M&T Bank Corp Makes New $28.13 Million Investment in WEX Inc. $WEX

Key Points

• M&T Bank opened a new position in WEX, buying 188,813 shares valued at about $28.13 million (≈0.55% ownership), while institutional investors now hold roughly 97.47% of the company.
• WEX beat Q1 expectations with adjusted EPS $4.15 and revenue $673.8M (up ~5.8% YoY) and raised guidance to Q2 $4.93–$5.13 and FY2026 $18.95–$19.55, fueling recent share strength.
• Potential headwinds include weakening operating cash flow and higher liabilities, recent insider selling, and an active proxy contest (Glass Lewis backing dissident nominees), creating governance and sentiment risk.

M&T Bank Corp acquired a new position in WEX Inc. (NYSE:WEX - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 188,813 shares of the business services provider's stock, valued at approximately $28,129,000. M&T Bank Corp owned approximately 0.55% of WEX at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in WEX by 0.4% in the third quarter. Vanguard Group Inc. now owns 3,262,255 shares of the business services provider's stock worth $513,903,000 after purchasing an additional 12,099 shares in the last quarter. Boston Partners raised its holdings in WEX by 0.3% in the third quarter. Boston Partners now owns 1,273,363 shares of the business services provider's stock worth $200,704,000 after purchasing an additional 4,227 shares in the last quarter. Earnest Partners LLC raised its holdings in WEX by 1.1% in the third quarter. Earnest Partners LLC now owns 907,803 shares of the business services provider's stock worth $143,006,000 after purchasing an additional 10,027 shares in the last quarter. Bank of America Corp DE raised its holdings in WEX by 8.6% in the third quarter. Bank of America Corp DE now owns 879,033 shares of the business services provider's stock worth $138,474,000 after purchasing an additional 69,375 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in WEX by 1.3% in the third quarter. Dimensional Fund Advisors LP now owns 642,813 shares of the business services provider's stock worth $101,271,000 after purchasing an additional 7,994 shares in the last quarter. Institutional investors own 97.47% of the company's stock.

WEX Trading Up 4.4%

NYSE WEX opened at $185.26 on Thursday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 2.86. WEX Inc. has a 12 month low of $120.03 and a 12 month high of $186.86. The stock has a market cap of $6.42 billion, a P/E ratio of 21.80, a P/E/G ratio of 1.30 and a beta of 0.93. The stock's fifty day moving average price is $159.02 and its 200-day moving average price is $154.61.

WEX (NYSE:WEX - Get Free Report) last released its quarterly earnings data on Wednesday, April 22nd. The business services provider reported $4.15 EPS for the quarter, beating the consensus estimate of $3.92 by $0.23. WEX had a return on equity of 48.01% and a net margin of 11.43%.The company had revenue of $673.80 million for the quarter, compared to analysts' expectations of $660.96 million. During the same period last year, the firm posted $3.51 earnings per share. WEX's revenue was up 5.8% compared to the same quarter last year. WEX has set its FY 2026 guidance at 18.950-19.550 EPS and its Q2 2026 guidance at 4.930-5.130 EPS. As a group, equities analysts forecast that WEX Inc. will post 15.65 EPS for the current fiscal year.

Insider Activity at WEX

In related news, CAO Jennifer Kimball sold 715 shares of the stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $157.82, for a total transaction of $112,841.30. Following the sale, the chief accounting officer directly owned 6,203 shares of the company's stock, valued at $978,957.46. This trade represents a 10.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Robert Joseph Deshaies sold 3,238 shares of the stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $150.22, for a total value of $486,412.36. Following the sale, the chief operating officer directly owned 14,859 shares in the company, valued at $2,232,118.98. This trade represents a 17.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 15,479 shares of company stock valued at $2,454,914 over the last three months. 1.40% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

WEX has been the subject of a number of research reports. Weiss Ratings reiterated a "hold (c)" rating on shares of WEX in a report on Monday. Cantor Fitzgerald increased their target price on WEX from $158.00 to $166.00 and gave the stock a "neutral" rating in a research note on Monday, February 9th. UBS Group set a $165.00 target price on WEX and gave the stock a "neutral" rating in a research note on Friday, February 6th. Mizuho cut their target price on WEX from $180.00 to $170.00 and set an "outperform" rating on the stock in a research note on Friday, February 6th. Finally, Morgan Stanley increased their target price on WEX from $146.00 to $158.00 and gave the stock an "equal weight" rating in a research note on Tuesday. Three investment analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company. According to data from MarketBeat, WEX presently has an average rating of "Hold" and an average price target of $163.36.

Key Stories Impacting WEX

Here are the key news stories impacting WEX this week:

• Positive Sentiment: Q1 results beat expectations — WEX reported adjusted EPS of $4.15 and revenue of $673.8M (up ~5.8% YoY), above consensus, showing revenue and margin strength. Wex (WEX) Q1 Earnings and Revenues Surpass Estimates
• Positive Sentiment: Raised guidance — WEX bumped Q2 FY2026 EPS to $4.93–$5.13 and full‑year FY2026 EPS to $18.95–$19.55, both above Wall Street consensus, giving forward earnings visibility that likely helped the stock. (Guidance summary from company release)
• Positive Sentiment: Management outreach and shareholder letter — Management published a letter highlighting accelerating momentum and will host a virtual fireside chat (Apr 27) to discuss strategy and value‑creation initiatives, which supports the bullish guidance narrative. WEX Issues Letter to Shareholders WEX to Host Virtual Fireside Chat
• Neutral Sentiment: Analyst coverage mixed — Some firms raised targets (Morgan Stanley raised its target to $158 though still “equal weight”), while consensus ratings remain largely “Hold”; investor reaction may depend on how guidance changes forward multiple expectations. Analyst Note: Morgan Stanley Target Change
• Neutral Sentiment: Proxy contest dynamics — Leading proxy adviser Glass Lewis recommended support for dissident nominees backed by large holder Impactive, keeping governance and potential board change risk in play for investors. Glass Lewis Supports Impactive’s Case for Change at WEX
• Negative Sentiment: Operating cash flow weakness and higher liabilities — Company EBITDA/margins improved, but reported operating cash flow weakened materially year‑over‑year and total liabilities increased, a potential concern for leverage and cash generation. QuiverQuant: Q1 Results and Cash Flow Notes
• Negative Sentiment: Insider selling — Recent Rule 10b5‑1 insider sales (COO and others) have been reported; while some sales are pre‑arranged, they can create short‑term sentiment pressure. SEC Form 4 — Insider Sale

WEX 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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