Sompo Asset Management Co. Ltd. Buys Shares of 1,570 WEX Inc. (NYSE:WEX)

Sompo Asset Management Co. Ltd. bought a new stake in WEX Inc. (NYSE:WEX) in the 3rd quarter, HoldingsChannel reports. The firm bought 1,570 shares of the business services provider’s stock, valued at approximately $329,000.

Several other large investors also recently added to or reduced their stakes in WEX. Venturi Wealth Management LLC lifted its stake in shares of WEX by 206.1% in the 3rd quarter. Venturi Wealth Management LLC now owns 150 shares of the business services provider’s stock valued at $31,000 after purchasing an additional 101 shares during the last quarter. International Assets Investment Management LLC acquired a new position in shares of WEX in the 2nd quarter valued at $33,000. Quarry LP lifted its stake in shares of WEX by 717.4% in the 2nd quarter. Quarry LP now owns 188 shares of the business services provider’s stock valued at $33,000 after purchasing an additional 165 shares during the last quarter. Blue Trust Inc. lifted its stake in shares of WEX by 456.1% in the 2nd quarter. Blue Trust Inc. now owns 228 shares of the business services provider’s stock valued at $40,000 after purchasing an additional 187 shares during the last quarter. Finally, Covestor Ltd lifted its stake in shares of WEX by 47.3% in the 3rd quarter. Covestor Ltd now owns 277 shares of the business services provider’s stock valued at $58,000 after purchasing an additional 89 shares during the last quarter. 97.47% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently commented on WEX. Jefferies Financial Group upped their price target on WEX from $190.00 to $210.00 and gave the company a “hold” rating in a research note on Wednesday, October 16th. Bank of America increased their target price on WEX from $238.00 to $255.00 and gave the stock a “buy” rating in a research note on Tuesday, October 15th. Wells Fargo & Company decreased 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. JPMorgan Chase & Co. decreased their target price on WEX from $210.00 to $200.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 20th. Finally, Wolfe Research lowered WEX from an “outperform” rating to a “peer perform” rating in a research note on Monday, October 28th. Six research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $235.91.

WEX Price Performance

WEX stock opened at $185.38 on Monday. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.04 and a quick ratio of 1.04. The firm has a market capitalization of $7.37 billion, a P/E ratio of 23.53, a P/E/G ratio of 1.47 and a beta of 1.57. The business’s 50-day moving average is $196.01 and its two-hundred day moving average is $187.80. WEX Inc. has a 1 year low of $165.51 and a 1 year high of $244.04.

WEX (NYSE:WEX) last released its quarterly earnings data on Thursday, October 24th. The business services provider reported $4.35 EPS 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 business had revenue of $665.50 million for the quarter, compared to the consensus estimate of $688.03 million. During the same quarter in the prior year, the business posted $3.44 EPS. The business’s revenue for the quarter was up 2.2% on a year-over-year basis. Analysts anticipate that WEX Inc. will post 13.1 earnings per share for the current fiscal year.

Insider Buying and Selling

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 transaction of $101,600.00. Following the transaction, the chief financial officer now owns 7,120 shares in the company, valued at $1,424,000. This trade represents a 6.66 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 1.10% of the stock is currently owned by company insiders.

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.