Bank of America initiated coverage on shares of WEX (NYSE:WEX) in a report issued on Monday, Benzinga reports. The firm issued a buy rating and a $220.00 target price on the business services provider’s stock.

Several other research analysts have also issued reports on the stock. Barclays lifted their price target on shares of WEX from $222.00 to $238.00 and gave the stock an overweight rating in a research report on Monday, May 6th. William Blair restated an outperform rating on shares of WEX in a research report on Tuesday, April 30th. Robert W. Baird began coverage on shares of WEX in a research report on Thursday, April 4th. They issued a neutral rating and a $220.00 price target on the stock. BTIG Research set a $225.00 price target on shares of WEX and gave the stock a buy rating in a research report on Tuesday, April 2nd. Finally, Morgan Stanley lifted their price target on shares of WEX from $190.00 to $197.00 and gave the stock an equal weight rating in a research report on Friday, March 22nd. Six investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The company currently has a consensus rating of Buy and an average price target of $204.92.

WEX stock opened at $185.96 on Monday. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 1.55. The company has a market capitalization of $8.17 billion, a price-to-earnings ratio of 24.34, a price-to-earnings-growth ratio of 1.46 and a beta of 1.54. WEX has a 1 year low of $131.35 and a 1 year high of $212.13.

WEX (NYSE:WEX) last posted its quarterly earnings results on Thursday, May 2nd. The business services provider reported $1.72 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.53 by $0.19. The firm had revenue of $381.90 million for the quarter, compared to analyst estimates of $379.57 million. WEX had a net margin of 8.84% and a return on equity of 17.88%. The firm’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.81 earnings per share. Sell-side analysts predict that WEX will post 8.64 earnings per share for the current year.

In other WEX news, insider David G. Cooper sold 167 shares of WEX stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $186.05, for a total transaction of $31,070.35. Following the transaction, the insider now directly owns 14,674 shares in the company, valued at approximately $2,730,097.70. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Melissa D. Smith sold 5,000 shares of WEX stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $195.00, for a total transaction of $975,000.00. Following the transaction, the chief executive officer now owns 80,783 shares in the company, valued at $15,752,685. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 55,511 shares of company stock worth $11,164,891. Corporate insiders own 4.57% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the business. JPMorgan Chase & Co. grew its holdings in shares of WEX by 37.5% during the 1st quarter. JPMorgan Chase & Co. now owns 1,141,383 shares of the business services provider’s stock valued at $219,135,000 after acquiring an additional 311,484 shares in the last quarter. Norges Bank purchased a new position in shares of WEX during the 4th quarter valued at $32,492,000. FMR LLC grew its holdings in shares of WEX by 124.1% during the 4th quarter. FMR LLC now owns 398,482 shares of the business services provider’s stock valued at $55,811,000 after acquiring an additional 220,688 shares in the last quarter. Wells Fargo & Company MN grew its holdings in shares of WEX by 17.5% during the 1st quarter. Wells Fargo & Company MN now owns 1,357,772 shares of the business services provider’s stock valued at $260,680,000 after acquiring an additional 202,492 shares in the last quarter. Finally, Eagle Asset Management Inc. purchased a new position in shares of WEX during the 1st quarter valued at $33,846,000. Hedge funds and other institutional investors own 98.41% of the company’s stock.

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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Analyst Recommendations for WEX (NYSE:WEX)

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