Corebridge Financial Inc. Sells 6,423 Shares of WEX Inc. $WEX

Key Points

• Corebridge Financial Inc. reduced its holdings in WEX Inc. by 14.3%, now owning 38,635 shares valued at approximately $6.07 million.
• Several hedge funds, including Farther Finance Advisors LLC and Brooklyn Investment Group, have recently increased their stakes in WEX, indicating growing institutional interest.
• Analyst ratings for WEX show mixed sentiments, with three firms issuing a "Buy" rating and a consensus target price of $179.82, reflecting cautious optimism among analysts.

Corebridge Financial Inc. reduced its stake in shares of WEX Inc. (NYSE:WEX - Free Report) by 14.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 38,635 shares of the business services provider's stock after selling 6,423 shares during the quarter. Corebridge Financial Inc. owned about 0.11% of WEX worth $6,066,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the stock. Hsbc Holdings PLC lifted its holdings in shares of WEX by 140.4% during the 4th quarter. Hsbc Holdings PLC now owns 3,113 shares of the business services provider's stock valued at $547,000 after purchasing an additional 1,818 shares in the last quarter. Northern Trust Corp raised its stake in shares of WEX by 16.8% during the 4th quarter. Northern Trust Corp now owns 358,371 shares of the business services provider's stock worth $62,830,000 after purchasing an additional 51,617 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of WEX by 5,562.2% during the 4th quarter. AQR Capital Management LLC now owns 151,125 shares of the business services provider's stock worth $26,117,000 after purchasing an additional 148,456 shares in the last quarter. Schonfeld Strategic Advisors LLC acquired a new position in shares of WEX during the 4th quarter worth approximately $271,000. Finally, Freestone Grove Partners LP acquired a new position in shares of WEX during the 4th quarter worth approximately $1,268,000. 97.47% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on WEX. Jefferies Financial Group boosted their price objective on shares of WEX from $130.00 to $135.00 and gave the company a "hold" rating in a report on Tuesday, May 27th. Oppenheimer initiated coverage on WEX in a research report on Thursday, May 15th. They issued a "market perform" rating for the company. William Blair restated a "market perform" rating on shares of WEX in a research report on Friday, July 25th. Robert W. Baird raised their target price on WEX from $186.00 to $198.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. Finally, Morgan Stanley raised their price objective on WEX from $142.00 to $170.00 and gave the company an "equal weight" rating in a research note on Friday, July 25th. Three research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company's stock. According to data from MarketBeat, WEX currently has an average rating of "Hold" and an average target price of $179.82.

Insider Buying and Selling

In other WEX news, COO Carlos Carriedo sold 875 shares of the company's stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $171.68, for a total transaction of $150,220.00. Following the completion of the transaction, the chief operating officer owned 5,270 shares of the company's stock, 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 the SEC website. Also, insider Ann Elena Drew sold 1,931 shares of the 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 completion of the transaction, the insider directly owned 7,295 shares of the company's stock, valued at $1,252,478.55. This represents a 20.93% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.40% of the company's stock.

WEX Price Performance

Shares of WEX traded up $6.21 during midday trading on Thursday, reaching $173.38. The stock had a trading volume of 397,028 shares, compared to its average volume of 325,323. WEX Inc. has a 12-month low of $110.45 and a 12-month high of $217.47. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 3.99. The company's 50-day moving average is $164.23 and its 200 day moving average is $148.59. The company has a market capitalization of $5.94 billion, a price-to-earnings ratio of 21.92, a price-to-earnings-growth ratio of 1.56 and a beta of 1.31.

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.