WEX Inc. (NYSE:WEX) Shares Purchased by Truist Financial Corp

Truist Financial Corp increased its position in shares of WEX Inc. (NYSE:WEX) by 21.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,943 shares of the business services provider’s stock after acquiring an additional 510 shares during the period. Truist Financial Corp’s holdings in WEX were worth $521,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of WEX. Rise Advisors LLC acquired a new position in WEX during the first quarter worth about $29,000. International Assets Investment Management LLC purchased a new position in WEX in the 2nd quarter worth about $33,000. Quarry LP increased its stake in WEX by 717.4% in the 2nd quarter. Quarry LP now owns 188 shares of the business services provider’s stock worth $33,000 after purchasing an additional 165 shares in the last quarter. Blue Trust Inc. increased its stake in WEX by 456.1% in the 2nd quarter. Blue Trust Inc. now owns 228 shares of the business services provider’s stock worth $40,000 after purchasing an additional 187 shares in the last quarter. Finally, Covestor Ltd increased its stake in WEX by 233.9% in the 1st quarter. Covestor Ltd now owns 187 shares of the business services provider’s stock worth $44,000 after purchasing an additional 131 shares in the last quarter. 97.47% of the stock is owned by institutional investors and hedge funds.

WEX Stock Down 0.2 %

Shares of WEX stock opened at $213.37 on Thursday. The firm has a market cap of $8.77 billion, a price-to-earnings ratio of 36.92, a P/E/G ratio of 1.28 and a beta of 1.55. The company has a debt-to-equity ratio of 1.66, a current ratio of 1.03 and a quick ratio of 1.03. WEX Inc. has a 52-week low of $161.95 and a 52-week high of $244.04. The stock has a 50-day simple moving average of $194.86 and a 200-day simple moving average of $195.89.

WEX (NYSE:WEX) last announced its quarterly earnings results on Thursday, July 25th. The business services provider reported $3.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.20 by $0.09. The business had revenue of $673.50 million during the quarter, compared to analyst estimates of $677.44 million. WEX had a return on equity of 31.05% and a net margin of 9.32%. On average, equities research analysts expect that WEX Inc. will post 13.75 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on WEX. Bank of America lifted their price target on WEX from $238.00 to $255.00 and gave the stock a “buy” rating in a research note on Tuesday. Wells Fargo & Company dropped their price target on WEX from $200.00 to $190.00 and set an “equal weight” rating on the stock in a research note on Friday, July 26th. Keefe, Bruyette & Woods dropped their price target on WEX from $275.00 to $230.00 and set an “outperform” rating on the stock in a research note on Monday, July 8th. Jefferies Financial Group lifted their price target on WEX from $190.00 to $210.00 and gave the stock a “hold” rating in a research note on Wednesday. Finally, William Blair upgraded WEX to a “strong-buy” rating in a research report on Friday, July 26th. Six investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, WEX presently has an average rating of “Moderate Buy” and an average price target of $238.46.

Insider Activity at WEX

In related news, CFO Jagtar Narula sold 508 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $200.00, for a total value of $101,600.00. Following the transaction, the chief financial officer now directly owns 7,120 shares of the company’s stock, valued at approximately $1,424,000. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CFO Jagtar Narula sold 508 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $200.00, for a total value of $101,600.00. Following the transaction, the chief financial officer now directly owns 7,120 shares of the company’s stock, valued at approximately $1,424,000. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Robert Joseph Deshaies sold 1,651 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $181.67, for a total value of $299,937.17. Following the completion of the transaction, the chief operating officer now directly owns 7,757 shares in the company, valued at $1,409,214.19. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 4,905 shares of company stock valued at $895,107. Corporate insiders own 1.10% of the company’s stock.

WEX Company Profile

WEX Inc operates a commerce platform in the United States and internationally. The Mobility segment offers fleet vehicle payment solutions, transaction processing, and information management services; and provides account activation and account retention services; authorization and billing inquiries, and account maintenance services; account management; credit and collections services; merchant services; analytics solutions; and ancillary services and offerings.