EJF Capital LLC Makes New Investment in WEX Inc. $WEX

Key Points

• EJF Capital LLC has acquired a new position in WEX Inc., purchasing 9,300 shares valued at approximately $1.46 million.
• The stock currently has a market capitalization of $5.73 billion and a price-to-earnings ratio of 21.14, with a consensus price target of $179.82 from analysts.
• Insiders at WEX have sold shares recently, with insider Ann Elena Drew reducing her stake by 20.93% after selling 1,931 shares.

EJF Capital LLC purchased a new position in WEX Inc. (NYSE:WEX - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 9,300 shares of the business services provider's stock, valued at approximately $1,460,000.

A number of other hedge funds have also modified their holdings of the company. Earnest Partners LLC boosted its position in shares of WEX by 2.6% in the first quarter. Earnest Partners LLC now owns 895,406 shares of the business services provider's stock worth $140,597,000 after purchasing an additional 22,672 shares during the period. Lyrical Asset Management LP boosted its position in shares of WEX by 0.3% during the first quarter. Lyrical Asset Management LP now owns 826,188 shares of the business services provider's stock worth $129,728,000 after acquiring an additional 2,754 shares during the last quarter. Hsbc Holdings PLC boosted its position in shares of 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 acquiring an additional 635,450 shares during the last quarter. Ariel Investments LLC boosted its position in shares of WEX by 29.5% during the first quarter. Ariel Investments LLC now owns 412,247 shares of the business services provider's stock worth $64,731,000 after acquiring an additional 93,975 shares during the last quarter. Finally, Hotchkis & Wiley Capital Management LLC boosted its position in shares of 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 acquiring an additional 169,137 shares during the last quarter. 97.47% of the stock is currently owned by institutional investors.

WEX Trading Up 0.9%

NYSE:WEX traded up $1.46 during mid-day trading on Monday, hitting $172.65. 277,432 shares of the stock traded hands, compared to its average volume of 672,851. The stock has a market capitalization of $5.91 billion, a price-to-earnings ratio of 21.83, a PEG ratio of 1.60 and a beta of 1.31. WEX Inc. has a 52 week low of $110.45 and a 52 week high of $217.47. The firm's 50 day moving average is $164.71 and its two-hundred day moving average is $148.60. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 3.99.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on WEX shares. Barclays upped their target price on shares of WEX from $135.00 to $170.00 and gave the stock an "equal weight" rating in a research report on Monday, July 28th. 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. William Blair restated a "market perform" rating on shares of WEX in a research report on Friday, July 25th. Morgan Stanley upped their target price on shares of WEX from $142.00 to $170.00 and gave the stock an "equal weight" rating in a research report on Friday, July 25th. Finally, UBS Group upped their target price on shares of WEX from $138.00 to $185.00 and gave the stock a "neutral" rating in a research report on Friday, July 25th. Three investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $179.82.

Insider Activity

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

About WEX

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.