Comerica Bank Has $3.32 Million Stock Position in WEX Inc. $WEX

Key Points

• Comerica Bank increased its holdings in WEX Inc. by 38.0% in Q1, bringing its ownership to approximately $3.32 million worth of shares.
• Other hedge funds also increased their stakes, with Sunriver Management LLC growing its holdings by 75.9%, indicating strong institutional interest in WEX.
• Recent insider trading saw Ann Elena Drew and COO Carlos Carriedo sell portions of their shares, reducing their ownership by 20.93% and 14.24% respectively.

Comerica Bank grew its position in shares of WEX Inc. (NYSE:WEX - Free Report) by 38.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 21,128 shares of the business services provider's stock after buying an additional 5,822 shares during the quarter. Comerica Bank owned approximately 0.06% of WEX worth $3,318,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in WEX. Hsbc Holdings PLC grew its stake in WEX by 20,412.8% during the first quarter. Hsbc Holdings PLC now owns 638,563 shares of the business services provider's stock worth $99,069,000 after buying an additional 635,450 shares during the last quarter. D. E. Shaw & Co. Inc. grew its stake in WEX by 1,684.2% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 201,922 shares of the business services provider's stock worth $35,401,000 after buying an additional 190,605 shares during the last quarter. Hotchkis & Wiley Capital Management LLC grew its stake in WEX by 79.5% during the first quarter. Hotchkis & Wiley Capital Management LLC now owns 381,767 shares of the business services provider's stock worth $59,945,000 after buying an additional 169,137 shares during the last quarter. Ariel Investments LLC grew its stake in WEX by 113.0% during the fourth quarter. Ariel Investments LLC now owns 318,272 shares of the business services provider's stock worth $55,799,000 after buying an additional 168,832 shares during the last quarter. Finally, AQR Capital Management LLC lifted its position in shares of WEX by 5,562.2% during the fourth quarter. AQR Capital Management LLC now owns 151,125 shares of the business services provider's stock worth $26,117,000 after purchasing an additional 148,456 shares in the last quarter. 97.47% of the stock is owned by institutional investors.

WEX Stock Down 1.2%

Shares of WEX stock traded down $2.14 on Friday, hitting $171.22. 67,331 shares of the stock were exchanged, compared to its average volume of 673,581. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 3.99. The firm has a market capitalization of $5.87 billion, a P/E ratio of 21.65, a price-to-earnings-growth ratio of 1.56 and a beta of 1.31. The business has a 50-day moving average of $164.23 and a 200 day moving average of $148.59. WEX Inc. has a fifty-two week low of $110.45 and a fifty-two week high of $217.47.

Insider Activity

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Jefferies Financial Group upped their target price on shares of WEX from $130.00 to $135.00 and gave the stock a "hold" rating in a research report on Tuesday, May 27th. Morgan Stanley boosted their price objective on WEX from $142.00 to $170.00 and gave the stock an "equal weight" rating in a report on Friday, July 25th. William Blair restated a "market perform" rating on shares of WEX in a report on Friday, July 25th. Mizuho increased their target price on shares of WEX from $150.00 to $185.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. Finally, Robert W. Baird increased their target price on shares of WEX from $186.00 to $198.00 and gave the stock an "outperform" rating in a report on Thursday, July 24th. Three analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target 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.