WEX Inc. (NYSE:WEX) Stake Cut by Victory Capital Management Inc.

Victory Capital Management Inc. lowered its position in WEX Inc. (NYSE:WEX) by 10.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,865 shares of the business services provider’s stock after selling 918 shares during the quarter. Victory Capital Management Inc.’s holdings in WEX were worth $1,650,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in WEX. Rice Hall James & Associates LLC raised its stake in shares of WEX by 672.7% in the 3rd quarter. Rice Hall James & Associates LLC now owns 154,033 shares of the business services provider’s stock valued at $32,305,000 after acquiring an additional 134,099 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of WEX by 34.3% during the second quarter. Dimensional Fund Advisors LP now owns 495,527 shares of the business services provider’s stock valued at $87,772,000 after buying an additional 126,663 shares during the last quarter. New York State Common Retirement Fund increased its stake in WEX by 328.6% during the third quarter. New York State Common Retirement Fund now owns 127,570 shares of the business services provider’s stock valued at $26,755,000 after acquiring an additional 97,807 shares during the period. Distillate Capital Partners LLC acquired a new position in WEX in the 2nd quarter valued at approximately $13,950,000. Finally, HM Payson & Co. lifted its position in shares of WEX by 61.3% in the 3rd quarter. HM Payson & Co. now owns 149,341 shares of the business services provider’s stock worth $31,321,000 after acquiring an additional 56,775 shares during the period. 97.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other WEX news, CFO Jagtar Narula sold 508 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $200.00, for a total transaction of $101,600.00. Following the completion of the transaction, the chief financial officer now directly owns 7,120 shares in the company, valued at $1,424,000. The trade was a 6.66 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.10% of the stock is owned by company insiders.

WEX Stock Performance

Shares of WEX stock opened at $188.15 on Tuesday. The company has a market capitalization of $7.48 billion, a price-to-earnings ratio of 23.88, a PEG ratio of 1.47 and a beta of 1.57. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.04 and a current ratio of 1.04. WEX Inc. has a 52 week low of $165.51 and a 52 week high of $244.04. The company has a 50-day simple moving average of $196.01 and a 200 day simple moving average of $187.80.

WEX (NYSE:WEX) last posted its quarterly earnings data on Thursday, October 24th. The business services provider reported $4.35 earnings per share for the quarter, topping the consensus estimate of $3.82 by $0.53. The firm had revenue of $665.50 million for the quarter, compared to analysts’ expectations of $688.03 million. WEX had a return on equity of 31.35% and a net margin of 12.45%. The company’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter last year, the business earned $3.44 EPS. On average, sell-side analysts predict that WEX Inc. will post 13.1 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on WEX. JPMorgan Chase & Co. dropped their price objective on shares of WEX from $210.00 to $200.00 and set a “neutral” rating for the company in a research note on Tuesday, August 20th. Jefferies Financial Group upped their price target on WEX from $190.00 to $210.00 and gave the company a “hold” rating in a research note on Wednesday, October 16th. Robert W. Baird decreased their price objective on WEX from $285.00 to $230.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Wolfe Research lowered shares of WEX from an “outperform” rating to a “peer perform” rating in a report on Monday, October 28th. Finally, Wells Fargo & Company cut their price objective on shares of WEX from $200.00 to $180.00 and set an “equal weight” rating on the stock in a research report on Friday, October 25th. Six analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $235.91.

WEX Profile

WEX Inc operates a commerce platform in the United States and internationally. The Mobility segment offers fleet vehicle payment solutions, transaction processing, and information management services; and provides account activation and account retention services; authorization and billing inquiries, and account maintenance services; account management; credit and collections services; merchant services; analytics solutions; and ancillary services and offerings.