Bank of America Corp DE Acquires 98,524 Shares of WEX Inc. $WEX

Key Points

• Bank of America increased its WEX stake by 13.6% in the first quarter, adding 98,524 shares to own 823,681 shares worth approximately $126.1 million. Institutional investors collectively own 97.47% of WEX.
• WEX reported quarterly revenue of $753.5 million and adjusted earnings of $5.35 per share, exceeding analyst expectations, while revenue rose 14.2% year over year. The company also authorized a $1 billion share-repurchase program.
• Analyst sentiment remains mixed: six analysts rate WEX a Buy and eight rate it Hold, producing a consensus Hold rating and an average price target of $183.30, below the reported $189.96 share price.

Bank of America Corp DE lifted its holdings in shares of WEX Inc. (NYSE:WEX - Free Report) by 13.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 823,681 shares of the business services provider's stock after purchasing an additional 98,524 shares during the quarter. Bank of America Corp DE owned approximately 2.38% of WEX worth $126,056,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Goldman Sachs Group Inc. boosted its holdings in WEX by 158.3% in the first quarter. Goldman Sachs Group Inc. now owns 350,892 shares of the business services provider's stock worth $55,097,000 after purchasing an additional 215,036 shares in the last quarter. Empowered Funds LLC acquired a new position in WEX during the first quarter worth $394,000. American Century Companies Inc. raised its holdings in WEX by 1.9% during the second quarter. American Century Companies Inc. now owns 3,205 shares of the business services provider's stock valued at $471,000 after buying an additional 60 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in WEX by 4,837.5% during the second quarter. EverSource Wealth Advisors LLC now owns 395 shares of the business services provider's stock valued at $58,000 after buying an additional 387 shares in the last quarter. Finally, Gamco Investors INC. ET AL acquired a new stake in shares of WEX in the second quarter worth about $271,000. Institutional investors own 97.47% of the company's stock.

Insider Buying and Selling at WEX

In related news, Director James R. Groch purchased 1,500 shares of WEX stock in a transaction on Monday, May 18th. The stock was purchased at an average cost of $142.95 per share, with a total value of $214,425.00. Following the acquisition, the director directly owned 17,957 shares in the company, valued at approximately $2,566,953.15. This trade represents a 9.11% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Ann Elena Drew sold 3,400 shares of the firm's stock in a transaction on Monday, July 27th. The stock was sold at an average price of $176.02, for a total transaction of $598,468.00. Following the completion of the sale, the insider owned 7,988 shares in the company, valued at $1,406,047.76. This represents a 29.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 9,858 shares of company stock valued at $1,662,835 in the last three months. 1.40% of the stock is owned by insiders.

WEX Stock Performance

WEX opened at $189.96 on Friday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 2.62. The stock's 50 day moving average price is $153.70 and its two-hundred day moving average price is $154.53. The firm has a market capitalization of $6.47 billion, a P/E ratio of 18.92, a price-to-earnings-growth ratio of 1.05 and a beta of 0.82. WEX Inc. has a 12-month low of $125.29 and a 12-month high of $192.37.

WEX (NYSE:WEX - Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The business services provider reported $5.35 EPS for the quarter, topping analysts' consensus estimates of $5.08 by $0.27. WEX had a return on equity of 43.19% and a net margin of 12.56%.The company had revenue of $753.50 million during the quarter, compared to analyst estimates of $740.72 million. During the same period in the previous year, the company earned $3.95 earnings per share. The company's quarterly revenue was up 14.2% compared to the same quarter last year. WEX has set its Q3 2026 guidance at 5.450-5.650 EPS and its FY 2026 guidance at 19.680-20.080 EPS. On average, equities analysts forecast that WEX Inc. will post 17.12 earnings per share for the current year.

WEX announced that its board has authorized a share repurchase program on Thursday, May 14th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the business services provider to repurchase up to 21.2% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's leadership believes its shares are undervalued.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Keefe, Bruyette & Woods upped their price target on WEX from $200.00 to $210.00 and gave the stock an "outperform" rating in a research note on Friday, July 24th. Deutsche Bank Aktiengesellschaft cut their price objective on WEX from $180.00 to $160.00 and set a "hold" rating on the stock in a research note on Friday, June 12th. Morgan Stanley boosted their target price on WEX from $161.00 to $172.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 21st. Weiss Ratings cut WEX from a "hold (c)" rating to a "hold (c-)" rating in a research report on Thursday, July 23rd. Finally, Robert W. Baird increased their price target on WEX from $210.00 to $220.00 and gave the company an "outperform" rating in a report on Thursday, April 23rd. Six equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company's stock. According to data from MarketBeat, WEX has an average rating of "Hold" and a consensus price target of $183.30.

WEX Company Profile

WEX Inc is a global financial technology company specializing in business payment solutions for fleet, travel, and corporate payments. The company delivers software-driven platforms and card-based services that help businesses automate payment processes, manage expenses and improve operational efficiency across a range of industries, including transportation, healthcare and government.

Founded in 1983 as Wright Express in Portland, Maine, the company began by offering fuel card services to trucking fleets.

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