US Bancorp DE Grows Stake in WEX Inc (NYSE:WEX)

US Bancorp DE increased its position in shares of WEX Inc (NYSE:WEX) by 67.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,314 shares of the business services provider’s stock after purchasing an additional 928 shares during the period. US Bancorp DE’s holdings in WEX were worth $444,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its stake in WEX by 37.5% in 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 buying an additional 311,484 shares in the last quarter. Norges Bank acquired a new stake in WEX in the 4th quarter valued at $32,492,000. FMR LLC boosted its stake in WEX by 124.1% in the 4th quarter. FMR LLC now owns 398,482 shares of the business services provider’s stock valued at $55,811,000 after buying an additional 220,688 shares in the last quarter. Eagle Asset Management Inc. acquired a new stake in WEX in the 1st quarter valued at $33,846,000. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its stake in WEX by 14.5% in the 1st quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 1,204,643 shares of the business services provider’s stock valued at $231,279,000 after buying an additional 152,398 shares in the last quarter. Institutional investors and hedge funds own 98.45% of the company’s stock.

WEX stock traded down $0.21 on Friday, reaching $202.85. The company’s stock had a trading volume of 1,904 shares, compared to its average volume of 286,803. The company has a debt-to-equity ratio of 1.55, a quick ratio of 1.39 and a current ratio of 1.39. The firm has a market cap of $8.68 billion, a P/E ratio of 26.60, a P/E/G ratio of 1.57 and a beta of 1.55. WEX Inc has a twelve month low of $131.35 and a twelve month high of $212.13.

WEX (NYSE:WEX) last posted its quarterly earnings data on Thursday, May 2nd. The business services provider reported $1.72 EPS for the quarter, topping analysts’ consensus estimates of $1.53 by $0.19. The company had revenue of $381.90 million for the quarter, compared to analyst estimates of $379.57 million. WEX had a return on equity of 17.88% and a net margin of 8.84%. The business’s revenue was up 7.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.81 earnings per share. On average, equities research analysts predict that WEX Inc will post 8.62 earnings per share for the current year.

Several analysts recently commented on the company. ValuEngine lowered WEX from a “buy” rating to a “hold” rating in a research note on Monday, June 3rd. Zacks Investment Research raised WEX from a “sell” rating to a “hold” rating in a research note on Wednesday, March 13th. Barclays boosted their price target on WEX from $222.00 to $238.00 and gave the company an “overweight” rating in a research note on Monday, May 6th. Robert W. Baird assumed coverage on WEX in a research note on Thursday, April 4th. They issued a “neutral” rating and a $220.00 price target on the stock. Finally, Goldman Sachs Group raised WEX from a “neutral” rating to a “buy” rating and boosted their price target for the company from $193.00 to $225.00 in a research note on Wednesday, June 5th. Four investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. WEX has an average rating of “Buy” and a consensus price target of $209.38.

In other WEX news, insider Hilary A. Rapkin sold 1,404 shares of the business’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $205.00, for a total value of $287,820.00. Following the transaction, the insider now owns 13,718 shares of the company’s stock, valued at $2,812,190. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider David G. Cooper sold 167 shares of the business’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $186.05, for a total value of $31,070.35. Following the completion of the transaction, the insider now directly owns 14,674 shares in the company, valued at approximately $2,730,097.70. The disclosure for this sale can be found here. In the last three months, insiders sold 54,519 shares of company stock worth $10,982,313. Insiders own 1.12% of the company’s stock.

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WEX 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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Institutional Ownership by Quarter for WEX (NYSE:WEX)

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