Amalgamated Bank Cuts Stock Position in WEX Inc. (NYSE:WEX)

Amalgamated Bank lessened its holdings in WEX Inc. (NYSE:WEX - Free Report) by 12.5% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 16,567 shares of the business services provider's stock after selling 2,372 shares during the period. Amalgamated Bank's holdings in WEX were worth $2,601,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Investment Management Corp VA ADV purchased a new stake in WEX during the fourth quarter valued at about $25,000. State of Wyoming bought a new stake in shares of WEX in the fourth quarter worth about $35,000. Jones Financial Companies Lllp grew its stake in shares of WEX by 108.4% in the fourth quarter. Jones Financial Companies Lllp now owns 248 shares of the business services provider's stock worth $43,000 after purchasing an additional 129 shares during the last quarter. Quadrant Capital Group LLC grew its stake in shares of WEX by 72.2% in the fourth quarter. Quadrant Capital Group LLC now owns 272 shares of the business services provider's stock worth $48,000 after purchasing an additional 114 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its stake 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 during the last quarter. Hedge funds and other institutional investors own 97.47% of the company's stock.

WEX Stock Performance

WEX traded down $0.71 during mid-day trading on Monday, reaching $150.53. 465,012 shares of the company traded hands, compared to its average volume of 580,905. The stock has a market capitalization of $5.15 billion, a P/E ratio of 19.41, a P/E/G ratio of 2.97 and a beta of 1.23. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 5.06. The company's fifty day moving average price is $137.32 and its 200-day moving average price is $150.57. WEX Inc. has a 52-week low of $110.45 and a 52-week high of $217.47.

WEX (NYSE:WEX - Get Free Report) last announced its earnings results on Wednesday, April 30th. The business services provider reported $3.51 earnings per share for the quarter, beating analysts' consensus estimates of $3.40 by $0.11. The business had revenue of $636.60 million during the quarter, compared to analyst estimates of $631.42 million. WEX had a net margin of 12.07% and a return on equity of 37.90%. The company's quarterly revenue was down 2.5% compared to the same quarter last year. During the same period in the previous year, the business earned $3.46 EPS. On average, sell-side analysts expect that WEX Inc. will post 14.09 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Jefferies Financial Group raised their target price on WEX from $130.00 to $135.00 and gave the stock a "hold" rating in a research note on Tuesday, May 27th. Oppenheimer initiated coverage on shares of WEX in a report on Thursday, May 15th. They issued a "market perform" rating for the company. UBS Group lowered their price objective on shares of WEX from $172.00 to $138.00 and set a "neutral" rating for the company in a report on Friday, May 2nd. Finally, Wells Fargo & Company lowered their price objective on shares of WEX from $160.00 to $140.00 and set an "equal weight" rating for the company in a report on Thursday, April 24th. Ten analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $176.90.

Insider Buying and Selling at WEX

In related news, CEO Melissa D. Smith acquired 3,721 shares of WEX stock in a transaction dated Thursday, May 29th. The stock was purchased at an average cost of $134.57 per share, for a total transaction of $500,734.97. Following the purchase, the chief executive officer directly owned 101,182 shares of the company's stock, valued at approximately $13,616,061.74. This trade represents a 3.82% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Jennifer Kimball sold 1,400 shares of the company's stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $131.08, for a total value of $183,512.00. Following the completion of the sale, the chief accounting officer owned 3,177 shares of the company's stock, valued at $416,441.16. This trade represents a 30.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.40% of the company's stock.

WEX Profile

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.