United Services Automobile Association Makes New $400,000 Investment in WEX Inc. $WEX

Key Points

• United Services Automobile Association acquired 2,585 shares of WEX Inc., valued at approximately $400,000, during the 1st quarter, highlighting institutional interest in the company.
• Institutional investors collectively own 97.47% of WEX stock, with significant share increases from firms like Goldman Sachs and Millennium Management.
• WEX's stock saw a 3.9% increase, and the average target price from analysts is $179.82, with most rating the stock as a hold.

United Services Automobile Association acquired a new stake in WEX Inc. (NYSE:WEX - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,585 shares of the business services provider's stock, valued at approximately $400,000.

Several other hedge funds have also modified their holdings of the stock. Isthmus Partners LLC lifted its holdings in shares of WEX by 5.4% during the first quarter. Isthmus Partners LLC now owns 1,987 shares of the business services provider's stock valued at $312,000 after purchasing an additional 101 shares during the last quarter. Cornerstone Investment Partners LLC lifted its stake in WEX by 2.9% in the 1st quarter. Cornerstone Investment Partners LLC now owns 4,705 shares of the business services provider's stock worth $739,000 after acquiring an additional 133 shares in the last quarter. Brooklyn Investment Group lifted its stake in WEX by 50.7% in the 1st quarter. Brooklyn Investment Group now owns 422 shares of the business services provider's stock worth $66,000 after acquiring an additional 142 shares in the last quarter. Investment Management Corp VA ADV purchased a new stake in WEX in the 4th quarter worth about $25,000. Finally, Farther Finance Advisors LLC lifted its stake in WEX by 161.5% in the 1st quarter. Farther Finance Advisors LLC now owns 272 shares of the business services provider's stock worth $44,000 after acquiring an additional 168 shares in the last quarter. 97.47% of the stock is owned by hedge funds and other institutional investors.

WEX Stock Performance

WEX traded up $1.46 during midday trading on Wednesday, reaching $173.42. The company's stock had a trading volume of 36,350 shares, compared to its average volume of 656,017. The stock has a market cap of $5.94 billion, a P/E ratio of 21.92, a PEG ratio of 1.61 and a beta of 1.31. The company has a fifty day simple moving average of $167.73 and a 200 day simple moving average of $149.48. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 3.99. WEX Inc. has a twelve month low of $110.45 and a twelve month high of $217.47.

Insider Buying and Selling

In other WEX news, COO Carlos Carriedo sold 875 shares of the firm's stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $171.68, for a total value of $150,220.00. Following the sale, the chief operating officer owned 5,270 shares of the company's stock, valued at $904,753.60. This trade represents a 14.24% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Ann Elena Drew sold 1,931 shares of the firm's stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $171.69, for a total value of $331,533.39. Following the completion of the sale, the insider owned 7,295 shares of the company's stock, valued at $1,252,478.55. This represents a 20.93% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.40% of the company's stock.

Analyst Upgrades and Downgrades

WEX has been the subject of a number of recent research reports. Mizuho raised their price target on WEX from $150.00 to $185.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Jefferies Financial Group raised their price target on WEX from $130.00 to $135.00 and gave the stock a "hold" rating in a research note on Tuesday, May 27th. Robert W. Baird raised their price target on WEX from $186.00 to $198.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. UBS Group raised their price target on WEX from $138.00 to $185.00 and gave the stock a "neutral" rating in a research note on Friday, July 25th. Finally, Zacks Research downgraded WEX from a "strong-buy" rating to a "hold" rating in a research note on Monday. Three research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $179.82.

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.