WEX Inc. (NYSE:WEX) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC decreased its holdings in shares of WEX Inc. (NYSE:WEX – Get Rating) by 55.8% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,382 shares of the business services provider’s stock after selling 3,011 shares during the period. Allspring Global Investments Holdings LLC’s holdings in WEX were worth $302,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in WEX. Martin & Co. Inc. TN lifted its position in WEX by 2.9% in the third quarter. Martin & Co. Inc. TN now owns 17,243 shares of the business services provider’s stock valued at $2,189,000 after purchasing an additional 480 shares during the period. Mirabella Financial Services LLP acquired a new stake in WEX in the third quarter valued at about $271,000. Truist Financial Corp lifted its position in WEX by 14.6% in the third quarter. Truist Financial Corp now owns 1,942 shares of the business services provider’s stock valued at $247,000 after purchasing an additional 248 shares during the period. Wipfli Financial Advisors LLC acquired a new stake in WEX in the third quarter valued at about $43,000. Finally, HM Payson & Co. lifted its position in WEX by 4.6% in the third quarter. HM Payson & Co. now owns 20,844 shares of the business services provider’s stock valued at $2,646,000 after purchasing an additional 925 shares during the period. Institutional investors and hedge funds own 98.65% of the company’s stock.

Wall Street Analyst Weigh In

WEX has been the subject of a number of recent analyst reports. Robert W. Baird raised their price objective on shares of WEX from $170.00 to $180.00 in a research report on Friday, October 28th. Keefe, Bruyette & Woods dropped their target price on shares of WEX from $226.00 to $185.00 in a report on Monday, October 10th. StockNews.com began coverage on shares of WEX in a report on Wednesday, October 12th. They issued a “hold” rating for the company. Mizuho dropped their target price on shares of WEX from $220.00 to $200.00 and set a “buy” rating for the company in a report on Monday, November 14th. Finally, Bank of America dropped their target price on shares of WEX from $225.00 to $180.00 and set a “buy” rating for the company in a report on Thursday, October 20th. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $192.42.

Insiders Place Their Bets

In other WEX news, insider Hilary A. Rapkin sold 5,270 shares of WEX stock in a transaction that occurred on Wednesday, January 11th. The shares were sold at an average price of $175.00, for a total value of $922,250.00. Following the completion of the sale, the insider now directly owns 12,203 shares of the company’s stock, valued at approximately $2,135,525. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other WEX news, insider Hilary A. Rapkin sold 5,270 shares of WEX stock in a transaction on Wednesday, January 11th. The shares were sold at an average price of $175.00, for a total value of $922,250.00. Following the transaction, the insider now owns 12,203 shares in the company, valued at approximately $2,135,525. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director James R. Groch purchased 1,400 shares of the firm’s stock in a transaction on Thursday, November 3rd. The stock was bought at an average price of $151.25 per share, for a total transaction of $211,750.00. Following the acquisition, the director now owns 8,465 shares in the company, valued at $1,280,331.25. The disclosure for this purchase can be found here. In the last three months, insiders sold 12,426 shares of company stock valued at $2,102,480. Company insiders own 1.00% of the company’s stock.

WEX Stock Up 0.4 %

WEX stock opened at $181.14 on Wednesday. The stock has a market capitalization of $7.90 billion, a P/E ratio of 81.96, a PEG ratio of 0.74 and a beta of 1.59. The company has a debt-to-equity ratio of 1.62, a quick ratio of 1.12 and a current ratio of 1.12. WEX Inc. has a one year low of $125.00 and a one year high of $183.49. The company has a 50 day moving average price of $165.80 and a two-hundred day moving average price of $158.35.

WEX (NYSE:WEX – Get Rating) last released its earnings results on Thursday, October 27th. The business services provider reported $3.01 EPS for the quarter, missing the consensus estimate of $3.12 by ($0.11). The firm had revenue of $616.13 million during the quarter, compared to analysts’ expectations of $590.54 million. WEX had a return on equity of 27.73% and a net margin of 4.53%. As a group, sell-side analysts expect that WEX Inc. will post 11.61 EPS for the current year.

WEX Profile

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WEX Inc provides financial technology services in the United States and internationally. It operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. The Fleet Solutions segment offers fleet vehicle payment processing services. Its services include customer, account activation, and account retention services; authorization and billing inquiries, and account maintenance services; credit and collections services; merchant services; analytics solutions with access to web-based data analytics platform that offers insights to fleet managers; and ancillary services and tools to fleets to manage expenses and capital requirements.