Bank of New York Mellon Corp Invests $30.67 Million in WEX Inc. $WEX

Key Points

• Bank of New York Mellon acquired a new $30.67 million stake in WEX, purchasing 217,396 shares and owning approximately 0.64% of the company. Institutional investors collectively own 97.47% of WEX.
• WEX exceeded quarterly expectations, reporting $5.35 in EPS and $753.5 million in revenue, with revenue up 14.2% year over year. The company also authorized a $1 billion share buyback, allowing repurchases of up to 21.2% of outstanding shares.
• Analyst sentiment remains mixed, with six Buy ratings and eight Holds producing an overall “Hold” consensus and an average price target of $183.30, below the stock’s reported $196.59 opening price.

Bank of New York Mellon Corp purchased a new stake in WEX Inc. (NYSE:WEX - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 217,396 shares of the business services provider's stock, valued at approximately $30,672,000. Bank of New York Mellon Corp owned approximately 0.64% of WEX at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the stock. State of Wyoming bought a new position in shares of WEX in the second quarter valued at $131,000. Bridgewater Advisors Inc. acquired a new stake in shares of WEX in the 2nd quarter worth about $236,000. Oppenheimer Asset Management Inc. acquired a new stake in shares of WEX in the 2nd quarter worth about $2,170,000. Dockside LLC bought a new position in WEX in the 2nd quarter valued at about $603,000. Finally, Assenagon Asset Management S.A. acquired a new position in WEX during the 2nd quarter valued at about $208,000. Institutional investors and hedge funds own 97.47% of the company's stock.

WEX Stock Down 0.9%

WEX opened at $196.59 on Friday. WEX Inc. has a 12 month low of $125.29 and a 12 month high of $203.99. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 2.62. The business's 50-day moving average price is $171.28 and its 200-day moving average price is $158.96. The company has a market cap of $6.70 billion, a P/E ratio of 19.58, a P/E/G ratio of 1.03 and a beta of 0.82.

WEX (NYSE:WEX - Get Free Report) last posted its earnings results on Wednesday, July 22nd. The business services provider reported $5.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.08 by $0.27. The company had revenue of $753.50 million for the quarter, compared to analysts' expectations of $740.72 million. WEX had a return on equity of 43.19% and a net margin of 12.56%.WEX's quarterly revenue was up 14.2% on a year-over-year basis. During the same period last year, the firm earned $3.95 earnings per share. 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 expect that WEX Inc. will post 17.11 EPS for the current year.

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

Insider Activity

In related news, insider Ann Elena Drew sold 3,400 shares of WEX stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $176.02, for a total value of $598,468.00. Following the completion of the sale, the insider directly owned 7,988 shares in the company, valued at approximately $1,406,047.76. This trade represents a 29.86% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Robert Joseph Deshaies sold 1,000 shares of the business's stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $184.95, for a total transaction of $184,950.00. Following the sale, the chief operating officer owned 19,288 shares of the company's stock, valued at approximately $3,567,315.60. This represents a 4.93% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 8,658 shares of company stock worth $1,489,027 over the last three months. 1.40% of the stock is currently owned by insiders.

Analysts Set New Price Targets

WEX has been the topic of a number of analyst reports. Evercore raised shares of WEX to an "outperform" rating in a report on Tuesday, July 21st. Deutsche Bank Aktiengesellschaft reduced their price objective on WEX from $180.00 to $160.00 and set a "hold" rating for the company in a research note on Friday, June 12th. Cantor Fitzgerald set a $178.00 target price on WEX in a research report on Monday, July 27th. Morgan Stanley lifted their target price on WEX from $161.00 to $172.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 21st. Finally, Mizuho lifted their price objective on shares of WEX from $170.00 to $200.00 and gave the stock an "outperform" rating in a research report on Friday, July 24th. Six research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, WEX currently has an average rating of "Hold" and an average target price 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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