Royal Bank of Canada Reduces Position in WEX Inc. (NYSE:WEX)

Royal Bank of Canada lessened its position in shares of WEX Inc. (NYSE:WEX – Get Rating) by 47.2% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 74,819 shares of the business services provider’s stock after selling 66,979 shares during the quarter. Royal Bank of Canada owned about 0.17% of WEX worth $9,499,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of WEX by 3.2% in the 1st quarter. Vanguard Group Inc. now owns 4,196,239 shares of the business services provider’s stock valued at $748,819,000 after purchasing an additional 131,664 shares during the last quarter. BlackRock Inc. grew its stake in shares of WEX by 1.2% in the 1st quarter. BlackRock Inc. now owns 4,107,306 shares of the business services provider’s stock valued at $732,950,000 after purchasing an additional 49,480 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of WEX by 4.2% in the 1st quarter. Wellington Management Group LLP now owns 4,101,566 shares of the business services provider’s stock valued at $731,925,000 after purchasing an additional 164,902 shares during the last quarter. State Street Corp grew its stake in shares of WEX by 4.0% in the 1st quarter. State Street Corp now owns 1,194,948 shares of the business services provider’s stock valued at $213,238,000 after purchasing an additional 46,296 shares during the last quarter. Finally, FMR LLC grew its stake in shares of WEX by 1.5% in the 2nd quarter. FMR LLC now owns 596,489 shares of the business services provider’s stock valued at $92,789,000 after purchasing an additional 8,747 shares during the last quarter. Hedge funds and other institutional investors own 98.65% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Robert W. Baird lifted their target price on WEX from $200.00 to $222.00 and gave the company an “outperform” rating in a research note on Friday, February 10th. Barclays decreased their price target on WEX from $213.00 to $209.00 and set an “overweight” rating on the stock in a research note on Monday, January 23rd. Morgan Stanley lifted their price target on WEX from $157.00 to $199.00 and gave the company an “equal weight” rating in a research note on Friday, February 10th. Mizuho lifted their price target on WEX from $200.00 to $220.00 and gave the company a “buy” rating in a research note on Friday, February 10th. Finally, TheStreet upgraded WEX from a “c” rating to a “b-” rating in a research note on Thursday, February 9th. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $209.09.

Insider Transactions at WEX

In other news, Director Regina O. Sommer sold 1,261 shares of the business’s stock in a transaction on Tuesday, February 28th. The stock was sold at an average price of $190.52, for a total value of $240,245.72. Following the completion of the transaction, the director now directly owns 14,272 shares of the company’s stock, valued at $2,719,101.44. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, Director Regina O. Sommer sold 1,261 shares of the business’s stock in a transaction on Tuesday, February 28th. The stock was sold at an average price of $190.52, for a total value of $240,245.72. Following the completion of the transaction, the director now directly owns 14,272 shares of the company’s stock, valued at $2,719,101.44. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CTO David G. Cooper sold 16,639 shares of the business’s stock in a transaction on Tuesday, February 14th. The stock was sold at an average price of $197.00, for a total value of $3,277,883.00. Following the completion of the transaction, the chief technology officer now directly owns 6,358 shares of the company’s stock, valued at $1,252,526. The disclosure for this sale can be found here. Insiders sold a total of 26,634 shares of company stock valued at $5,126,036 over the last three months. 1.00% of the stock is currently owned by insiders.

WEX Stock Performance

Shares of WEX stock opened at $185.28 on Friday. WEX Inc. has a 1 year low of $125.00 and a 1 year high of $204.05. The stock has a market cap of $7.99 billion, a PE ratio of 41.27, a P/E/G ratio of 2.06 and a beta of 1.59. The stock has a fifty day moving average price of $183.98 and a 200 day moving average price of $164.20. The company has a debt-to-equity ratio of 1.53, a quick ratio of 1.08 and a current ratio of 1.08.

WEX Company 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.