WEX Inc. (NYSE:WEX) Shares Sold by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. lowered its stake in WEX Inc. (NYSE:WEX) by 6.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 314,438 shares of the business services provider’s stock after selling 23,161 shares during the period. Charles Schwab Investment Management Inc. owned 0.79% of WEX worth $65,947,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Factorial Partners LLC purchased a new position in WEX in the 3rd quarter worth $2,244,000. Commerce Bank increased its holdings in shares of WEX by 1.7% in the third quarter. Commerce Bank now owns 3,624 shares of the business services provider’s stock valued at $760,000 after purchasing an additional 60 shares during the period. Premier Fund Managers Ltd lifted its holdings in shares of WEX by 18.1% during the third quarter. Premier Fund Managers Ltd now owns 300,000 shares of the business services provider’s stock worth $62,750,000 after purchasing an additional 46,000 shares during the period. PNC Financial Services Group Inc. boosted its position in WEX by 21.6% in the third quarter. PNC Financial Services Group Inc. now owns 10,630 shares of the business services provider’s stock valued at $2,229,000 after buying an additional 1,886 shares during the last quarter. Finally, B. Metzler seel. Sohn & Co. Holding AG acquired a new position in WEX in the 3rd quarter worth approximately $3,733,000. Hedge funds and other institutional investors own 97.47% of the company’s stock.

Wall Street Analysts Forecast Growth

WEX has been the topic of several recent research reports. JPMorgan Chase & Co. dropped their price objective on shares of WEX from $210.00 to $200.00 and set a “neutral” rating on the stock in a report on Tuesday, August 20th. Bank of America increased their price target on WEX from $238.00 to $255.00 and gave the stock a “buy” rating in a research report on Tuesday, October 15th. Wells Fargo & Company lowered their target price on WEX from $200.00 to $180.00 and set an “equal weight” rating on the stock in a research note on Friday, October 25th. Robert W. Baird reduced their price target on WEX from $285.00 to $230.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Finally, Wolfe Research lowered WEX from an “outperform” rating to a “peer perform” rating in a research report on Monday, October 28th. Six research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $235.91.

WEX Stock Up 2.1 %

Shares of WEX opened at $189.80 on Friday. WEX Inc. has a 52-week low of $165.51 and a 52-week high of $244.04. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.87. The stock has a fifty day simple moving average of $195.19 and a two-hundred day simple moving average of $187.53. The company has a market capitalization of $7.55 billion, a PE ratio of 24.09, a price-to-earnings-growth ratio of 1.47 and a beta of 1.57.

WEX (NYSE:WEX) last released its quarterly earnings data on Thursday, October 24th. The business services provider reported $4.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.82 by $0.53. The firm had revenue of $665.50 million during the quarter, compared to analysts’ expectations of $688.03 million. WEX had a net margin of 12.45% and a return on equity of 31.35%. WEX’s revenue was up 2.2% compared to the same quarter last year. During the same period last year, the business earned $3.44 earnings per share. As a group, equities analysts forecast that WEX Inc. will post 13.1 EPS for the current year.

Insider Activity

In other WEX news, CFO Jagtar Narula sold 508 shares of the firm’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $200.00, for a total transaction of $101,600.00. Following the completion of the sale, the chief financial officer now owns 7,120 shares of the company’s stock, valued at $1,424,000. This trade represents a 6.66 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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.