WEX Inc. (NYSE:WEX) had its target price increased by Morgan Stanley from $113.00 to $123.00 in a report issued on Thursday, November 2nd. Morgan Stanley currently has an equal weight rating on the business services provider’s stock.
A number of other analysts have also recently issued reports on the stock. Wedbush restated an outperform rating on shares of WEX in a research note on Friday, October 20th. SunTrust Banks, Inc. raised shares of WEX from a hold rating to a buy rating and set a $145.00 price target on the stock in a research report on Tuesday, October 17th. Mizuho reaffirmed a buy rating and set a $115.00 price target on shares of WEX in a research report on Sunday, October 15th. Zacks Investment Research raised shares of WEX from a hold rating to a buy rating and set a $134.00 price target on the stock in a research report on Friday, October 13th. Finally, Barclays PLC raised their price target on shares of WEX from $118.00 to $124.00 and gave the stock an equal weight rating in a research report on Wednesday, October 11th. Five investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. WEX has a consensus rating of Buy and a consensus target price of $127.67.
Shares of WEX (WEX) traded up $3.35 during mid-day trading on Thursday, reaching $122.66. 311,952 shares of the company’s stock were exchanged, compared to its average volume of 405,654. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 0.20. The firm has a market capitalization of $5,100.00, a PE ratio of 25.04, a P/E/G ratio of 1.71 and a beta of 1.88. WEX has a 12-month low of $97.26 and a 12-month high of $125.56.
WEX (NYSE:WEX) last posted its earnings results on Wednesday, November 1st. The business services provider reported $1.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.29 by $0.14. The company had revenue of $324.00 million during the quarter, compared to analysts’ expectations of $312.57 million. WEX had a net margin of 7.09% and a return on equity of 13.16%. WEX’s quarterly revenue was up 12.6% compared to the same quarter last year. During the same quarter last year, the company posted $1.25 EPS. research analysts expect that WEX will post 4.89 EPS for the current fiscal year.
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WEX declared that its Board of Directors has initiated a share buyback program on Tuesday, September 26th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the business services provider to reacquire shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.
In other news, CEO Melissa D. Smith sold 3,333 shares of the business’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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Hilary A. Rapkin sold 2,500 shares of the business’s 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 $287,500.00. Following the completion of the transaction, the senior vice president now owns 15,224 shares in the company, valued at approximately $1,750,760. The disclosure for this sale can be found here. Insiders sold a total of 189,707 shares of company stock worth $22,752,345 in the last 90 days. Corporate insiders own 0.86% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. HighTower Advisors LLC bought a new stake in shares of WEX in the 2nd quarter valued at $289,000. Mutual of America Capital Management LLC increased its stake in shares of WEX by 1.5% in the 3rd quarter. Mutual of America Capital Management LLC now owns 32,432 shares of the business services provider’s stock valued at $3,640,000 after acquiring an additional 472 shares in the last quarter. Capstone Asset Management Co. increased its stake in shares of WEX by 5.5% in the 2nd quarter. Capstone Asset Management Co. now owns 3,631 shares of the business services provider’s stock valued at $379,000 after acquiring an additional 190 shares in the last quarter. Marshall Wace North America L.P. bought a new stake in shares of WEX in the 2nd quarter valued at $1,411,000. Finally, BlackRock Inc. increased its stake in shares of WEX by 15,129.9% in the 1st quarter. BlackRock Inc. now owns 3,044,752 shares of the business services provider’s stock valued at $315,131,000 after acquiring an additional 3,024,760 shares in the last quarter.
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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