Zions Bancorporation National Association UT Invests $2.46 Million in WEX Inc. (NYSE:WEX)

Key Points

• Zions Bancorporation National Association UT has acquired a new stake in WEX Inc., purchasing 15,667 shares valued at approximately $2.46 million during the 1st quarter.
• Several institutional investors have significantly increased their holdings in WEX, including GAMMA Investing LLC, which raised its stake by 27,871.3% to own over 69,000 shares.
• Recent analyst reports have raised WEX's target prices, with Mizuho increasing it from $150 to $185, alongside a consensus average target price of $181.50, indicating mixed but generally positive market sentiment.

Zions Bancorporation National Association UT bought a new stake in shares of WEX Inc. (NYSE:WEX - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 15,667 shares of the business services provider's stock, valued at approximately $2,460,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Russell Investments Group Ltd. increased its position in WEX by 172.4% in the fourth quarter. Russell Investments Group Ltd. now owns 6,623 shares of the business services provider's stock worth $1,161,000 after buying an additional 4,192 shares in the last quarter. Quadrant Capital Group LLC increased its holdings in WEX by 72.2% in the 4th quarter. Quadrant Capital Group LLC now owns 272 shares of the business services provider's stock worth $48,000 after acquiring an additional 114 shares in the last quarter. Cerity Partners LLC increased its holdings in WEX by 57.4% in the 4th quarter. Cerity Partners LLC now owns 5,307 shares of the business services provider's stock worth $1,012,000 after acquiring an additional 1,935 shares in the last quarter. Bank of Montreal Can increased its holdings in WEX by 66.3% in the 4th quarter. Bank of Montreal Can now owns 20,689 shares of the business services provider's stock worth $3,627,000 after acquiring an additional 8,251 shares in the last quarter. Finally, Bank of Nova Scotia purchased a new stake in WEX in the 4th quarter worth approximately $2,244,000. 97.47% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on WEX. William Blair reiterated a "market perform" rating on shares of WEX in a research note on Friday, July 25th. Oppenheimer started coverage on WEX in a research note on Thursday, May 15th. They issued a "market perform" rating for the company. Deutsche Bank Aktiengesellschaft started coverage on shares of WEX in a report on Thursday, July 17th. They set a "hold" rating and a $150.00 price objective for the company. Wells Fargo & Company dropped 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. Finally, Mizuho increased their price objective on shares of WEX from $150.00 to $185.00 and gave the company an "outperform" rating in a report on Friday, August 1st. Twelve research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $181.50.

Insider Activity

In other WEX news, COO Carlos Carriedo sold 875 shares of the firm's stock in a transaction dated Thursday, July 31st. The shares were 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 owned 5,270 shares of the company's stock, valued at $904,753.60. This trade represents a 14.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Melissa D. Smith acquired 3,721 shares of the firm's stock in a transaction on Thursday, May 29th. The stock was purchased at an average cost of $134.57 per share, with a total value of $500,734.97. Following the purchase, the chief executive officer owned 101,182 shares of the company's stock, valued at $13,616,061.74. The trade was a 3.82% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 4,206 shares of company stock worth $665,265 in the last ninety days. 1.40% of the stock is currently owned by company insiders.

WEX Trading Down 0.7%

NYSE WEX traded down $1.15 during trading on Monday, hitting $167.12. The stock had a trading volume of 283,766 shares, compared to its average volume of 506,039. The company has a debt-to-equity ratio of 3.99, a quick ratio of 1.04 and a current ratio of 1.04. The stock has a market capitalization of $5.73 billion, a price-to-earnings ratio of 21.13, a P/E/G ratio of 1.58 and a beta of 1.28. WEX Inc. has a one year low of $110.45 and a one year high of $217.47. The stock has a 50 day simple moving average of $153.09 and a 200 day simple moving average of $147.94.

WEX Company 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.