WEX Inc. (NYSE:WEX) Shares Purchased by Bank of New York Mellon Corp

Bank of New York Mellon Corp lifted its stake in WEX Inc. (NYSE:WEX - Free Report) by 8.8% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 374,359 shares of the business services provider's stock after purchasing an additional 30,395 shares during the quarter. Bank of New York Mellon Corp owned about 0.94% of WEX worth $65,633,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Commerce Bank increased its stake in WEX by 1.7% during the 3rd quarter. Commerce Bank now owns 3,624 shares of the business services provider's stock valued at $760,000 after purchasing an additional 60 shares in the last quarter. CIBC Asset Management Inc grew its holdings in shares of WEX by 5.3% during the fourth quarter. CIBC Asset Management Inc now owns 1,283 shares of the business services provider's stock valued at $225,000 after buying an additional 65 shares during the last quarter. Deroy & Devereaux Private Investment Counsel Inc. increased its position in shares of WEX by 0.6% in the 4th quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 11,175 shares of the business services provider's stock valued at $1,959,000 after acquiring an additional 70 shares during the period. Covestor Ltd raised its stake in WEX by 47.3% in the 3rd quarter. Covestor Ltd now owns 277 shares of the business services provider's stock worth $58,000 after acquiring an additional 89 shares during the last quarter. Finally, Venturi Wealth Management LLC raised its stake in WEX by 206.1% in the 3rd quarter. Venturi Wealth Management LLC now owns 150 shares of the business services provider's stock worth $31,000 after acquiring an additional 101 shares during the last quarter. 97.47% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Keefe, Bruyette & Woods reduced their price objective on WEX from $220.00 to $200.00 and set an "outperform" rating for the company in a research note on Friday, February 7th. Robert W. Baird set a $186.00 price objective on shares of WEX in a research note on Tuesday, February 18th. Citigroup lowered shares of WEX from a "buy" rating to a "neutral" rating and cut their price objective for the stock from $260.00 to $190.00 in a research note on Tuesday, January 14th. Bank of America cut shares of WEX from a "buy" rating to a "neutral" rating in a report on Thursday, February 6th. Finally, Jefferies Financial Group upped their price target on shares of WEX from $180.00 to $190.00 and gave the company a "hold" rating in a report on Wednesday, January 22nd. Ten equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $195.73.

WEX Price Performance

Shares of NYSE:WEX traded down $0.11 during trading on Thursday, reaching $154.38. 641,713 shares of the company's stock traded hands, compared to its average volume of 557,231. The company has a quick ratio of 1.04, a current ratio of 1.02 and a debt-to-equity ratio of 2.07. WEX Inc. has a fifty-two week low of $146.03 and a fifty-two week high of $244.04. The company has a 50-day simple moving average of $169.53 and a 200-day simple moving average of $183.04. The firm has a market cap of $5.99 billion, a PE ratio of 20.58, a P/E/G ratio of 2.06 and a beta of 1.58.

WEX (NYSE:WEX - Get Free Report) last issued its quarterly earnings data on Wednesday, February 5th. The business services provider reported $3.13 EPS for the quarter, beating the consensus estimate of $2.97 by $0.16. WEX had a return on equity of 32.35% and a net margin of 11.78%. As a group, analysts predict that WEX Inc. will post 14.09 earnings per share for the current year.

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.