The Manufacturers Life Insurance Company Acquires Shares of 24,664 WEX Inc. $WEX

The Manufacturers Life Insurance Company bought a new position in shares of WEX Inc. (NYSE:WEX) during the second quarter, Holdings Channel.com reports. The firm bought 24,664 shares of the business services provider’s stock, valued at approximately $3,480,000.

Other institutional investors have also recently made changes to their positions in the company. American Century Companies Inc. lifted its stake in shares of WEX by 1.9% in the 2nd quarter. American Century Companies Inc. now owns 3,205 shares of the business services provider’s stock valued at $471,000 after purchasing an additional 60 shares during the period. Eukles Asset Management grew its stake in WEX by 2.8% in the fourth quarter. Eukles Asset Management now owns 3,429 shares of the business services provider’s stock worth $511,000 after purchasing an additional 95 shares during the period. Nicolet Advisory Services LLC grew its stake in WEX by 8.1% in the third quarter. Nicolet Advisory Services LLC now owns 1,362 shares of the business services provider’s stock worth $214,000 after purchasing an additional 102 shares during the period. Public Employees Retirement System of Ohio raised its holdings in WEX by 0.9% in the third quarter. Public Employees Retirement System of Ohio now owns 11,095 shares of the business services provider’s stock worth $1,748,000 after purchasing an additional 104 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC raised its holdings in WEX by 2.0% in the first quarter. Fifth Third Wealth Advisors LLC now owns 6,280 shares of the business services provider’s stock worth $961,000 after purchasing an additional 124 shares in the last quarter. Institutional investors own 97.47% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on WEX. Wall Street Zen cut shares of WEX from a “buy” rating to a “hold” rating in a report on Sunday, May 24th. Cantor Fitzgerald set a $178.00 price target on shares of WEX in a research note on Monday, July 27th. Morgan Stanley lifted their price target on shares of WEX from $161.00 to $172.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 21st. Evercore raised shares of WEX to an “outperform” rating in a research note on Tuesday, July 21st. Finally, Mizuho upped their price objective on shares of WEX from $170.00 to $200.00 and gave the stock an “outperform” rating in a report on Friday, July 24th. Six research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat.com, WEX presently has a consensus rating of “Hold” and a consensus target price of $183.30.

Insider Activity

In other WEX news, COO Carlos Carriedo sold 1,075 shares of WEX stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $186.00, for a total value of $199,950.00. Following the completion of the transaction, the chief operating officer directly owned 11,076 shares of the company’s stock, valued at approximately $2,060,136. The trade was a 8.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Jennifer Kimball sold 1,183 shares of the company’s stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $176.55, for a total transaction of $208,858.65. Following the completion of the transaction, the chief accounting officer owned 4,916 shares in the company, valued at approximately $867,919.80. This represents a 19.40% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 8,658 shares of company stock worth $1,489,027. 1.40% of the stock is currently owned by company insiders.

WEX Stock Down 0.9%

WEX stock opened at $188.80 on Wednesday. The business has a 50 day moving average of $173.67 and a 200 day moving average of $159.28. The firm has a market cap of $6.43 billion, a PE ratio of 18.80, a price-to-earnings-growth ratio of 0.99 and a beta of 0.83. WEX Inc. has a twelve month low of $125.29 and a twelve month high of $203.99. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 2.62.

WEX (NYSE:WEX) last released its earnings results on Wednesday, July 22nd. The business services provider reported $5.35 EPS for the quarter, topping the consensus estimate of $5.08 by $0.27. WEX had a return on equity of 43.19% and a net margin of 12.56%.The business had revenue of $753.50 million for the quarter, compared to the consensus estimate of $740.72 million. During the same period in the previous year, the company posted $3.95 earnings per share. The company’s revenue for the quarter was up 14.2% compared to the same quarter last year. WEX has set its Q3 2026 guidance at 5.450-5.650 EPS and its FY 2026 guidance at 19.680-20.080 EPS. On average, research analysts forecast that WEX Inc. will post 17.11 EPS for the current fiscal year.

WEX declared that its board has initiated a stock repurchase plan on Thursday, May 14th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the business services provider to repurchase up to 21.2% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

WEX Profile

WEX Inc is a global financial technology company specializing in business payment solutions for fleet, travel, and corporate payments. The company delivers software-driven platforms and card-based services that help businesses automate payment processes, manage expenses and improve operational efficiency across a range of industries, including transportation, healthcare and government.

Founded in 1983 as Wright Express in Portland, Maine, the company began by offering fuel card services to trucking fleets.