Legal & General Group Plc Invests $6.09 Million in WEX Inc. $WEX

Key Points

• Legal & General Group Plc acquired a new $6.09 million stake in WEX, purchasing 43,171 shares and holding approximately 0.13% of the company. Institutional investors collectively own 97.47% of WEX.
• WEX reported quarterly earnings of $5.35 per share and revenue of $753.5 million, exceeding analyst estimates, while revenue increased 14.2% year over year. The company authorized a $1 billion share-repurchase program.
• Analyst sentiment remains mixed, with six Buy ratings and eight Hold ratings and an average price target of $183.30. WEX shares opened at $193.21, up 2.4%, while insiders have sold 8,658 shares worth roughly $1.49 million over the past 90 days.

Legal & General Group Plc acquired a new stake in shares of WEX Inc. (NYSE:WEX - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 43,171 shares of the business services provider's stock, valued at approximately $6,091,000. Legal & General Group Plc owned 0.13% of WEX at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of WEX. Los Angeles Capital Management LLC purchased a new position in WEX during the fourth quarter valued at $25,000. Global Retirement Partners LLC purchased a new stake in WEX in the second quarter worth about $26,000. Caitong International Asset Management Co. Ltd increased its position in WEX by 368.1% in the third quarter. Caitong International Asset Management Co. Ltd now owns 220 shares of the business services provider's stock worth $35,000 after buying an additional 173 shares in the last quarter. Northwestern Mutual Wealth Management Co. bought a new position in shares of WEX in the second quarter worth about $41,000. Finally, Root Financial Partners LLC raised its stake 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 worth $54,000 after buying an additional 255 shares during the period. 97.47% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at WEX

In other 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 sale, the insider directly owned 7,988 shares of the company's stock, valued at approximately $1,406,047.76. The trade was a 29.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Jennifer Kimball sold 1,183 shares of the business's stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $176.55, for a total value 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. Over the last ninety days, insiders sold 8,658 shares of company stock valued at $1,489,027. Insiders own 1.40% of the company's stock.

Analyst Upgrades and Downgrades

WEX has been the subject of a number of recent research reports. Morgan Stanley boosted their price objective on WEX from $161.00 to $172.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 21st. Wall Street Zen downgraded shares of WEX from a "buy" rating to a "hold" rating in a report on Sunday, May 24th. Keefe, Bruyette & Woods upped their price target on shares of WEX from $200.00 to $210.00 and gave the stock 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, Evercore upgraded shares of WEX to an "outperform" rating in a research report on Tuesday, July 21st. Six analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $183.30.

WEX Stock Up 2.4%

Shares of WEX opened at $193.21 on Thursday. The business's 50 day moving average is $174.85 and its 200 day moving average is $159.56. The company has a market capitalization of $6.59 billion, a PE ratio of 19.24, a price-to-earnings-growth ratio of 0.98 and a beta of 0.83. 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.

WEX (NYSE:WEX - Get Free Report) last posted its quarterly earnings results on Wednesday, July 22nd. The business services provider reported $5.35 earnings per share for the quarter, topping the consensus estimate of $5.08 by $0.27. WEX had a return on equity of 43.19% and a net margin of 12.56%.The business had revenue of $753.50 million during the quarter, compared to the consensus estimate of $740.72 million. During the same period in the prior year, the company posted $3.95 EPS. The firm's revenue for the quarter was up 14.2% compared to the same quarter last year. WEX has set its Q3 2026 guidance at 5.450-5.650 EPS and its FY 2026 guidance at 19.680-20.080 EPS. Research analysts expect that WEX Inc. will post 17.11 earnings per share for the current fiscal year.

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

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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