USA Financial Portformulas Corp Sells 727 Shares of WEX Inc (WEX)

USA Financial Portformulas Corp decreased its holdings in WEX Inc (NYSE:WEX) by 13.5% in the third quarter, Holdings Channel reports. The fund owned 4,655 shares of the business services provider’s stock after selling 727 shares during the period. USA Financial Portformulas Corp’s holdings in WEX were worth $887,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the business. BlackRock Inc. raised its holdings in WEX by 3.8% in the 2nd quarter. BlackRock Inc. now owns 3,484,141 shares of the business services provider’s stock valued at $663,658,000 after acquiring an additional 128,910 shares during the last quarter. Frontier Capital Management Co. LLC grew its stake in shares of WEX by 1.6% in the 3rd quarter. Frontier Capital Management Co. LLC now owns 882,349 shares of the business services provider’s stock valued at $177,140,000 after buying an additional 13,890 shares during the period. Hermes Investment Management Ltd. grew its stake in shares of WEX by 2.7% in the 2nd quarter. Hermes Investment Management Ltd. now owns 416,242 shares of the business services provider’s stock valued at $79,286,000 after buying an additional 11,117 shares during the period. Millennium Management LLC grew its stake in shares of WEX by 305.9% in the 2nd quarter. Millennium Management LLC now owns 349,272 shares of the business services provider’s stock valued at $66,529,000 after buying an additional 263,217 shares during the period. Finally, Schwab Charles Investment Management Inc. grew its stake in shares of WEX by 5.8% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 244,344 shares of the business services provider’s stock valued at $46,543,000 after buying an additional 13,379 shares during the period. Institutional investors own 99.12% of the company’s stock.

In other WEX news, Director Jack Vanwoerkom sold 4,376 shares of the stock in a transaction that occurred on Wednesday, August 8th. The shares were sold at an average price of $187.52, for a total transaction of $820,587.52. Following the sale, the director now directly owns 7,705 shares in the company, valued at approximately $1,444,841.60. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Melissa D. Smith sold 5,000 shares of the stock in a transaction that occurred on Wednesday, August 8th. The stock was sold at an average price of $190.00, for a total transaction of $950,000.00. Following the sale, the chief executive officer now owns 72,544 shares in the company, valued at $13,783,360. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 18,335 shares of company stock worth $3,461,862. 4.57% of the stock is owned by company insiders.

A number of equities analysts recently weighed in on the stock. Morgan Stanley increased their price objective on shares of WEX from $188.00 to $190.00 and gave the stock a “hold” rating in a research report on Friday, August 3rd. SunTrust Banks reaffirmed a “buy” rating and set a $215.00 price objective on shares of WEX in a research report on Friday, August 3rd. Citigroup increased their price objective on shares of WEX from $200.00 to $235.00 and gave the stock a “buy” rating in a research report on Friday, July 20th. Wells Fargo & Co raised shares of WEX from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $190.00 to $200.00 in a research report on Thursday. Finally, Zacks Investment Research raised shares of WEX from a “hold” rating to a “buy” rating and set a $211.00 price objective for the company in a research report on Saturday, October 13th. Three analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $198.80.

WEX stock opened at $174.61 on Friday. The company has a market cap of $7.23 billion, a price-to-earnings ratio of 37.15, a price-to-earnings-growth ratio of 1.47 and a beta of 1.71. WEX Inc has a 52-week low of $118.40 and a 52-week high of $203.49. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 1.19.

WEX (NYSE:WEX) last released its earnings results on Wednesday, October 31st. The business services provider reported $2.19 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.12 by $0.07. The company had revenue of $382.70 million for the quarter, compared to analyst estimates of $375.15 million. WEX had a net margin of 14.61% and a return on equity of 15.61%. The firm’s quarterly revenue was up 18.1% on a year-over-year basis. During the same period in the prior year, the business earned $1.43 EPS. Equities analysts expect that WEX Inc will post 7.59 earnings per share for the current fiscal year.

WEX Company Profile

WEX Inc provides corporate card payment solutions in North and South America, the Asia Pacific, and Europe. It operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. The Fleet Solutions segment offers fleet vehicle payment and processing services.

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Institutional Ownership by Quarter for WEX (NYSE:WEX)

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