WEX Inc. (WEX) Price Target Raised to $125.00
WEX Inc. (NYSE:WEX) had its target price raised by analysts at Citigroup Inc. from $120.00 to $125.00 in a report issued on Friday. The firm presently has a “neutral” rating on the business services provider’s stock. Citigroup Inc.’s price target points to a potential upside of 3.00% from the stock’s previous close.
Several other brokerages have also recently commented on WEX. Morgan Stanley increased their price target on shares of WEX from $113.00 to $123.00 and gave the stock an “equal weight” rating in a research report on Thursday. Oppenheimer Holdings, Inc. increased their price target on shares of WEX from $120.00 to $130.00 and gave the stock an “outperform” rating in a research report on Thursday. Barclays PLC increased their price target on shares of WEX from $124.00 to $129.00 and gave the stock an “equal weight” rating in a research report on Thursday. TheStreet raised shares of WEX from a “c+” rating to a “b” rating in a research report on Wednesday. Finally, Wedbush reaffirmed an “outperform” rating on shares of WEX in a research report on Friday, October 20th. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $127.67.
Shares of WEX (NYSE WEX) traded down $0.12 during mid-day trading on Friday, hitting $121.36. 398,886 shares of the stock traded hands, compared to its average volume of 404,512. The firm has a market capitalization of $5,276.71, a P/E ratio of 25.67 and a beta of 1.88.
WEX (NYSE:WEX) last issued its quarterly earnings results on Wednesday, November 1st. The business services provider reported $1.43 EPS for the quarter, topping the consensus estimate of $1.29 by $0.14. WEX had a net margin of 7.09% and a return on equity of 13.16%. The business had revenue of $324.00 million for the quarter, compared to analysts’ expectations of $312.57 million. During the same quarter last year, the company posted $1.25 earnings per share. The company’s quarterly revenue was up 12.6% compared to the same quarter last year. sell-side analysts predict that WEX will post 4.86 earnings per share for the current year.
WEX announced that its board has authorized a stock repurchase program on Tuesday, September 26th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the business services provider to buy shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.
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In related news, Director James Neary sold 2,390,000 shares of the stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $102.25, for a total transaction of $244,377,500.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Melissa D. Smith sold 3,333 shares of the firm’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 transaction of $383,295.00. Following the completion of the sale, the chief executive officer now owns 67,047 shares in the company, valued at approximately $7,710,405. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,399,171 shares of company stock worth $245,448,880. 0.86% of the stock is owned by company insiders.
Several large investors have recently made changes to their positions in WEX. First Bank & Trust increased its stake in shares of WEX by 5.1% in the second quarter. First Bank & Trust now owns 1,686 shares of the business services provider’s stock valued at $176,000 after purchasing an additional 82 shares during the period. Fiduciary Trust Co. acquired a new stake in shares of WEX in the second quarter valued at approximately $192,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of WEX by 9.6% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,850 shares of the business services provider’s stock valued at $193,000 after purchasing an additional 162 shares during the period. Huntington National Bank increased its stake in shares of WEX by 13.3% in the second quarter. Huntington National Bank now owns 1,908 shares of the business services provider’s stock valued at $199,000 after purchasing an additional 224 shares during the period. Finally, Raymond James Trust N.A. acquired a new stake in shares of WEX in the second quarter valued at approximately $202,000.
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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