Comerica Bank Sells 11,917 Shares of WEX Inc. (NYSE:WEX)

Comerica Bank reduced its position in shares of WEX Inc. (NYSE:WEX - Free Report) by 43.8% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 15,306 shares of the business services provider's stock after selling 11,917 shares during the quarter. Comerica Bank's holdings in WEX were worth $2,684,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in WEX. Wilmington Savings Fund Society FSB purchased a new position in shares of WEX in the third quarter worth $35,000. Jones Financial Companies Lllp lifted its stake in WEX by 108.4% in the 4th quarter. Jones Financial Companies Lllp now owns 248 shares of the business services provider's stock valued at $43,000 after buying an additional 129 shares in the last quarter. UMB Bank n.a. lifted its holdings in WEX by 552.5% in 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 in the last quarter. Quadrant Capital Group LLC grew its stake in WEX by 72.2% during the 4th quarter. Quadrant Capital Group LLC now owns 272 shares of the business services provider's stock valued at $48,000 after acquiring an additional 114 shares in the last quarter. Finally, Smartleaf Asset Management LLC lifted its position in WEX by 25.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 327 shares of the business services provider's stock worth $56,000 after buying an additional 66 shares in the last quarter. 97.47% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Citigroup cut 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 research note on Tuesday, January 14th. UBS Group reduced their price objective on shares of WEX from $172.00 to $138.00 and set a "neutral" rating for the company in a research report on Friday, May 2nd. William Blair reiterated a "market perform" rating on shares of WEX in a research report on Thursday, February 6th. Jefferies Financial Group raised their price objective on shares of WEX from $180.00 to $190.00 and gave the company a "hold" rating in a research report on Wednesday, January 22nd. Finally, Bank of America lowered shares of WEX from a "buy" rating to a "neutral" rating in a research report on Thursday, February 6th. Nine equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, WEX presently has an average rating of "Hold" and an average target price of $182.40.

WEX Stock Performance

NYSE:WEX traded down $1.82 during midday trading on Wednesday, reaching $136.31. The stock had a trading volume of 88,187 shares, compared to its average volume of 558,847. The firm's fifty day simple moving average is $137.70 and its 200-day simple moving average is $161.31. WEX Inc. has a 1-year low of $110.45 and a 1-year high of $217.47. The stock has a market capitalization of $4.67 billion, a P/E ratio of 18.17, a PEG ratio of 2.06 and a beta of 1.26. The company has a debt-to-equity ratio of 2.07, a current ratio of 1.02 and a quick ratio of 1.04.

WEX (NYSE:WEX - Get Free Report) last announced its earnings results on Wednesday, April 30th. The business services provider reported $3.51 EPS for the quarter, topping the consensus estimate of $3.40 by $0.11. The company had revenue of $636.60 million for the quarter, compared to analysts' expectations of $631.42 million. WEX had a return on equity of 32.35% and a net margin of 11.78%. The business's revenue for the quarter was down 2.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.46 earnings per share. On average, equities research analysts forecast that WEX Inc. will post 14.09 EPS for the current fiscal year.

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.