Panagora Asset Management Inc. grew its stake in shares of WEX Inc (NYSE:WEX) by 4.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,520 shares of the business services provider’s stock after acquiring an additional 60 shares during the quarter. Panagora Asset Management Inc.’s holdings in WEX were worth $316,000 as of its most recent SEC filing.
Other large investors also recently modified their holdings of the company. Atlantic Trust LLC increased its holdings in shares of WEX by 40.8% during the second quarter. Atlantic Trust LLC now owns 169 shares of the business services provider’s stock valued at $35,000 after acquiring an additional 49 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in WEX by 20.8% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 302 shares of the business services provider’s stock worth $58,000 after buying an additional 52 shares in the last quarter. Rockefeller Capital Management L.P. bought a new stake in WEX in the 1st quarter worth about $96,000. Advisory Services Network LLC increased its holdings in WEX by 30.6% in the 2nd quarter. Advisory Services Network LLC now owns 529 shares of the business services provider’s stock worth $110,000 after buying an additional 124 shares in the last quarter. Finally, Tortoise Index Solutions LLC bought a new stake in WEX in the 1st quarter worth about $121,000. Hedge funds and other institutional investors own 99.37% of the company’s stock.
In other WEX news, insider Scott Robert Phillips sold 15,973 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $208.44, for a total transaction of $3,329,412.12. Following the completion of the sale, the insider now directly owns 9,850 shares in the company, valued at approximately $2,053,134. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Melissa D. Smith sold 15,556 shares of the business’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $209.99, for a total value of $3,266,604.44. Following the sale, the chief executive officer now owns 78,839 shares of the company’s stock, valued at $16,555,401.61. The disclosure for this sale can be found here. Insiders own 1.12% of the company’s stock.
WEX (NYSE:WEX) last released its quarterly earnings results on Thursday, August 1st. The business services provider reported $2.28 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.08 by $0.20. The business had revenue of $441.81 million during the quarter, compared to the consensus estimate of $440.49 million. WEX had a return on equity of 17.88% and a net margin of 6.84%. The business’s quarterly revenue was up 19.2% compared to the same quarter last year. During the same period in the previous year, the company posted $2.07 EPS. Sell-side analysts anticipate that WEX Inc will post 8.33 earnings per share for the current year.
WEX has been the subject of several research analyst reports. ValuEngine downgraded WEX from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Jefferies Financial Group lifted their price objective on WEX from $210.00 to $230.00 and gave the stock a “hold” rating in a report on Thursday, July 18th. Bank of America initiated coverage on WEX in a report on Monday, June 3rd. They issued a “buy” rating and a $220.00 price objective for the company. BTIG Research lifted their price objective on WEX from $225.00 to $255.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Finally, TheStreet downgraded WEX from a “b” rating to a “c+” rating in a report on Monday, August 5th. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $223.00.
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 processing services.
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