Raymond James Financial Inc. Lowers Position in WEX Inc. $WEX

Key Points

• Raymond James Financial Inc. reduced its stake in WEX Inc. by 2.3%, holding approximately 0.20% of the company valued at $10.89 million after the sale of 1,599 shares.
• Several other large institutional investors significantly increased their holdings in WEX, with D. E. Shaw & Co. boosting its position by an astonishing 1,684.2% during the fourth quarter.
• WEX's stock price has fluctuated between a 52-week low of $110.45 and a high of $217.47, with recent analyst ratings reflecting an average target price of around $179.82 and a majority rating of "Hold."

Raymond James Financial Inc. decreased its position in WEX Inc. (NYSE:WEX - Free Report) by 2.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 69,379 shares of the business services provider's stock after selling 1,599 shares during the period. Raymond James Financial Inc. owned 0.20% of WEX worth $10,894,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. D. E. Shaw & Co. Inc. lifted its position 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 valued at $35,401,000 after buying an additional 190,605 shares in the last quarter. Ariel Investments LLC grew its holdings in WEX by 113.0% during the fourth quarter. Ariel Investments LLC now owns 318,272 shares of the business services provider's stock valued at $55,799,000 after purchasing an additional 168,832 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of WEX by 5,562.2% in the fourth quarter. AQR Capital Management LLC now owns 151,125 shares of the business services provider's stock worth $26,117,000 after acquiring an additional 148,456 shares during the last quarter. Nuveen LLC bought a new position in shares of WEX during the first quarter valued at $18,783,000. Finally, Invenomic Capital Management LP acquired a new stake in WEX in the fourth quarter worth about $16,677,000. 97.47% of the stock is owned by hedge funds and other institutional investors.

WEX Trading Down 1.2%

NYSE:WEX traded down $2.11 during midday trading on Friday, hitting $171.25. The stock had a trading volume of 43,854 shares, compared to its average volume of 673,438. 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 company has a market capitalization of $5.87 billion, a price-to-earnings ratio of 21.63, a PEG ratio of 1.56 and a beta of 1.31. The stock has a 50-day moving average of $164.23 and a 200 day moving average of $148.59. WEX Inc. has a one year low of $110.45 and a one year high of $217.47.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on WEX shares. Deutsche Bank Aktiengesellschaft started coverage on WEX in a report on Thursday, July 17th. They set a "hold" rating and a $150.00 target price on the stock. William Blair restated a "market perform" rating on shares of WEX in a report on Friday, July 25th. Mizuho boosted their price objective on WEX from $150.00 to $185.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. Barclays boosted their price objective on WEX from $135.00 to $170.00 and gave the company an "equal weight" rating in a research note on Monday, July 28th. Finally, Morgan Stanley increased their price objective on WEX from $142.00 to $170.00 and gave the company an "equal weight" rating in a research report on Friday, July 25th. Three equities research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company's stock. According to MarketBeat, WEX has a consensus rating of "Hold" and an average target price of $179.82.

Insider Activity

In related news, COO Carlos Carriedo sold 875 shares of WEX stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $171.68, for a total value of $150,220.00. Following the completion of the transaction, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Ann Elena Drew sold 1,931 shares of the business's stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $171.69, for a total value of $331,533.39. Following the sale, the insider owned 7,295 shares of the company's stock, valued at approximately $1,252,478.55. This trade represents a 20.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. 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.