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

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Lyrical Asset Management LP boosted its stake in WEX by 0.3% in the 1st quarter. Lyrical Asset Management LP now owns 826,188 shares of the business services provider's stock worth $129,728,000 after purchasing an additional 2,754 shares in the last quarter. Northern Trust Corp raised its holdings in WEX by 16.8% in the fourth quarter. Northern Trust Corp now owns 358,371 shares of the business services provider's stock worth $62,830,000 after buying an additional 51,617 shares during the last quarter. Ariel Investments LLC raised its holdings in WEX by 113.0% in the fourth quarter. Ariel Investments LLC now owns 318,272 shares of the business services provider's stock worth $55,799,000 after buying an additional 168,832 shares during the last quarter. D. E. Shaw & Co. Inc. lifted its stake in shares of WEX by 1,684.2% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 201,922 shares of the business services provider's stock worth $35,401,000 after buying an additional 190,605 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of WEX by 11.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 193,971 shares of the business services provider's stock valued at $34,007,000 after buying an additional 19,534 shares during the last quarter. 97.47% of the stock is currently owned by institutional investors.

WEX Stock Performance

WEX stock traded up $4.38 during mid-day trading on Thursday, reaching $171.55. 141,270 shares of the stock traded hands, compared to its average volume of 675,658. WEX Inc. has a 12-month low of $110.45 and a 12-month high of $217.47. The business's 50-day moving average is $163.75 and its 200-day moving average is $148.46. The company has a debt-to-equity ratio of 3.99, a current ratio of 1.04 and a quick ratio of 1.04. The stock has a market capitalization of $5.88 billion, a PE ratio of 21.69, a price-to-earnings-growth ratio of 1.60 and a beta of 1.31.

Insider Activity at WEX

In other news, COO Carlos Carriedo sold 875 shares of the company's stock in a transaction on 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 sale, the chief operating officer directly owned 5,270 shares in the company, valued at $904,753.60. This represents a 14.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Ann Elena Drew sold 1,931 shares of WEX stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $171.69, for a total value of $331,533.39. Following the transaction, the insider owned 7,295 shares in the company, valued at $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. 1.40% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. William Blair reissued a "market perform" rating on shares of WEX in a research report on Friday, July 25th. Barclays lifted their target price on WEX from $135.00 to $170.00 and gave the stock an "equal weight" rating in a report on Monday, July 28th. Robert W. Baird upped their price target on WEX from $186.00 to $198.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. Mizuho increased their price objective on WEX from $150.00 to $185.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Finally, UBS Group lifted their price objective on WEX from $138.00 to $185.00 and gave the stock a "neutral" rating in a report on Friday, July 25th. Three analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat, WEX presently 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.