total value of $702,046.11. Following the completion of the sale, the insider now owns 12,544 shares of the company’s stock, valued at $2,365,422.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Regina O. Sommer sold 1,099 shares of WEX stock in a transaction on Monday, August 6th. The stock was sold at an average price of $188.47, for a total value of $207,128.53. Following the completion of the sale, the director now directly owns 12,910 shares of the company’s stock, valued at approximately $2,433,147.70. The disclosure for this sale can be found here. Insiders sold 18,335 shares of company stock valued at $3,461,862 in the last ninety days. 4.57% of the stock is currently owned by corporate insiders.

A number of analysts have commented on the company. Morgan Stanley lifted their target price on WEX from $172.00 to $188.00 and gave the stock a “hold” rating in a report on Thursday, July 19th. Citigroup lifted their target price on WEX from $200.00 to $235.00 and gave the stock a “buy” rating in a report on Friday, July 20th. Wolfe Research assumed coverage on WEX in a report on Tuesday, July 17th. They issued a “market perform” rating for the company. Deutsche Bank lifted their target price on WEX to $230.00 and gave the stock a “buy” rating in a report on Friday, June 22nd. Finally, SunTrust Banks reissued a “buy” rating and issued a $215.00 target price on shares of WEX in a report on Friday, August 3rd. Four analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. WEX currently has an average rating of “Buy” and an average target price of $185.64.

WEX Company Profile

WEX Inc provides corporate card payment solutions in North and South America, the Asia Pacific, and Europe. It operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. The Fleet Solutions segment offers fleet vehicle payment and processing services.

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Institutional Ownership by Quarter for WEX (NYSE:WEX)

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