Bank of America Corp DE Makes New Investment in WEX Inc. $WEX

Key Points

• Bank of America acquired 815,695 WEX shares worth approximately $115.1 million, giving it a 2.39% stake. Institutional investors now own 97.47% of the company.
• WEX reported quarterly EPS of $5.35, exceeding the $5.08 consensus estimate, while revenue rose 14.2% year over year to $753.5 million. Analysts’ average rating is “Hold,” with an average price target of $185.64.
• WEX shares opened at $193.29, near their 12-month high of $203.99. Meanwhile, company insiders sold 40,110 shares worth approximately $7.5 million over the past 90 days.

Bank of America Corp DE purchased a new position in WEX Inc. (NYSE:WEX - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 815,695 shares of the business services provider's stock, valued at approximately $115,086,000. Bank of America Corp DE owned approximately 2.39% of WEX as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Jupiter Topco LLC acquired a new position in WEX during the 2nd quarter valued at about $559,710,000. BlackRock Inc. acquired a new stake in shares of WEX in the 2nd quarter worth approximately $446,833,000. Norges Bank acquired a new stake in shares of WEX in the 4th quarter worth approximately $50,202,000. Turtle Creek Asset Management Inc. boosted its holdings in shares of WEX by 58.5% in the first quarter. Turtle Creek Asset Management Inc. now owns 669,335 shares of the business services provider's stock valued at $102,435,000 after acquiring an additional 246,923 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in shares of WEX during the second quarter valued at approximately $30,672,000. 97.47% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Keefe, Bruyette & Woods upped their price objective on WEX from $200.00 to $210.00 and gave the company an "outperform" rating in a report on Friday, July 24th. Evercore raised shares of WEX to an "outperform" rating in a report on Tuesday, July 21st. Mizuho raised their price objective on shares of WEX from $170.00 to $200.00 and gave the company an "outperform" rating in a research report on Friday, July 24th. Weiss Ratings raised shares of WEX from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, August 7th. Finally, Piper Sandler initiated coverage on shares of WEX in a research note on Thursday, September 10th. They set a "neutral" rating and a $209.00 target price for the company. Six equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. According to data from MarketBeat.com, WEX currently has an average rating of "Hold" and an average price target of $185.64.

WEX Stock Down 1.0%

NYSE WEX opened at $193.29 on Friday. WEX Inc. has a twelve month low of $125.29 and a twelve month high of $203.99. The stock has a market cap of $6.59 billion, a PE ratio of 19.25, a PEG ratio of 1.02 and a beta of 0.83. The firm has a 50-day simple moving average of $186.36 and a 200 day simple moving average of $162.85. The company has a debt-to-equity ratio of 2.62, a quick ratio of 1.04 and a current ratio of 1.04.

WEX (NYSE:WEX - Get Free Report) last announced its quarterly earnings data 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. The company had revenue of $753.50 million during the quarter, compared to the consensus estimate of $740.72 million. WEX had a return on equity of 43.19% and a net margin of 12.56%.The company's quarterly revenue was up 14.2% on a year-over-year basis. During the same quarter last year, the company earned $3.95 EPS. 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, research analysts forecast that WEX Inc. will post 17.13 EPS for the current year.

Insider Buying and Selling

In related news, CEO Melissa D. Smith sold 28,109 shares of the firm's stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $190.09, for a total value of $5,343,239.81. Following the transaction, the chief executive officer owned 126,625 shares in the company, valued at $24,070,146.25. This trade represents a 18.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Jennifer Kimball sold 1,183 shares of the stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $176.55, for a total transaction of $208,858.65. Following the completion of the sale, the chief accounting officer owned 4,916 shares in the company, valued at $867,919.80. This represents a 19.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 40,110 shares of company stock valued at $7,500,866 in the last ninety days. 1.40% of the stock is owned by corporate insiders.

WEX Profile

WEX Inc NYSE: WEX is a global financial technology company that provides payment and expense-management solutions for businesses. Its offerings help organizations manage vehicle-related spending, corporate payments, travel expenses, and employee benefits through specialized payment products and digital platforms.

WEX's mobility business provides fleet payment cards, fuel and maintenance expense management, telematics-related tools, and other services for commercial fleets, trucking companies, government agencies, and transportation businesses.

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