BlackRock Inc. purchased a new position in shares of WEX Inc. (NYSE:WEX - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 3,167,005 shares of the business services provider's stock, valued at approximately $446,833,000. BlackRock Inc. owned 9.29% of WEX at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Los Angeles Capital Management LLC acquired a new stake in shares of WEX during the fourth quarter worth $25,000. Global Retirement Partners LLC purchased a new position in WEX during the 2nd quarter worth $26,000. Caitong International Asset Management Co. Ltd lifted its stake in shares of WEX by 368.1% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 220 shares of the business services provider's stock worth $35,000 after acquiring an additional 173 shares during the period. Root Financial Partners LLC boosted its holdings in shares of WEX by 255.0% in the first quarter. Root Financial Partners LLC now owns 355 shares of the business services provider's stock valued at $54,000 after acquiring an additional 255 shares in the last quarter. Finally, IFP Advisors Inc boosted its holdings in shares of WEX by 225.4% in the fourth quarter. IFP Advisors Inc now owns 371 shares of the business services provider's stock valued at $55,000 after acquiring an additional 257 shares in the last quarter. 97.47% of the stock is currently owned by hedge funds and other institutional investors.
WEX Trading Up 1.8%
Shares of WEX opened at $203.43 on Tuesday. WEX Inc. has a twelve month low of $125.29 and a twelve 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 firm has a market capitalization of $6.93 billion, a P/E ratio of 20.26, a PEG ratio of 1.04 and a beta of 0.82. The firm's 50-day moving average is $165.69 and its two-hundred day moving average is $157.71.
WEX (NYSE:WEX - Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The business services provider reported $5.35 EPS for the quarter, topping the consensus estimate of $5.08 by $0.27. The business had revenue of $753.50 million for the quarter, compared to analyst estimates 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 in the previous 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 predict that WEX Inc. will post 17.11 earnings per share for the current fiscal year.
WEX declared that its Board of Directors has initiated a stock buyback program on Thursday, May 14th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the business services provider to purchase up to 21.2% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board of directors believes its stock is undervalued.
Insider Buying and Selling at WEX
In other WEX news, COO Robert Joseph Deshaies sold 1,000 shares of the firm's stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $184.95, for a total transaction of $184,950.00. Following the completion of the transaction, the chief operating officer directly owned 19,288 shares in the company, valued at approximately $3,567,315.60. This trade represents a 4.93% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Carlos Carriedo sold 1,075 shares of WEX stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $186.00, for a total transaction of $199,950.00. Following the transaction, the chief operating officer owned 11,076 shares of the company's stock, valued at approximately $2,060,136. The trade was a 8.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 9,858 shares of company stock valued at $1,662,835 over the last 90 days. 1.40% of the stock is currently owned by corporate insiders.
Analysts Set New Price Targets
Several research analysts recently issued reports on the stock. Evercore raised shares of WEX to an "outperform" rating in a report on Tuesday, July 21st. Loop Capital began coverage on WEX in a report on Monday, April 27th. They issued a "buy" rating and a $195.00 price objective on the stock. Morgan Stanley increased 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. Keefe, Bruyette & Woods raised their price target on WEX from $200.00 to $210.00 and gave the company an "outperform" rating in a report on Friday, July 24th. Finally, Mizuho lifted their price target on WEX from $170.00 to $200.00 and gave the company an "outperform" rating in a research note on Friday, July 24th. Six research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $183.30.
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About WEX
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Free Report)
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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