Zacks Investment Research upgraded shares of Wex Inc. (NYSE:WEX) from a hold rating to a buy rating in a research note released on Thursday morning. The brokerage currently has $120.00 price objective on the stock.
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 equities research analysts have also recently issued reports on the company. Jefferies Group raised their price objective on Wex from $114.00 to $120.00 and gave the stock a buy rating in a report on Monday, September 19th. Credit Agricole SA upgraded Wex from an underperform rating to an outperform rating and raised their price objective for the stock from $97.00 to $115.00 in a report on Thursday, September 1st. TheStreet cut Wex from a buy rating to a hold rating in a report on Wednesday, July 27th. Morgan Stanley raised their price objective on Wex from $94.00 to $95.00 and gave the stock an equal weight rating in a report on Thursday, July 28th. Finally, Deutsche Bank AG raised their price objective on Wex from $83.00 to $90.00 and gave the stock a hold rating in a report on Thursday, July 28th. Eleven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company currently has an average rating of Hold and a consensus target price of $95.13.
Wex (NYSE:WEX) traded up 1.07% during trading on Thursday, hitting $108.39. The stock had a trading volume of 65,721 shares. The company has a market cap of $4.63 billion, a P/E ratio of 47.54 and a beta of 1.89. The firm has a 50 day moving average of $101.55 and a 200-day moving average of $92.27. Wex has a one year low of $54.42 and a one year high of $108.80.
Wex (NYSE:WEX) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.06. Wex had a return on equity of 14.77% and a net margin of 10.10%. The business had revenue of $233.90 million for the quarter, compared to analysts’ expectations of $221.64 million. During the same quarter last year, the firm earned $1.25 earnings per share. The business’s revenue was up 9.5% on a year-over-year basis. Equities analysts anticipate that Wex will post $4.31 earnings per share for the current fiscal year.
In related news, Director Eric Duprat sold 1,100 shares of Wex stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $93.73, for a total value of $103,103.00. Following the completion of the transaction, the director now directly owns 1,593 shares in the company, valued at $149,311.89. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Melissa D. Smith sold 5,910 shares of Wex stock in a transaction dated Friday, August 5th. The stock was sold at an average price of $93.03, for a total value of $549,807.30. Following the completion of the transaction, the chief executive officer now owns 55,820 shares of the company’s stock, valued at $5,192,934.60. The disclosure for this sale can be found here. 0.86% of the stock is owned by corporate insiders.
Institutional investors have recently bought and sold shares of the company. LS Investment Advisors LLC increased its position in Wex by 73.7% in the second quarter. LS Investment Advisors LLC now owns 2,340 shares of the company’s stock worth $207,000 after buying an additional 993 shares during the period. Penserra Capital Management LLC increased its position in Wex by 6.0% in the second quarter. Penserra Capital Management LLC now owns 2,344 shares of the company’s stock worth $208,000 after buying an additional 133 shares during the period. Glenmede Trust Co. NA increased its position in Wex by 3.1% in the second quarter. Glenmede Trust Co. NA now owns 2,481 shares of the company’s stock worth $219,000 after buying an additional 74 shares during the period. Huntington National Bank increased its position in Wex by 31.1% in the second quarter. Huntington National Bank now owns 2,680 shares of the company’s stock worth $238,000 after buying an additional 635 shares during the period. Finally, Panagora Asset Management Inc. increased its position in Wex by 88.5% in the second quarter. Panagora Asset Management Inc. now owns 2,752 shares of the company’s stock worth $244,000 after buying an additional 1,292 shares during the period. Institutional investors and hedge funds own 93.03% 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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