Morgan Stanley Increases WEX Inc. (WEX) Price Target to $123.00
WEX Inc. (NYSE:WEX) had its target price lifted by investment analysts at Morgan Stanley from $113.00 to $123.00 in a research report issued on Thursday. The brokerage currently has an “equal weight” rating on the business services provider’s stock. Morgan Stanley’s target price points to a potential downside of 0.48% from the stock’s previous close.
A number of other equities analysts have also recently issued reports on the stock. Goldman Sachs Group, Inc. (The) raised shares of WEX from a “neutral” rating to a “buy” rating and raised their price objective for the company from $114.00 to $126.00 in a research note on Monday, September 11th. Barclays PLC reaffirmed a “hold” rating and issued a $118.00 price objective on shares of WEX in a research note on Wednesday, August 2nd. Credit Suisse Group reaffirmed an “outperform” rating on shares of WEX in a research note on Tuesday, September 5th. William Blair reaffirmed an “outperform” rating on shares of WEX in a research note on Wednesday, July 12th. Finally, Zacks Investment Research raised shares of WEX from a “hold” rating to a “buy” rating and set a $134.00 price objective on the stock in a research note on Friday, October 13th. Four analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $127.25.
WEX (NYSE:WEX) last released its quarterly earnings results on Wednesday, November 1st. The business services provider reported $1.43 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.29 by $0.14. WEX had a net margin of 6.09% and a return on equity of 13.03%. The business had revenue of $324.00 million for the quarter, compared to analysts’ expectations of $312.57 million. During the same period in the prior year, the firm earned $1.25 earnings per share. WEX’s revenue was up 12.6% compared to the same quarter last year.
WEX declared that its Board of Directors has approved a stock repurchase plan on Tuesday, September 26th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the business services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management 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 Tuesday, September 26th. The shares were sold at an average price of $115.00, for a total value of $383,295.00. Following the completion of the transaction, the chief executive officer now directly owns 67,047 shares in the company, valued at approximately $7,710,405. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director James Neary sold 2,390,000 shares of the business’s stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $102.25, for a total transaction of $244,377,500.00. The disclosure for this sale can be found here. Insiders sold a total of 2,399,166 shares of company stock valued at $245,448,255 over the last 90 days. Corporate insiders own 0.86% of the company’s stock.
Large investors have recently modified their holdings of the company. First Bank & Trust raised its position in shares of WEX by 5.1% in the 2nd quarter. First Bank & Trust now owns 1,686 shares of the business services provider’s stock valued at $176,000 after buying an additional 82 shares in the last quarter. Quantitative Systematic Strategies LLC acquired a new position in shares of WEX in the 3rd quarter valued at approximately $203,000. Fiduciary Trust Co. acquired a new position in shares of WEX in the 2nd quarter valued at approximately $192,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of WEX by 9.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,850 shares of the business services provider’s stock valued at $193,000 after buying an additional 162 shares in the last quarter. Finally, Huntington National Bank raised its position in shares of WEX by 13.3% in the 2nd quarter. Huntington National Bank now owns 1,908 shares of the business services provider’s stock valued at $199,000 after buying an additional 224 shares in the last quarter.
WEX Company Profile
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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