Public Sector Pension Investment Board Takes Position in WEX Inc. $WEX

Key Points

• The Public Sector Pension Investment Board acquired a new stake in WEX Inc. during Q1, purchasing 40,165 shares valued at approximately $6.3 million, while other hedge funds also increased their holdings.
• WEX's stock opened at $174.10 and has a market capitalization of $5.96 billion, with a recorded 12-month low of $110.45 and a high of $217.47.
• Analyst ratings for WEX vary, with a consensus "Hold" rating and an average price target of $181.50, though Wells Fargo recently lowered its price target to $140.

Public Sector Pension Investment Board purchased a new position in WEX Inc. (NYSE:WEX - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 40,165 shares of the business services provider's stock, valued at approximately $6,307,000. Public Sector Pension Investment Board owned approximately 0.12% of WEX at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Investment Management Corp VA ADV purchased a new stake in shares of WEX in the fourth quarter worth approximately $25,000. State of Wyoming purchased a new stake in shares of WEX in the fourth quarter worth approximately $35,000. Farther Finance Advisors LLC lifted its position in shares of WEX by 161.5% in the first quarter. Farther Finance Advisors LLC now owns 272 shares of the business services provider's stock worth $44,000 after purchasing an additional 168 shares in the last quarter. GAMMA Investing LLC raised its position in WEX by 78.1% during the first quarter. GAMMA Investing LLC now owns 440 shares of the business services provider's stock valued at $69,000 after acquiring an additional 193 shares in the last quarter. Finally, Laird Norton Wetherby Wealth Management LLC raised its position in WEX by 17.5% during the fourth quarter. Laird Norton Wetherby Wealth Management LLC now owns 1,168 shares of the business services provider's stock valued at $205,000 after acquiring an additional 174 shares in the last quarter. 97.47% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at WEX

In other WEX news, COO Carlos Carriedo sold 875 shares of WEX stock in a transaction on Thursday, July 31st. The shares were sold at an average price of $171.68, for a total transaction of $150,220.00. Following the sale, the chief operating officer owned 5,270 shares in the company, valued at $904,753.60. The trade was a 14.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Jennifer Kimball sold 1,400 shares of WEX stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $131.08, for a total transaction of $183,512.00. Following the sale, the chief accounting officer owned 3,177 shares in the company, valued at $416,441.16. This represents a 30.59% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 4,206 shares of company stock worth $665,265. Insiders own 1.40% of the company's stock.

WEX Stock Performance

WEX stock traded up $0.2520 during midday trading on Thursday, hitting $169.3020. 294,609 shares of the company traded hands, compared to its average volume of 476,348. WEX Inc. has a twelve month low of $110.45 and a twelve month high of $217.47. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 3.99. The business has a 50 day simple moving average of $158.43 and a 200-day simple moving average of $147.81. The stock has a market capitalization of $5.80 billion, a price-to-earnings ratio of 21.40, a price-to-earnings-growth ratio of 1.58 and a beta of 1.28.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on WEX shares. Morgan Stanley raised their price objective on shares of WEX from $142.00 to $170.00 and gave the company an "equal weight" rating in a research report on Friday, July 25th. UBS Group raised their price objective on shares of WEX from $138.00 to $185.00 and gave the company a "neutral" rating in a research report on Friday, July 25th. Oppenheimer started coverage on shares of WEX in a research report on Thursday, May 15th. They set a "market perform" rating on the stock. Barclays raised their price objective on shares of WEX from $135.00 to $170.00 and gave the company an "equal weight" rating in a research report on Monday, July 28th. Finally, Robert W. Baird raised their price objective on shares of WEX from $186.00 to $198.00 and gave the company an "outperform" rating in a research report on Thursday, July 24th. Three investment analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $179.82.

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.