Zacks Investment Research downgraded shares of WEX (NYSE:WEX) from a buy rating to a hold rating in a research report report published on Wednesday morning.
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 research firms have also commented on WEX. Morgan Stanley reaffirmed an equal weight rating and set a $159.00 price target (up previously from $149.00) on shares of WEX in a research report on Thursday, February 22nd. Wells Fargo & Co set a $160.00 price target on shares of WEX and gave the company a hold rating in a research report on Thursday, February 22nd. Mizuho reaffirmed a buy rating and set a $185.00 price target on shares of WEX in a research report on Friday, February 23rd. Credit Suisse Group reaffirmed an outperform rating and set a $176.00 price target (up previously from $167.00) on shares of WEX in a research report on Thursday, February 22nd. Finally, SunTrust Banks set a $175.00 price target on shares of WEX and gave the company a buy rating in a research report on Thursday, February 22nd. Six research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. The company currently has an average rating of Buy and an average price target of $149.36.
WEX (NYSE:WEX) last released its earnings results on Wednesday, February 21st. The business services provider reported $1.49 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.33 by $0.16. WEX had a net margin of 12.82% and a return on equity of 13.01%. The business had revenue of $331.30 million for the quarter, compared to analyst estimates of $327.19 million. During the same period last year, the company posted $1.28 EPS. The business’s revenue was up 13.9% on a year-over-year basis. sell-side analysts predict that WEX will post 6.93 earnings per share for the current fiscal year.
In other WEX news, insider Nicola S. Morris sold 2,700 shares of the business’s stock in a transaction that occurred on Thursday, March 1st. The stock was sold at an average price of $149.47, for a total value of $403,569.00. Following the sale, the insider now owns 6,387 shares of the company’s stock, valued at $954,664.89. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 9.00% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the business. First Mercantile Trust Co. purchased a new stake in WEX in the fourth quarter valued at approximately $191,000. Private Advisor Group LLC purchased a new stake in WEX in the fourth quarter valued at approximately $212,000. Advisory Services Network LLC raised its position in WEX by 4,540.6% in the fourth quarter. Advisory Services Network LLC now owns 1,485 shares of the business services provider’s stock valued at $210,000 after purchasing an additional 1,453 shares during the period. CIBC Asset Management Inc purchased a new stake in WEX in the fourth quarter valued at approximately $211,000. Finally, Cigna Investments Inc. New purchased a new stake in WEX in the fourth quarter valued at approximately $219,000.
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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