Mizuho reiterated their buy rating on shares of WEX (NYSE:WEX) in a research report released on Thursday morning. Mizuho currently has a $180.00 price objective on the business services provider’s stock.
Several other equities analysts have also weighed in on the company. Zacks Investment Research lowered WEX from a buy rating to a hold rating in a research note on Tuesday, November 7th. Citigroup lifted their price target on WEX from $120.00 to $125.00 and gave the company a neutral rating in a research note on Friday, November 3rd. TheStreet upgraded WEX from a c+ rating to a b rating in a research note on Wednesday, November 1st. Barclays lifted their price target on WEX from $124.00 to $129.00 and gave the company an equal weight rating in a research note on Thursday, November 2nd. Finally, Oppenheimer boosted their price objective on WEX from $120.00 to $130.00 and gave the stock an outperform rating in a research note on Thursday, November 2nd. Five investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus price target of $133.08.
WEX (NYSE:WEX) traded up $1.72 during midday trading on Thursday, hitting $144.60. The company’s stock had a trading volume of 530,000 shares, compared to its average volume of 352,233. The stock has a market cap of $6,130.97, a price-to-earnings ratio of 72.66, a P/E/G ratio of 1.72 and a beta of 1.88. WEX has a twelve month low of $97.26 and a twelve month high of $145.57. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.69 and a quick ratio of 0.69.
WEX declared that its Board of Directors has authorized a stock buyback program on Tuesday, September 26th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the business services provider to purchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.
In other news, CEO Melissa D. Smith sold 3,329 shares of the business’s stock in a transaction that occurred on Thursday, November 9th. The stock was sold at an average price of $125.00, for a total transaction of $416,125.00. Following the transaction, the chief executive officer now directly owns 60,380 shares in the company, valued at approximately $7,547,500. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Melissa D. Smith sold 3,333 shares of the company’s stock in a transaction that occurred on Thursday, October 12th. The shares were sold at an average price of $120.00, for a total value of $399,960.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 203,874 shares of company stock worth $24,635,150. Insiders own 9.00% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Fiduciary Trust Co. acquired a new position in WEX in the second quarter valued at approximately $192,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in WEX by 9.6% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,850 shares of the business services provider’s stock worth $193,000 after purchasing an additional 162 shares in the last quarter. Jane Street Group LLC lifted its stake in WEX by 104.3% during the third quarter. Jane Street Group LLC now owns 1,786 shares of the business services provider’s stock worth $200,000 after purchasing an additional 43,763 shares in the last quarter. Raymond James Trust N.A. acquired a new position in WEX during the second quarter worth $202,000. Finally, Quantitative Systematic Strategies LLC acquired a new position in WEX during the third quarter worth $203,000.
WARNING: “WEX’s (WEX) “Buy” Rating Reaffirmed at Mizuho” was posted by Ticker Report and is the sole property of of Ticker Report. If you are accessing this piece on another domain, it was illegally copied and reposted in violation of U.S. & international copyright legislation. The legal version of this piece can be viewed at https://www.tickerreport.com/banking-finance/3127280/wexs-wex-buy-rating-reaffirmed-at-mizuho.html.
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.
Receive News & Ratings for WEX Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for WEX and related companies with MarketBeat.com's FREE daily email newsletter.