SunTrust Banks Trims WEX (NYSE:WEX) Target Price to $220.00

WEX (NYSE:WEX) had its target price trimmed by SunTrust Banks from $240.00 to $220.00 in a report released on Friday, The Fly reports. The firm currently has a buy rating on the business services provider’s stock.

Other analysts have also issued research reports about the company. Jefferies Financial Group boosted their target price on WEX from $210.00 to $230.00 and gave the company a hold rating in a research report on Thursday, July 18th. Citigroup boosted their target price on WEX from $235.00 to $260.00 and gave the company a buy rating in a research report on Monday, September 9th. BTIG Research boosted their target price on WEX from $225.00 to $255.00 and gave the company a buy rating in a research report on Thursday, July 18th. Morgan Stanley boosted their target price on WEX from $197.00 to $204.00 and gave the company an equal weight rating in a research report on Friday, August 2nd. Finally, Barclays cut their target price on WEX from $260.00 to $253.00 and set an overweight rating on the stock in a research report on Monday, August 5th. One research analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have issued a buy rating to the company’s stock. The company has an average rating of Buy and a consensus target price of $227.87.

WEX opened at $195.69 on Friday. WEX has a one year low of $131.35 and a one year high of $221.66. The stock has a market capitalization of $8.19 billion, a PE ratio of 25.61, a P/E/G ratio of 1.55 and a beta of 1.54. The business’s 50 day moving average price is $201.70 and its 200 day moving average price is $204.14. The company has a debt-to-equity ratio of 1.46, a quick ratio of 1.42 and a current ratio of 1.30.

WEX (NYSE:WEX) last announced its earnings results on Thursday, October 31st. The business services provider reported $2.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.35 by $0.24. The company had revenue of $459.96 million for the quarter, compared to analyst estimates of $460.00 million. WEX had a return on equity of 18.86% and a net margin of 3.95%. The firm’s quarterly revenue was up 19.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.23 earnings per share. As a group, equities research analysts forecast that WEX will post 8.37 earnings per share for the current fiscal year.

In other news, CEO Melissa D. Smith sold 15,556 shares of the company’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $209.99, for a total transaction of $3,266,604.44. Following the sale, the chief executive officer now owns 78,839 shares of the company’s stock, valued at $16,555,401.61. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Scott Robert Phillips sold 15,973 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $208.44, for a total value of $3,329,412.12. Following the sale, the insider now directly owns 9,850 shares in the company, valued at approximately $2,053,134. The disclosure for this sale can be found here. 1.12% of the stock is currently owned by corporate insiders.

Several institutional investors have recently bought and sold shares of WEX. Vanguard Group Inc. grew its stake in shares of WEX by 0.3% during the second quarter. Vanguard Group Inc. now owns 3,998,029 shares of the business services provider’s stock worth $831,990,000 after purchasing an additional 10,763 shares in the last quarter. BlackRock Inc. grew its stake in shares of WEX by 1.5% during the second quarter. BlackRock Inc. now owns 3,892,337 shares of the business services provider’s stock worth $809,995,000 after purchasing an additional 56,101 shares in the last quarter. Atlanta Capital Management Co. L L C grew its stake in shares of WEX by 10.5% during the second quarter. Atlanta Capital Management Co. L L C now owns 2,223,934 shares of the business services provider’s stock worth $462,801,000 after purchasing an additional 211,481 shares in the last quarter. Wells Fargo & Company MN grew its stake in shares of WEX by 0.6% during the second quarter. Wells Fargo & Company MN now owns 1,366,507 shares of the business services provider’s stock worth $284,370,000 after purchasing an additional 8,735 shares in the last quarter. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA grew its stake in shares of WEX by 0.8% during the second quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 1,214,287 shares of the business services provider’s stock worth $252,694,000 after purchasing an additional 9,644 shares in the last quarter. 99.43% of the stock is currently owned by institutional investors and hedge funds.

About WEX

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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