WEX (NYSE:WEX) Rating Lowered to Neutral at Bank of America

WEX (NYSE:WEX) was downgraded by Bank of America from a “buy” rating to a “neutral” rating in a report released on Thursday,Briefing.com Automated Import reports.

WEX has been the subject of several other research reports. Robert W. Baird decreased their price target on WEX from $285.00 to $230.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Citigroup downgraded WEX from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $260.00 to $190.00 in a report on Tuesday, January 14th. Wolfe Research downgraded WEX from an “outperform” rating to a “peer perform” rating in a research note on Monday, October 28th. Wells Fargo & Company reduced their price objective 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, Keefe, Bruyette & Woods reduced their price objective on WEX from $247.00 to $220.00 and set an “outperform” rating for the company in a research note on Monday, January 6th. Nine equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $217.73.

WEX Price Performance

Shares of NYSE:WEX traded down $36.53 during trading on Thursday, hitting $150.25. 1,193,085 shares of the company were exchanged, compared to its average volume of 392,997. The business’s 50 day moving average is $179.09 and its 200-day moving average is $186.23. The company has a market capitalization of $5.98 billion, a P/E ratio of 19.16, a price-to-earnings-growth ratio of 1.50 and a beta of 1.58. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.87. WEX has a 1-year low of $150.00 and a 1-year high of $244.04.

WEX (NYSE:WEX) last posted its quarterly earnings data on Wednesday, February 5th. The business services provider reported $3.13 earnings per share for the quarter, beating analysts’ consensus estimates of $2.97 by $0.16. WEX had a return on equity of 31.35% and a net margin of 12.45%. Equities analysts forecast that WEX will post 13.08 earnings per share for the current year.

Insider Transactions at WEX

In other WEX news, COO Robert Joseph Deshaies sold 175 shares of WEX stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $189.44, for a total value of $33,152.00. Following the completion of the transaction, the chief operating officer now directly owns 7,582 shares of the company’s stock, valued at approximately $1,436,334.08. The trade was a 2.26 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On WEX

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Venturi Wealth Management LLC boosted 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 during the period. Wilmington Savings Fund Society FSB bought a new position in WEX in the 3rd quarter worth $35,000. Jones Financial Companies Lllp boosted its holdings in shares of WEX by 108.4% during the 4th quarter. Jones Financial Companies Lllp now owns 248 shares of the business services provider’s stock valued at $43,000 after purchasing an additional 129 shares during the last quarter. UMB Bank n.a. boosted its holdings in shares of WEX by 552.5% during the 4th quarter. UMB Bank n.a. now owns 261 shares of the business services provider’s stock valued at $46,000 after purchasing an additional 221 shares during the last quarter. Finally, Covestor Ltd boosted its holdings in shares of WEX by 47.3% during 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.

About WEX

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.