Cornercap Investment Counsel Inc. Sells 2,471 Shares of WEX Inc. (NYSE:WEX)

Cornercap Investment Counsel Inc. cut its stake in shares of WEX Inc. (NYSE:WEX) by 54.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,105 shares of the business services provider’s stock after selling 2,471 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in WEX were worth $441,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Zions Bancorporation N.A. increased its holdings in WEX by 18.0% in the 3rd quarter. Zions Bancorporation N.A. now owns 12,333 shares of the business services provider’s stock worth $2,587,000 after buying an additional 1,877 shares in the last quarter. KBC Group NV increased its holdings in WEX by 13.0% in the 3rd quarter. KBC Group NV now owns 1,187 shares of the business services provider’s stock worth $249,000 after buying an additional 137 shares in the last quarter. Oppenheimer Asset Management Inc. increased its holdings in WEX by 290.7% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 14,280 shares of the business services provider’s stock worth $2,995,000 after buying an additional 10,625 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd increased its holdings in WEX by 2.0% in the 3rd quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 34,770 shares of the business services provider’s stock worth $7,292,000 after buying an additional 678 shares in the last quarter. Finally, Venturi Wealth Management LLC increased its holdings in WEX by 206.1% in the 3rd quarter. Venturi Wealth Management LLC now owns 150 shares of the business services provider’s stock worth $31,000 after buying an additional 101 shares in the last quarter. 97.47% of the stock is currently owned by institutional investors.

WEX Stock Down 1.0 %

WEX stock opened at $179.08 on Friday. WEX Inc. has a twelve month low of $165.51 and a twelve month 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 market cap of $7.12 billion, a P/E ratio of 22.73, a PEG ratio of 1.41 and a beta of 1.57. The business’s 50-day moving average price is $197.33 and its 200-day moving average price is $189.00.

WEX (NYSE:WEX) last posted its quarterly earnings data on Thursday, October 24th. The business services provider reported $4.35 earnings per share for the quarter, beating analysts’ consensus estimates of $3.82 by $0.53. WEX had a return on equity of 31.35% and a net margin of 12.45%. The firm had revenue of $665.50 million for the quarter, compared to analysts’ expectations of $688.03 million. During the same period in the previous year, the firm earned $3.44 EPS. The business’s quarterly revenue was up 2.2% on a year-over-year basis. On average, equities research analysts forecast that WEX Inc. will post 13.2 EPS for the current year.

Insider Buying and Selling

In related news, CFO Jagtar Narula sold 508 shares of the business’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. The trade was a 6.66 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Robert Joseph Deshaies sold 1,651 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was 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 approximately $1,409,214.19. This represents a 17.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.10% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Bank of America lifted their price objective on WEX from $238.00 to $255.00 and gave the stock a “buy” rating in a report on Tuesday, October 15th. Wolfe Research downgraded WEX from an “outperform” rating to a “peer perform” rating in a research note on Monday, October 28th. JPMorgan Chase & Co. cut their price target on WEX from $210.00 to $200.00 and set a “neutral” rating for the company in a research note on Tuesday, August 20th. Wells Fargo & Company cut their price target on WEX from $200.00 to $180.00 and set an “equal weight” rating for the company in a research note on Friday, October 25th. Finally, William Blair upgraded WEX to a “strong-buy” rating in a research note on Friday, July 26th. Six investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, WEX presently has an average rating of “Moderate Buy” and a consensus target price of $235.91.

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.