Pinebridge Investments L.P. Has $3 Million Stock Position in WEX Inc. (NYSE:WEX)

Pinebridge Investments L.P. grew its position in shares of WEX Inc. (NYSE:WEX - Free Report) by 42.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 17,091 shares of the business services provider's stock after purchasing an additional 5,112 shares during the period. Pinebridge Investments L.P.'s holdings in WEX were worth $2,996,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of WEX. Wilmington Savings Fund Society FSB acquired a new stake in shares of WEX during the 3rd quarter worth about $35,000. Jones Financial Companies Lllp boosted its position 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 acquiring an additional 129 shares during the last quarter. UMB Bank n.a. boosted its position in shares of WEX by 552.5% in the fourth quarter. UMB Bank n.a. now owns 261 shares of the business services provider's stock worth $46,000 after acquiring an additional 221 shares during the last quarter. Quadrant Capital Group LLC boosted its position 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 acquiring an additional 114 shares during the last quarter. Finally, Smartleaf Asset Management LLC boosted its position in shares of WEX by 25.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 327 shares of the business services provider's stock worth $56,000 after acquiring an additional 66 shares during the last quarter. 97.47% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

WEX has been the topic of a number of recent research reports. Barclays reduced their price target on shares of WEX from $200.00 to $155.00 and set an "equal weight" rating on the stock in a research report on Monday, February 10th. Keefe, Bruyette & Woods cut their target price on shares of WEX from $220.00 to $200.00 and set an "outperform" rating on the stock in a report on Friday, February 7th. Wells Fargo & Company cut their target price on shares of WEX from $160.00 to $140.00 and set an "equal weight" rating on the stock in a report on Thursday, April 24th. Robert W. Baird set a $186.00 price target on WEX in a report on Tuesday, February 18th. Finally, William Blair reiterated a "market perform" rating on shares of WEX in a research note on Thursday, February 6th. Nine equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $185.80.

WEX Stock Performance

Shares of WEX stock traded down $8.66 during midday trading on Thursday, hitting $121.71. 978,694 shares of the company were exchanged, compared to its average volume of 553,790. WEX Inc. has a 52 week low of $110.45 and a 52 week high of $217.47. The firm has a market capitalization of $4.17 billion, a P/E ratio of 16.23, a PEG ratio of 2.06 and a beta of 1.33. The firm's 50 day moving average price is $142.85 and its two-hundred day moving average price is $166.61. The company has a debt-to-equity ratio of 2.07, a quick ratio of 1.04 and a current ratio of 1.02.

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 (EPS) for the quarter, topping analysts' consensus estimates of $3.40 by $0.11. WEX had a net margin of 11.78% and a return on equity of 32.35%. The firm had revenue of $636.60 million for the quarter, compared to analyst estimates of $631.42 million. During the same quarter in the prior year, the business posted $3.46 EPS. The business's revenue was down 2.5% compared to the same quarter last year. As a group, equities research analysts anticipate that WEX Inc. will post 14.09 earnings per share for the current year.

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.